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Freehold GCB site off Holland Road on sale for $41m

A FREEHOLD good class bungalow (GCB) development site at 11 Ford Avenue has been put up for sale and the indicative price is $41 million.

This works out to about $893 per square foot for the 45,894 square feet site which is off Holland Road.

A single-storey bungalow currently sits on the site, which is being marketed by Colliers International.

Ho Eng Joo, executive director of investment sales at Colliers, says that the buyer of the site is likely to redevelop it, as up to three GCBs of around 15,000 sq ft can be built there. ‘Good class bungalows are in high demand in land scarce Singapore,’ he added.

Mr Ho estimates that at the indicative price of $41 million, and construction cost of between $1.5 million and $2 million for a bungalow, the breakeven price for a single bungalow is about $16 million.

Prices of prime landed property has been increasing.

Recent benchmark transactions include $25.5 million or $1,899 psf for a house in Nassim Road in October 2007.

In August 2007, a conservation bungalow at White House Park sold for $28.8 million or $1,308 psf.

Closer to Ford Avenue, Mr Ho said, recent transactions of GCB land include sites at Ridley Park for around $1,000 and Chatsworth for around $950 psf.

He said that given the strategic location of the site, which is within walking distance of Holland Village and not far from the Orchard/Scotts Road shopping belt, he expects to see keen interest from developers and high net worth individuals.

 

Source: Business Times 15 Jan 08

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