A freehold Good Class Bungalow (GCB) redevelopment site in Queen Astrid Park with an indicative price of S$49-51 million is up for estate sale by tender.
This works out to S$1,399 to S$1,456 psf.
The 35,011 sq ft site at the junction of Queen Astrid Park and Coronation Road West is currently occupied by a single-storey detached house.
The indicative price is relatively tempting when matched against the peak median price of S$1,749 per sq ft recorded in Q2 of 2014.
In Q2 of this year, the median price for detached houses with land area of 15,000 sq ft and above in District 9, 10 and 11 is S$1,410 psf.
GCBs are highly coveted here due to its scarcity, with only some 2,500 islandwide.
The GCB site at 2 Queen Astrid Park would not have been made available had it not been an estate sale.
The Queen Astrid Park site is appealing because of its exclusivity, elevated grounds, lush greenery, tranquil surroundings and easy accessibility to Holland Village and Orchard Road.
There is also the potential for sub-division into two smaller plots, a rare attribute. The GCB site enjoys wide double road frontages onto Queen Astrid Park and Coronation Road West.
The tender for the site closes on Nov 12.
Total transactions in GCB areas rise to at least 11 deals in Q2 of 2015, amounting to S$282.3 million.
Just four deals totalling S$95.3 million will transacted in Q1 of this year.
GCB Recent Transactions:
45 Belmont Road
Site: 31,125 sq ft
Sold at S$1,420 psf (June 2015)
26 Bin Tong Park
Site: 21,426 sq ft
Sold at S$1,400 psf (June 2015)
21, Queen Astrid Park
Site: 27,373 sq ft
Sold at S$1,169 psf (July 2015)
Transaction Price: S$32 million
Source: Business Times