Singapore Properties Near Lee Kuan Yew’s Residence Up For Sale As Housing Sales Jump & More News Here

Two residential websites close to the previous dwelling of the late Singapore Prime Minister Lee Kuan Yew have been put up on the market, including to the rising listing of older properties being bought for redevelopment amid booming demand for luxurious houses within the Lion City.

One of the properties, a historic mansion that sits on uncommon freehold land on 5 Oxley Rise, overlooking the Lee residence and strategically positioned inside the unique residential enclaves across the Orchard Road buying belt. “Given its prime location, we are expecting this trophy asset to attract offers in excess of S$300 million ($220 million),” Michael Tay, head of Singapore capital markets at CBRE, mentioned in an announcement on Tuesday.

The two-story bungalow, which sits on two hilltop plots of land with a mixed space of 151,205 sq. toes (14,047 sq. meters), is presently owned by the household of the late actual property tycoon Cheong Eak Chong, founding father of listed developer Hong Fok Corp. and Tian Teck Group. It was first developed in 1847 by Thomas Oxley, a surgeon who acquired what was once 173 acres of jungle land and turned it right into a nutmeg plantation. While Oxley bought off parcels of the land earlier than returning to England in 1857, the colonial period bungalow was mentioned to have been constructed by Jewish businessman Manasseh Meyer within the Twenties.

The property will be redeveloped as a single giant mansion, a strata or mixed-use landed growth or a number of good class bungalows (GCBs), topic to regulatory approvals, CBRE mentioned. “For owner-occupiers, it is a once-in-a-lifetime opportunity to acquire sprawling land to build multiple GCBs to house multiple generations,” Tay mentioned. “This esteemed asset class has also proven to be resilient through various market cycles due to its tight ownership.”

The proposed sale of 5 Oxley Rise has impressed the enbloc sale of Oxley Garden, a medium rise residential growth subsequent door. The price ticket for condominium, which sits on a 5,407-square-meter land, is S$200 million, advertising and marketing agent JLL mentioned.

“A developer who buys both sites—5 Oxley Rise and Oxley Garden—may reconfigure and explore a comprehensive redevelopment for better site efficiency in design and layout, as well as better visibility in access,” Tan Hong Boon, govt director for capital markets at JLL Singapore, mentioned in assertion. “This is certainly a mutually beneficial and value enhancing proposition for both the sites.”

The prime properties are being put up on the market as housing demand in Singapore continued to soar regardless of the cooling measures launched by the federal government in December. Developers bought 654 non-public residential items in March, up 21% from the earlier month, knowledge from the Urban Redevelopment Authority.

The resilient demand for housing has sparked collective gross sales of older properties for redevelopment throughout the city-state. Last month, the house owners of the Chuan Park condominium within the north jap district of Serangoon, relaunched the sale of their property at S$938 million. This week, the Lakepoint condominium in Jurong in western Singapore was once more put up on the market at a reserve worth of S$640 million.

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