A freehold Good Class Bungalow (GCB) re-development site located at 2 Queen Astrid Park has been put up for estate sale by tender, revealed marketing agent Colliers International.
The 35,011 sq ft site located off Holland Road, at the junction of Queen Astrid Park and Coronation Road West, is currently occupied by a single-storey detached house.
Under the 2014 Master Plan, the land is zoned for residential use within the Queen Astrid Park GCB area. It could be sub-divided into two smaller plots.
“The subject property would not have been made available for sale, had it not been an estate sale,” said Grace Ng, Deputy Managing Director of Colliers.
“(The) indicative price for the subject site is $49 million to $51 million, which works out to be some $1,399 psf to $1,456 psf. This is an inviting price, if we compare it to the peak median price of $1,749 psf recorded in Q2 2014.
“Looking at recent transactions, a 31,125 sq ft site at 45 Belmont Road was sold in June 2015 for $1,420 psf and a detached house sitting on a 21,426 sq ft site at 26 Bin Tong Park was also sold in the same month for $1,400 psf,” Ng noted.
In a statement, Colliers said that GCBs are highly coveted in Singapore due to its scarcity. Across the island, there are only around 2,500 such properties.
As of Q2 2015, the median price for detached houses with land areas of 15,000 sq ft and above in districts 9, 10 and 11 is $1,410 psf, the consultancy added.
Meanwhile, the subject site is easily accessible via the Ayer Rajah Expressway (AYE) and Pan Island Expressway (PIE), as well as Holland Village and Buona Vista MRT stations. It is also close to established schools such as Anglo-Chinese Junior College and Singapore Polytechnic.
The tender exercise will close on 12 November.
Image: 2 Queen Astrid Park. Source: Colliers International
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
