Once kings of their hills, these homes have skyrocketed in value even as they deteriorate
Several bungalows are in a grand state of disuse across Singapore. Biyu/Shutterstock
In a land-scarce city like Singapore, empty land parcels are highly coveted, with property developers putting down billions in government tenders. Abandoned homes are anomalies.
There are 20 old, disused bungalows and villas strewn across the city-state, Straits Times reported last month. Owners of these properties have no plans to dispose of them in the immediate future or are legally
mired in family disputes and legal battles, according to SLP International executive director Nicholas Mak.
“The value of these properties will only increase, especially if they are freehold. Owners keep hold on them as a form of investment or for the next generation. These are usually their spare properties and not their main place of residence.”
More: Malaysian history for sale
One such property at 9 Claymore Road was valued at USD151.5 million in 2007, Times investigation showed. Abandoned since the 1970s, the house belongs to Tan Kheng Chuan, owner of the Hiap Ann Sago Factory.
For all their opulence, the properties have become minor annoyances to residents. “It’s not nice to see such a building with rotten leaves lying all around in a prime area,” a woman who lives near the stately but vacant 67 Cairnhill Road told the Times. “It’s quite unsightly.”
For now at least, they remain a source of fascination for conservation and heritage experts.
Read next: What’s next for HCMC’s vanishing cultural heritage?
Source : property-report.com
Read more…The multimilion-dollar decay of old Singapore bungalows
