2 Good Class Bungalows At Camden Park Up For Tender

TWO adjacent bungalow plots in the Camden Park Good Class Bungalow (GCB) Area near the Botanic Gardens put up for sale by tender by a church will close on April 12. 

An old single-storey house sits on each plot. Indicative price is S$35 million for both properties with a total land area of 27,176 sq ft or S$1,288 psf. Both sites may be amalgamated.

The GCB at Camden Road was bequeathed to the Kampong Kapor Methodist Church by the late Anglo-Chinese School (ACS) principal Earnest Lau who died in March 2011.

Plot Details

• 15 Camden Park has a land area of 13,115.81 sq ft and a S$16.9 million guide price. 
• 15A Camden Park carries a land area of 14,059.81 sq ft and a guide price of S$18.1 million

The properties are close to Hollandse Club and the Japanese Association, Singapore.

GCBs are a prestigious type of landed housing in Singapore with specific constraints to preserve their exclusivity and low-rise character.
Typically, GCBs have a minimum land area of 1,400 sq m (15,069 sq ft). However, some smaller existing sites were included during the gazetting of GCB Areas in 1980. These are still considered GCBs since they are bounded by other GCB planning rules if they were to be redeveloped. 

As an illustration, such plots cannot be sub-divided and they cannot built more than two storeys high (plus an attic and a basement).

Eden Hall Land at Nassim Road Up For Sale

Since selling off a portion of land from Eden Hall plot in 2001, more land around the British High Commissioner's home in Nassim Road is on the market again.

The British government has carved out two freehold land plots from its Nassim Road garden land for wealthy buyers keen on owning some of the plummiest land in Singapore.

Image: Sraits Times

Plot A is indicatively priced at $40.964 million, or $2,200 psf. The plot is approximately 18,620 sq ft and has about 36m of Nassim Road frontage.

Plot B is about 15,634 sq ft. It comes with a Nassim Road frontage of about 8m and is prospectively priced at $31.268 million or $2,000 psf.

PRIME LAND
Land for Good Class Bungalows (GCBs) in the tree-lined boulevards of Nassim Road is tightly held and scarcely available. With Eden Hall steeped in history, the sale of the two plots present a landmark sale in the GCB market. The properties are selling on a vacant site basis.

Before the 2001 sale, the land plot was originally more than 200,000 sq ft. in area.

Recent Nassim Road GCB History
Roughly 109,000 sq ft of part of the Eden Hall land parcel were bought for $50.4 million in April 2001 by motoring tycoon Peter Kwee and "Popiah King" Sam Goi.

Kwee took the larger part of about 63,300 sq ft and subsequently resold it to the below buyers: 

• 39,383 sq ft of the plot (now 28M Nassim Road) went to Oei Siu Hoa for $25.5 million in 2003. 
• The other plot of 23,922 sq ft was sold to Tay Liam Wee for $47.84 million in 2012. 

Goi continues to own 28G Nassim Road, a 45,754 sq ft site.

After the two plots are sold, the Eden Hall site will retain a land size of about 63,893 sq ft.

Nassim Road has chalked up only three GCB sales over the last eight years.

In April 2013, a company controlled by Wing Tai chairman Cheng Wai Keung and his wife put up a GCB at 33 Nassim Road for sale for about $250 million to $300 million. The plot of 84,839 sq ft land site has yet to secure a buyer.

Source: Straits Times

GCB Site At Windsor Park Up For Sale

A freehold Good Class Bungalow (GCB) site at 53 Windsor Park Road is up for the sale by public tender. The indicative price is S$27 million, or S$1,280 psf.

The part single storey and part double storey bungalow occupies a land area of 21,091 sq ft. Built in the 1950s, it sits on elevated grounds.

The tender closes at 3pm on Oct 21.

Around its vicinity are other landed housing and low-rise condominiums. The property enjoys proximity to Thomson Plaza, Sin Ming Plaza, and shop-houses along Upper Thomson Road.

There are only 34 GCB plots in the area. Rarely do any of these GCB come up for sale. In the past few years, only two recorded transactions in the area were recorded.

Past Transactions

January 2013 - A 22,481 sq ft site sold for S$25.3 million;

December 2012 - A 19,280 sq ft property sold for S$27 million.

Caveats for 25 GCB deals worth a total of S$543 million were lodged in 2014.

So far, 20 GCBs with a total value of S$485 million have been transacted this year. The numbers are expected to grow, given a rise in activity for this segment lately, on the back of more realistic asking prices from sellers.

Source: The Business Times

Queen Astrid GCB Site Up For Estate Sale

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