With the Lee family saga going on in the past few days, many netizens must be wondering what exactly triggered this ugly family dispute. It is now pretty safe to assume that the dispute is regarding the fate of the late Mr Lee Kuan Yew’s house, located at 38 Oxley Road.
While it is still too early to determine the full story behind this saga, we all have one big fat question lingering in our minds – Exactly how much is 38 Oxley Road worth?
The late Mr Lee Kuan Yew’s house is a detached bungalow located in Singapore’s highly sought-after prime District 09. The land size of 38 Oxley Road is 1,120.5 sq m, or 12,060 sqft, and has a freehold status. Using a conservative average per-square-foot calculation of $2,000 psf, the value of 38 Oxley Road works out to be at least $24 million.
However, such a prestigious address will undoubtedly command a much higher purchase price in the current market because:
- It will always be the address of Singapore’s most beloved founding father, the very address will hold historical significance.
- There may be potential rezoning and changes in plot ratio in the next URA Masterplan since Mr Lee has already passed on and no longer staying in it.
- Bullish land bids and the crazy en-bloc sales going on in market right now, hence 38 Oxley Road will definitely be snapped up by hungry developers if it were to be released for sale now.
The land parcel of 38 Oxley Road is currently zoned for a two-storey landed property. However, in an old interview video that has been widely shared on Facebook recently, the late Mr Lee Kuan Yew had also mentioned that he would like to demolish the house as its existence has resulted in a height restriction being imposed on neighbouring developments (basically developments around Mr Lee’s house cannot be built high enough for residents to peep into Mr Lee’s house due to security reasons). Should URA decide to rezone this land parcel or increase its plot ratio, the value of this land will increase drastically.
Hence, if 38 Oxley Road were to be released for sale now, we estimate that it should be able to fetch more than $30M (~$2,500 psf).