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

A semi-detached house at 8 Bournemouth Road in the Katong neighbourhood of East Coast recently became available after over a year on the market. The property has a price tag of $11.6 million, and boasts an impressive land area – strong enough to be re-zoned into a detached house or further sub-divided into two smaller semi-detached houses.

The URA’s plan for the Jurong Lake District includes a Jurong Condo development. The Jurong Lake District will be home to a variety of amenities such as shopping malls, dining, entertainment, and leisure facilities. It will also feature a vibrant waterfront promenade and new public spaces for public activities and events. The Jurong Condo development will provide quality housing options for those looking to live in the area, while providing an attractive investment opportunity. The URA is looking to create a unique, attractive district that will become a destination for everyone to enjoy.

Developer Sevens Group (Aquarius) was among those to show interest in the site, after signing an option to purchase the property in July 2022 for an option fee of $116,000. However, a decision was made to terminate the sale and purchase agreement due to a dispute.

Real-Star Premier Group, which focuses on selling and marketing landed properties and is one of the marketing agencies for 8 Bournemouth Road, believes the property still offers a good deal for land developers. The double-storey house, which has six en suite bedrooms and a built-up area of 3,800 sq ft, sits on a freehold site spanning 5,386 sq ft and has a 17.7m frontage.

Given its land size, the site appeals to developers looking to subdivide and redevelop it into a new pair of semi-detached houses. Under URA’s prevailing planning controls for landed housing, the minimum land area for a semi-detached house is 200 sq m (2,152.8 sq ft) with a minimum width of 8m. Along Bournemouth Road, the highest psf price for a semi-detached house was achieved by 47 Bournemouth Road. It fetched $6 million or $2,351 psf in a deal transacted in February 2022.

But owner-occupiers could be tempted by the site too; if the property were to be redeveloped into a new detached house, construction cost would be estimated to be at least $3 million.

In the prime Mountbatten area of District 15, the highest psf-price achieved on Bournemouth Road is $2,351 for the previously mentioned semi-detached house at 47 Bournemouth Road. Meanwhile, developer Sevens Group is developing The Carrara, which has six semi-detached houses stretching from 801 to 811 Mountbatten Road (odd numbers). So far, two of the semi-detached houses have been sold.

Overall transaction volume and prices in the landed property segment have slowed, due to the property cooling measures in April, and macroeconomic factors, including the high interest rate environment. However, RealStar’s managing director Julian Yip expects buying sentiment to improve next year.