Queen Astrid GCB site up for sale at S$49-51m

A FREEHOLD Good Class Bungalow (GCB) redevelopment site in Queen Astrid Park is put up for estate sale by tender, with an indicative price of S$49-51 million.

This works out to S$1,399 to S$1,456 per square foot (psf).

Located off Holland Road, at the junction of Queen Astrid Park and Coronation Road West, the 35,011 sq ft site is currently occupied by a single-storey detached house.

Colliers International deputy managing director Grace Ng noted that the indicative price is “inviting” when compared to the peak median price of S$1,749 per sq ft recorded in the second quarter of 2014.

In the second quarter of this year, the median price for detached houses with land area of 15,000 sq ft (1,400 sq m) and above in District 9, 10 and 11 is S$1,410 per sq ft.

GCBs are highly coveted here due to its scarcity, with only some 2,500 islandwide.

Ms Ng said that the GCB site at 2 Queen Astrid Park, which is nestled in an exclusive neighbourhood zoned for GCBs, would not have been available for sale had it not been an estate sale.

The draw of the GCB site at 2 Queen Astrid Park lies in its exclusivity as it is on elevated grounds in tranquil surroundings with lush greenery, and yet with easy accessibility to Holland Village and Orchard Road.

“Furthermore, there is the potential for sub-division into two smaller plots, which is a rare attribute and would appeal to developers,” Ms Ng said.

The GCB site enjoys wide double road frontages onto Queen Astrid Park and Coronation Road West, with good accessibility via the Ayer Rajah Expressway and Pan Island Expressway, as well as Holland Village and Buona Vista MRT stations. The tender for the site closes on Nov 12.

The second quarter of this year saw a surge in the number and value of transactions in GCB areas – to at least 11 deals totalling S$282.3 million, up from just four deals adding up to S$95.3 million in the first quarter.

In recent transactions involving GCBs, a 31,125 sq ft site at 45 Belmont Road was sold in June for S$1,420 per sq ft while a detached house sitting on a 21,426 sq ft site at 26 Bin Tong Park was also sold in the same month for S$1,400 per sq ft.

In July, a Queen Astrid Park GCB was sold for S$32 million or about $1,169 psf on a 27,373 sq ft freehold plot. This plot cannot be subdivided. The buyer was Liu and Lee Investment, a company led by the low-key property investor Liu Shek Yuen.

Elsewhere, prime Good Class Bungalow land along Nassim Road could come on the market in the next several months as the British High Commission mulls over the potential sale of unused land at the Eden Hall site.


GCB site off Upper Thomson for sale

A FREEHOLD Good Class Bungalow (GCB) site off Upper Thomson Road has been put up for the sale by public tender at an indicative price of S$27 million, or S$1,280 per square foot.

Located at 53 Windsor Park Road, the site has a land area of 21,091 sq ft; it is now occupied by a bungalow that is part single storey and part double storey. It was built in the 1950s and sits on elevated grounds.

The property sits amid other landed housing and low-rise condominiums, and is near Thomson Plaza, Sin Ming Plaza, Thomson V, Thomson Imperial Court and the shophouses along Upper Thomson Road.

Stella Hoh, executive director of Colliers’ investment services, said: “With only 34 GCB plots in the area, there have been rarely any plots being offered for sale in the past few years. The last two recorded transactions in the vicinity were a 22,481 sq ft site sold for S$25.3 million in January 2013; another 19,280 sq ft property was sold for S$27 million in December 2012.”

She added that, going by caveats lodged, there were 25 GCB transactions worth a total of S$543 million last year. In the year to date, there have already been 20 GCBs transacted at a total value of S$485 million; the figures are expected to grow, given that this upper tier of the landed residential property market has had a rise in activity lately, on the back of more realistic asking prices from sellers.

The tender closes at 3pm on Oct 21. Colliers is the sole marketing agent for the sale.

GCB site in Cluny Hill sold for S$21.52M

A plum vacant freehold site of 15,097 sq ft in the Cluny Hill Good Class Bungalow Area is being sold for S$21.52 million or S$1,425 per square foot based on the land area.

The property is being sold by Standard Chemical Corporation. The buyer is Aston Holdings, Realstar Premier Group, which brokered the transaction, told BT.

A company search revealed that Aston is 90 per cent owned by Tan Koo Chuan, who also controls developer Yi Kai Group.

Based on caveats data, the Cluny Hill property was previously transacted in 2005 at S$6.64 million. The site includes three conservation trees.

Realstar Premier estimates it may cost S$6-8 million to build and fit out a new bungalow with a gross floor area of about 8,000-10,000 sq ft on the site.

The transacted price of S$21.52 million is lower than the S$24 million that the seller is understood to have looked for earlier this year.

The S$1,425 psf on land area at which the property is being sold is lower than the S$1,659 psf at which a GCB along Cluny Road facing the Botanic Gardens was transacted at in February 2014.

Market watchers suggest one factor for the lower price for the Cluny Hill property is that there is a power station next door.

Realstar Premier Group managing director William Wong said: “Most potential buyers of GCBs these days are looking for properties in the S$20-25 million range. About two years ago, in the first half of 2013, the budget was typically S$25-30 million.

“With sellers having lowered their price expectations, we are starting to see more GCB deals in this range and I believe there should be a pick-up in the number of transactions. At current levels, prices are attractive for buyers.”

He added that the typical profile of GCB buyers currently are new citizens as well as those living in smaller bungalows and aspiring to upgrade to a GCB.

GCBs are the most prestigious type of landed housing in Singapore. The Urban Redevelopment Authority has designated 39 locations on mainland Singapore as Good Class Bungalow Areas – with strict planning rules to preserve their exclusivity and low-rise character.