Knight Frank Singapore is pleased to announce the launch for sale of a Good Class Bungalow (GCB) located along East Sussex Lane, off Holland Road. The property is put up for sale by Expression of Interest as a result of an estate sale.
The subject property has a land area of approximately 27,181 sq ft and is located within an exclusive Good Class Bungalow enclave at Holland Rise. It enjoys the convenience of being located in close proximity to Holland Village and Holland Shopping Centre which has a wide array of dining and shopping options as well as amenities like supermarkets, banks and pharmacies. While, the shopping and entertainment belt of Orchard Road and the city centre is just a 15 minutes’ drive away.
The property is also strategically located within proximity to the nearby Holland Village and Buona Vista MRT Stations. It is also well served by major arterial roads and expressways such as Pan Island Expressway (PIE) and Ayer Rajah Expressway (AYE), providing excellent connectivity to the rest of Singapore.
Established schools such as Henry Park Primary School, Raffles Girls’ Primary School, Anglo-Chinese School (International), Anglo Chinese Junior College, Singapore Polytechnic and Fairfield Methodist Secondary School are located within a short drive away.
Currently there is a two-storey detached house sitting on the site which was built in the 1950s. The property is suitable for redevelopment into a luxurious bungalow.
“The guide price for the GCB is approximately $1,200 per sq ft. This is an estate sale and the vendors are open to considering all price offers put forth by prospective purchasers during the Expression of Interest exercise”, says Ms Mary Sai, Executive Director, Investment & Capital Markets.
A GCB along Belmont Road was recently transacted at $44,188,000 or $1,420 per sq ft in June 2015, while another GCB at Bin Tong Park changed hands at $30,000,000 or $1,400 per sq ft in the same month.
Despite the slew of cooling measures imposed on residential properties, the demand for GCBs has held steady. In May this year, a GCB at Bishopsgate was sold at a record price of $2,190 per sq ft, surpassing the previous GCB record price of $2,110 per sq ft set in October 2012.
Another GCB at Ridout Road was transacted at about $91,688,888 in May this year, achieving the highest transacted price for a GCB on an absolute quantum price basis. The outlook for GCBs remains positive with transactions of such properties still active and price growth only moderating.
The Expression of Interest closes on 30 July 2015, Thursday at 3 pm.
For further information, please contact:
Ms Mary Sai, Executive Director, Investment & Capital Markets
(E): firstname.lastname@example.org (D) +65 6228 6886 / (M): +65 9388 7879
Michael Lim, Associate Director, Corporate Communications
(E): email@example.com (D) +65 6228 7358