Mortgagee sale of 10-bedroom bungalow on Margoliouth Road, priced at $23.3 mil

Last month, a 2½-storey bungalow along Margoliouth Road was put up for sale by private treaty at $23.3 million. The bungalow sits on a freehold site of 9,637 sq ft, and the price works out to $2,402 psf. The property is a mortgagee sale, with SRI as the sole marketing agent. The bungalow was previously on the market for $25.88 million ($2,685 psf) in February this year. When it was first listed for sale in 2020, the asking price was $16.8 million ($1,746 psf). The bungalow was built in the 1990s as a multi-generational family home with 10 bedrooms, a spacious living and dining area and an indoor basement pool. The property has two main entrances — from Lewis Road and Margoliouth Road. Its address was previously 19 Lewis Road, but in May this year, an application for the address to be changed to 40A Margoliouth Road was approved by URA. Read also: Trustee sale of Chee Hoon Avenue bungalow for $27 mil Advertisement Advertisement According to Bruce Lye, co-founder and managing partner of SRI, the bungalow is located in the Good Class Bungalow (GCB) area of Dalvey Estate in prime District 10. The house has two sets of staircases leading to the upper regions of the house. There is a guest bedroom on the first level and seven bedrooms on the second floor, including the master and junior master suites. The attic level has two more bedrooms. The basement has an 18m lap pool, a shower and a bathroom, as well as a wine cellar. Hence, the property is an ideal place for entertaining. It has a ceiling height of 4.7m on the first level, and a skylight at the rooftop brings natural light to every floor, including the basement. Although the property was built almost 30 years ago, most home buyers today prefer to renovate rather than tear down and rebuild because construction costs are high, says Lye. Since the property debuted as a mortgagee sale last month, it has attracted the interest of several parties, he adds. The asking price of $23.3 million, down $2.5 million from the previous price tag, has also sparked buying interest. Based on caveats lodged, the latest transaction on Margoliouth Road was for a bungalow sitting on a 6,071 sq ft freehold site that changed hands for $15.3 million ($2,504 psf) in July 2022. “The GCB market has picked up in recent months,” says Lye. “There was a lull since the money-laundering case in August last year, as people expected prices to fall.” However, since prices have not fallen, buyers have returned to the market. “There’s a bit of FOMO [fear of missing out] as transactions have gained momentum,” Lye adds. Read also: Leedon Park Good Class Bungalow sold for $73 mil Advertisement Advertisement Apart from its location within the Dalvey Estate GCB area, the bungalow on Margoliouth Road is within 1km of the Singapore Chinese Girls’ School and walking distance of Stevens MRT Interchange Station for the Downtown and Thomson-East Coast Lines.