A Good-Class Bungalow (GCB) off Holland Road has been put up for sale through expression of interest.
The guide price for the property along East Sussex Lane is approximately S$1,200 per sq ft (psf) on land area, and the vendors are open to offers, said Knight Frank Singapore's executive director for Investment & Capital Markets, Mary Sai.
The 27,181 sq ft site now has a two-storey detached house, built in the 1950s, on it, which the real-estate consultancy firm says can be redeveloped into a grander bungalow.
The expression of interest closes at 3pm on July 30.
The property is near Holland Village and Orchard Road, schools such as Henry Park Primary, Raffles Girls' Primary School and Anglo-Chinese School (International), as well as Holland Village and Buona Vista MRT stations, the Pan-Island Expressway (PIE) and Ayer Rajah Expressway (AYE).
Despite the cooling measures imposed on residential properties, demand for GCBs has held steady, said Knight Frank. In June, two GCB transactions took place: one along Belmont Road (at S$1,420 psf or S$44.1 million) and the other in Bin Tong Park (S$1,400 psf, S$30 million).
May was a month of records for GCBs. A property in Bishopsgate sold for a record $2,190 psf, surpassing the previous record of $2,110 psf set in October 2012.
Another GCB on Ridout Road was sold for S$91.6 million, the highest transacted price for a GCB on an absolute-quantum-price basis.
Knight Frank believes that the outlook for the GCB market remains positive, with active property transactions and moderated price growth.
Ms Sai said: "Prices (of GCBs) have readjusted more realistically to reflect the softer market sentiments."
This article was first published on July 2, 2015.
Friday, Jul 03, 2015
The Business Times
Source: AsiaOne