Given the size of the land, there is potential for the site to be subdivided into two or three GCBs. EdgeProp's Landlens tool shows vital site information. (Map: EdgeProp)
SINGAPORE (EDGEPROP) - A 52,992 sq ft Good Class Bungalow (GCB) plot on Holland Rise has been put up for sale for $106 million. This works out to a land rate of $2,000 psf, according to a press release by Knight Frank Singapore, the sole marketing agent for this sale.
The site is located off Holland Road in prime District 10 and the plot of land lies within the exclusive Holland Rise GCB area. According to the press release, the site is accessible via two separate cul-de-sacs, one at Holland Rise and the other at East Sussex Lane.
“The residential enclave offers a serene and easy-going vibe, and is highly sought after by prospective home buyers,” says Mary Sai, executive director of Capital Markets, Knight Frank Singapore.
Given the size of the land, there is potential for the site to be subdivided into two or three GCBs, says Knight Frank. It also notes that the plot is about three times more than the minimum land size of 1,400 sq m (15,064 sq ft) required to be considered a GCB development.
Sai adds: “Bigger is indeed better — prospective purchasers are inundated with multiple options in terms of design and will be able to build a stunning home of their dreams.”
EdgeProp's Landlens tool shows the most recent landed and condo transactions around the subject propperty. (Map: EdgeProp)
The site is close to Holland Village MRT Station on the Circle Line. This means it is near the F&B and lifestyle amenities in the Holland Village area. This includes the upcoming One Holland Village mixed-use development, Holland Drive Market & Food Centre, Chip Bee Gardens, and a host of cafes along Lorong Mambong.
Based on research by Knight Frank, recent GCB transactions in the vicinity include the sale of 54 Cornwall Gardens for $47 million, reflecting a land rate of $2,162 psf. Meanwhile, the GCB at 32 White House Park was sold for $45.5 million, or $3,017 psf on the land area.
“Given the limited availability of prime landed homes, especially a huge one like this, coupled with healthy demand from foreign ultra-high-net-worth families that are willing to pay rental premiums for such properties, we expect keen interest for this listing,” says Sai.