_Rare opportunity to own freehold two-storey Good Class Bungalow on Third Avenue
Singapore – Knight Frank is pleased to offer a freehold two-storey Good Class Bungalow (GCB) at 20 Third Avenue for sale via public tender. Located within the prime Good Class Bungalow Area (GCBA) of First/Third Avenue, the property sits on a 14,576 square feet (sf) plot with a total gross floor area of approximately 100,000 sf. Its indicative guide price is S$30 million which works out to approximately S$2,058 per square foot (psf).
Third Avenue is easily accessible by major transport nodes such as the Pan-Island Expressway, arterial roads including Bukit Timah Road and Dunearn Road, and Sixth Avenue MRT station located approximately 650 metres away. Singapore Botanic Gardens and the Central Business District are a short drive away.
Urban and lifestyle amenities that serve the neighbourhood include soon to be completed One Holland Village, Tanglin Mall, and Gleneagles Medical Centre and Hospital. Renowned schools such as Hwa Chong Institution/Hwa Chong International School, Nanyang Girls High School, Methodist Girls' School, Anglo Chinese International School, and United World College of South East Asia (Dover) are also in close proximity.
20 Third Avenue is Hin Leong group founder OK Lim’s second GCB to be sold in the area, the first being the one at 5 Second Avenue transacted in October 2021 for S$33.39 million. Both bungalows are among Singapore properties under a court-ordered asset freeze of the Lim family's assets.
The last transaction on this street was a property owned by gaming company Razer CEO Tan Min-Liang. Transacted for S$52.8 million in November 2021, the property’s total land area measures 30,954 sf, which works out to be approximately $1,705 psf.
Says Ms Mary Sai (蔡竺樾), Executive Director, Capital Markets, Knight Frank Singapore (执行董事,资本市场部, 莱坊), “This listing presents an ultra-rare opportunity for one to acquire a GCB with a coveted address. Such an asset is generally tightly held for long-term wealth preservation and capital appreciation.”
Demand for landed residential properties
According to the URA Property Price Index for landed homes, total transaction value for the GCB segment rose substantially from S$54.8 million in Q1 2023 to S$369.5 million in Q2 2023, after a 51.8% q-o-q decrease between Q4 2022 and Q1 2023. Unit land prices grew from S$1,225 psf in Q1 2023 to S$3,732 psf in Q2 2023, setting a new land price benchmark for this premier class of landed properties since 2009.
Transaction volume also rose from two units in Q1 2023 to six in Q2 2023. Three bungalows in the Nassim Road GCBA made the headlines in June 2023 when the Fangiono family of Singapore-listed palm oil company First Resources paid a total of S$206.7 million for them. This translated to S$4,500 psf on land, with a total land area of 45,937 sf.
Adds Sai, “We expect this listing to draw strong interest given the scarcity of prime landed homes, and strong demand from foreign ultra-high-net-worth families.”
The tender will close on 16 October 2023 (Monday) at 3:00 PM.
For further information, please contact:
Lilian Hoe
Director, Marketing, Communications, Legal and Compliance, Knight Frank Singapore
lilian.hoe@sg.knightfrank.com | +65 6228 6807
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