I would be using slow speed on my drill. This, from memory, is about 1000rpm on a 400W hand held drill. I should point out that my drill has a 2-speed mechanical gear box so the torque is proportionally increased. If, therefore, your 650W drill has a mechanical 2-speed gearbox, then you will have more than enough power and should be able to go slowly enough.
It seems to me that the bolt has been hardened, either deliberately, or by work hardening. If the rest of the job will not be damaged by heat, then try a lot of heat to soften the bolt.
Is it possible to drive out the bolt by hammering one or other end? If seized, and the work will not be damaged, then a good dose of heat can be very beneficial in breaking the bond, especially if combined with a few good belts at either end, or if possible, a twisting motion using a pair of mole grips on any exposed part of the bolt.. Don't forget, your average car mechanic faced with jobs like this will use an oxy-acetylene cutter to heat up the bolt. I use a fine pencil flame on my propane burner initially and if necessary, a stronger about 8mm diameter flame.
I think I have read about someone using carbide tipped masonry drills for this type of work. I have never tried it myself as heat plus brute force and "higorance" have usually won.
Final thought would be to try a good soaking in penetrating fluid to see if that can free it.
Good luck,
Peter G. Shaw
Edited By Peter G. Shaw on 02/08/2013 21:19:17