A freehold good class bungalow (GCB) site at 53 Windsor Park Road (pictured) has been put up for sale by public tender, according to marketing agent Colliers International.
Located off Upper Thomson Road on a high terrain, the 21,091 sq ft site currently houses a part-single-part-two-storey bungalow built in the 1950s. The property is zoned within the “Windsor Park Good Class Bungalow Area” under the 2014 Master Plan.
The indicative price is $27 million, which translates to $1,280 psf on the land, the consultancy said.
Stella Hoh, Executive Director of Investment Services at Colliers, said the successful buyer could redevelop the site into a new house.
“With only 34 GCB plots in the area, there are rarely any plots being offered for sale in the past few years. The last two recorded transactions in the vicinity were a 22,481 sq ft site that was sold for $25.3 million in January 2013 and another 19,280 sq ft property that was sold for $27 million in December 2012.
“According to caveats lodged, there were 25 GCB transactions worth a total of $543 million in 2014. For 2015 to date, there are already 20 GCBs transacted at a total value of $485 million and the figures are expected to grow – given that this upper-tier of the landed residential property market has recently witnessed increased activities, on the back of more realistic asking prices from sellers,” said Hoh.
Situated within an established residential enclave comprising landed housing and low-rise condominiums, the subject property is close to Thomson Plaza, Sin Ming Plaza and the shophouses along Upper Thomson Road. The upcoming Upper Thomson and Bright Hill MRT stations are also within the vicinity.
The tender exercise will close on 21 October 2015.
Image 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
