A District 15 freehold bungalow in the Tanjong Katong area is up for mortgagee sales at Amara Hotel on Mar 30.
Indicative price for the single storey bungalow at 85 Branksome Road, is about S$16 million, or S$1,213 psf on a land area of 13,189 sq ft with a 30-metre-long frontage.
The regular sized plot may be subdivided for redevelopment, into a pair of bungalows or semi-detached houses, subject to official approval.
The bungalow is owned by the recently bankrupted Mr Sharma, managing director of spice and nut trader Pars Ram Brothers.
The mortgagee for 85 Branksome Road is UOB.
BT reported earlier this week that Mr Sharma, his wife and son have been declared bankrupt, following the liquidation of their spice and nut trading business.
Mr Sharma, 60, had given personal guarantees to a number of banks for loans extended to Pars Ram Brothers, which was placed under provisional liquidation in Nov 24 last year. He was a director and major shareholder of the firm.
Mr Sharma, with liabilities of more than US$130 million, had filed for his own bankruptcy. The order was issued on Jan 28. As joint guarantors for the bank loans, his wife and son were also made bankrupt after an Indian bank filed applications against them. The company is said to owe money to between 10 and 17 banks.
Mortgagee sales occur when banks repossess the properties of financially stretched borrowers unable to repay their loans and resell them in an auction.