29 Mar '16, 6am

District 15 bungalow: Up for auction

A FREEHOLD District 15 bungalow in the Tanjong Katong area owned by the recently bankrupted managing director of spice and nut trader Pars Ram Brothers has been put up for auction as a mortgagee sale. The indicative price of the property, at 85 Branksome Road, is about S$16 million, which translates to S$1,213 per square foot on the land area of 13,189 sq ft. On the site is a single-storey bungalow where Kirpa Ram Sharma, who was Pars Ram's managing director, once lived. It will be offered at an auction on March 30 to be conducted by DTZ, the sole marketing agent for the property, at The Amara Hotel along Tanjong Pagar Road. The property has potential for redevelopment. Mortgagee sales occur when financially stretched borrowers face difficulties in repaying their loans and cannot secure buyers for their properties, resulting in banks repossessing these properties and putti...

Full article: http://www.srx.com.sg/singapore-property-news/17052/distr...

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