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

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At 8 Bournemouth Road in Katong’s East Coast, a semi-detached house has been back on the market for over a year. This property had been previously set for sale, with a caveat lodged with URA Realis for $11.6 million by Sevens Group (Aquarius), a company owned by well-known property developer and CEO Eric Cheng. In July 2022, Sevens Group signed the option to purchase the property for $116,000 and made a deposit of $464,000 (4% of the purchase price).

However, due to a dispute between the buyer and seller, the sale and purchase agreement was ended and the caveat withdrawn from the Singapore Land Authority’s Integrated Land Information Service on June 27. The property is now still available at its set price of $11.6 million, amounting to $2,154 psf based on its 5,386 sq ft land size.

Real-Star Premier Group, the marketing agency for 8 Bournemouth Road, is not surprised with the demand for developers. Julian Yip, managing director of Real-Star Premier Group, explains that this site is “within the semi-detached zone of Bournemouth Road”, with it being “on elevated ground and [having] an almost 18m frontage”. To further sub-divide the property into two smaller semi-detached houses, developers would need to get outline planning approval from URA.

As for the highest psf price achieved for a semi-detached house along Bournemouth Road, it was $2,351 for 47 Bournemouth Road, which was sold for $6 million in February 2022. There was a former detached house on the 8,923 sq ft land, and written permission was obtained to sub-divide it into four semi-detached houses.

The Carrara development, owned by Sevens Group on Mountbatten Road, has six semi-detached houses with two having been sold. 801 Mountbatten Road was sold for $9.048 million ($3,002 psf) in November 2021, while 803 Mountbatten Road went for $9.05 million ($3,003 psf) in May 2022.

Owner-occupiers may be interested in re-zoning 8 Bournemouth Road into a detached house, as URA’s planning controls require 400 sq m (4,306 sq ft) for a detached house with minimum land width of 10m. Construction cost for this project is estimated to be at least $3 million.

While the landed property segment’s transaction volume has somewhat slowed due to the property cooling measures in April and the high interest rate environment, RealStar’s Yip expects buying sentiment to start improving in the year to come. This Mountbatten area area is popular amongst the older rich and the expected opening of Tanjong Katong MRT Station in 2024 will only add to the allure of 8 Bournemouth Road.