Property prices have been on the rise recently, with HDB units going for millions of dollars.
But not all homeowners are looking merely to make a profit. Recently, local singer-songwriter Dick Lee’s brothers put up three bungalows in the Novena area for sale.
Source: Benjamin Ho on Flickr, for illustration purposes only
They are looking at an indicative price of S$60 million and have pledged to donate all proceeds to charities.
Interested bidders can choose to bid for single or multiple adjoining bungalows.
According to The Business Times, the listed price translates to S$1,866 per square foot (sq ft), based on a combined land area of 32,148 sq ft.
Dick Lee’s brothers Peter and John Lee are reportedly executing the sale on behalf of their late aunt’s estate.
Speaking to the media, Peter Lee says that their late aunt was the first cousin of their late father and had no children in her lifetime.
Since she was a “great benefactor”, they weren’t surprised that all proceeds from the estate sale will go to charity.
All three bungalows are currently vacant and will sell on an ‘as-is-where-is’ basis.
This means that the properties will be sold in their current condition, whatever this condition happens to be.
Under the Urban Redevelopment Authority (URA) 2019 Master Plan, the three homes are zoned for residential (two-storey mixed landed) use.
Although The Business Times did not pinpoint the location of the homes, they did mention that the three properties are located in District 11, at Chancery Hill Road and Dyson Road.
Source: EdgeProp
This means that the homes are close to nearby shopping malls on Orchard Road and healthcare facilities in Novena and Newton.
They are also close to educational institutions like Anglo-Chinese School (Barker Road), St Joseph’s Institution, CHIJ Toa Payoh, and Singapore Chinese Girls’ School.
According to The Business Times, recent transactions for properties in the area crossed S$3,000 per sq ft.
A new bungalow at 29 Mount Rosie Road allegedly sold for S$3,805 per sq ft last August, the highest price yet.
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Featured image adapted from Dick Lee on Facebook and Google Maps.
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