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Wed, Sep 02, 2020 – 12:43 pm
A PLOT of Good Class Bungalow (GCB) residential redevelopment land in the Queen Astrid Park GCB area is up for sale via tender with a guide price of S $ 126.8 million, exclusive marketing agent Knight Frank Singapore said on Wednesday.
Sitting on the site is Queen Astrid Gardens, a 999-year-old lease condo, and the sellers own the condo through their collective selling committee.
Knight Frank Singapore said the site is in one of the most prestigious GCB enclaves among the 39 published GCB areas in Singapore. The condo is on elevated ground and is possibly the highest point in the town, he added.
Queen Astrid Gardens is a four-story residential development comprising 16 apartments ranging from 224 to 239 square meters (square meters). It has a site area of 5,782 square meters, or approximately 62,243 square feet (square feet), and a frontage of more than 100 meters towards the Queen Astrid Gardens.
In addition to the potential to retain its current use as apartments, the land also allows for the construction of a single mansion, or it can be subdivided up to four parcels of GCB, subject to approval by the relevant authorities, Knight Frank Singapore said.
He added that Queen Astrid Gardens owners expect offers above the guide price for the “unique and expansive” land. This translates to approximately S $ 2,037 per square foot in land area.
Ian Loh, director of capital markets for land and buildings, group and strata sales at Knight Frank Singapore, said the site “presents opportunities for potential buyers looking to create family ownership and leave a lasting legacy.”
Mr. Loh pointed out that there are around 2,800 GCBs in the 39 GCB areas in Singapore. GCB’s last transaction for land over 60,000 square feet in District 10, where the current site is located, was in 2015, he added.
“With a very limited supply, GCBs with favorable attributes, such as regular terrain and elevated terrain, typically have good premiums over other GCBs,” he said.
“With the option of subdivision into multiple GCBs, the asset is an especially attractive proposition for homeowners or investors seeking greater long-term wealth preservation potential.”
The tender closes on October 7 at 3 pm.
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