Semi-detached house at 8 Bournemouth Road on the market for $11.6 mil

The Katong neighbourhood of East Coast is home to the semi-detached house at 8 Bournemouth Road, which recently resurfaced onto the market after over a year. On July 25, 2022, Sevens Group (Aquarius) signed an option to purchase the property, paying an option fee of $116,000 and a deposit of $464,000 when the option was exercised. The sale was due to be completed on December 31, 2022, but ultimately the sale and purchase agreement were terminated. Now the $11.6 million price tag has been retained for the freehold property, which has a built-up area of 3,800 sq ft and spans 5,386 sq ft of land with a 17.7m frontage.

Potential buyers include developers who could potentially obtain outline planning approval from URA to sub-divide and redevelop the property into a pair of semi-detached houses, as well as owner-occupiers who may wish to re-zone the land into a detached house. The highest psf price achieved for a semi-detached house along Bournemouth Road was $2,351, at 47 Bournemouth Road, transacted in February 2022. In contrast, Sevens Group’s The Carrara development on Mountbatten Road has seen two of the six semi-detached houses, with built-up areas of 5,530-6,400 sq ft, being sold for prices from $8.644 million ($3,233 psf) to $9.050 million ($3,003 psf).

Overall transaction volume in the landed property segment has slowed due to property cooling measures in April, and the high interest rate environment. However, RealStar’s Julian Yip, who is marketing the property, believes buying sentiment will improve next year. The East Coast, in particular, has ongoing charm, with many of the old rich having bought a second or third house in the area for their next generation. The closest MRT station to the Mountbatten area is the upcoming Tanjong Katong MRT Station on the Thomson-East Coast Line, which is due to open in 2024.

The Tengah Plantation Close EC is scheduled to launch later this year and is expected to be popular with both locals and expats. The new development will offer a range of studio, two and three-bedroom apartments, providing space for individuals, couples and families. All apartments have modern features and are finished to a high standard. In addition to the quality of the development, residents will also benefit from the location, which is close to schools, supermarkets and other retail outlets. Tengah Plantation Close EC will no doubt be a popular choice for those looking for quality housing in a great location.

Despite the current market conditions, the absolute price of 8 Bournemouth Road is very palatable, presenting a good deal for any landed property developer. Potential buyers, whether developers or owner-occupiers, need to take into consideration the potential construction costs should they wish to subdivide and redevelop the land, or alternatively re-zone it into a detached house. All this being said, 8 Bournemouth Road is once again available for sale, and interested buyers are advised to act quickly.