As part of the non-core assets disposal plan, two good class bungalows (GCB) in Queen Astrid Park will be put into auction sale by TM Asia Life Singapore.
Irinn Lee, director and auctioneer at Credo Real Estate said: “We are seeking offers in excess of $36 million, which works out to $890 per sq ft of the land area”.
Irinn Lee said they believe that the GCBs’ recent sales as well as the state of the auctioned houses that overlook lower-lying bungalows might even be sold for more than $36 million.
The numbers 29 and 29A bungalows located at Queen Astrid Park covers 40,453 sq ft. They are available for purchase to only one buyer; however the land needs to be divided into two titles.
They were constructed around 1999, each covering about 8,500 sq ft built-up area. The said auction will be commencing on September 24.
Based on Ms. Lee, even during down markets, the values of bungalows have held up well at Queen Astrid Park.
A 10-year-old house on a 15,680 sq ft location at No. 1 Queen Astrid Gardens was purchased in June last year for $20 million or about $1,276 psf.
In November last year, a 38,549 sq ft bungalow at No. 25 Queen Astrid Park was purchased for about $31.8 million or $825 psf.
GCBs sales have increased throughout the last few months due to the emergence of high-net-worth individuals and their purchases.
The action started in the transaction of $56 million GCBs in April and accumulated about $188 million deal transactions that were gathered each in the month of May and June.
In July, over 20 GCB were transferred for over $300 million. In line with this, GCB sales in Q1 this totalled to $27.5 million.
Singapore’s premiere class of housing are GCBs, which are held to 39 designated areas with an assessed total stock of approximately 2,500 units.