_Freehold Good Class Bungalow land at Jervois Hill for Sale by Auction

Singapore, 16 May 2024 – International property consultancy Knight Frank Singapore, as the joint marketing agent and auctioneer, is pleased to announce a freehold Good Class Bungalow (GCB) land plot in the upmarket neighbourhood of District 10 for sale by auction.

Situated in an exclusive and serene cul-de-sac, the subject property spans 15,171 sq ft with an approximately 40m wide frontage. It sits on elevated terrain and offers a view of the neighbourhood. This is the last available plot of its kind in the area.

Following a muted period in the second half of 2023, activity seems to be picking up for the GCB market. Five deals registering a reported $217 million have been transacted to date. In comparison, the second half of 2023 only registered two deals amounting to $51 million.

A recent transaction in the same district was the sale of a trio of bungalows in the Nassim Road area last year. It was reported that the freehold properties add up to 45,937 sq ft of land and commanded S$4,500 psf, believed to be the highest land rate for a GCB Area.

Ms Tricia Tan (陈金香, Director, Auction & Sales, Knight Frank Singapore (董事, 房产  拍卖与销售部, 莱坊), says: “Transaction data shows that since 2009, unit land prices for GCBs have risen to above $2,000 psf or higher, which reinforces how this prestigious asset class remains sought-after as a conduit to legacy-planning.”
 

The indicative price of the site is $3,000 psf thereabouts, which translates to about $46 to $48 million. The auction will be held on Thursday, 30 May, 2.30PM at One Raffles Quay.