A bungalow at Wilkie was sold recently. $24 million was the number. No, not the selling price, merely the profit made. An old building that was possibly bought for only $450, 000 ($48 psf) in 2005 seems almost impossible. But the search on Realis, URA’s real estate transaction website, shows that there were not other transaction since then. Other similar transactions of landed property went for $561 psf in 1996 and $779 psf in 2001.
The site was bought by Roxy-Pacific for $24.5 million. Zoned for residential development, the 9, 321 sq ft site could possibly yield 85 one-bedders. With its close proximity to many creative art schools such as School of The Arts, La-Salle College of the Arts and Nanyang Academy of Fine Arts, it is set to gain popularity, if not already.
The relatively quiet enclave adds to the exclusivity, with a quaint little park at the top, and some boutique hotels and eateries along the way, not to mention its expensive and desirable city fringe location, properties in this area have been flying out from under the radar in recent years. Populated usually by low-rise apartments, some new properties have been popping up here. 8 Mount Sophia, 1919, Mount Sophia Suites, Wilkie 80, Wilkie Studio are just a few of the private apartments available for sale.
On another note, bungalows and landed properties may be popular with home investors and upgraders this year. Areas such as Thomson, Tanglin, Bukit Timah, Lornie and Sentosa Cove of course, are just a few areas to do some home-spotting.