The two sites at Nassim Road are expected to have a guide price of $1,650 to $1,700 psf.
The British government may soon relaunch two good class bungalow (GCB) plots in Nassim Road, after bids received during the initial tender failed to meet the guide price, reported The Business Times.
The two land parcels were carved out from the garden of Eden Hall, the official residence of the British High Commissioner to Singapore.
Sammi Lim, Director, Investment Properties at marketing agent CBRE, confirmed that both plots will be launched again for tender later this month, and will close in early August.
The previous tender for the sites closed on 12 January, at a time when property sentiment was weak due to concerns over China’s economic slowdown and the global stock market rout.
With a 36-metre long frontage of Nassim Road, the 18,620 sq ft front plot had a guide price of $40.964 million ($2,200 psf) during the initial tender. The 15,634 sq ft rear plot, on the other hand, had a guide price of $31.268 million ($2,000 psf).
This time around, however, the two plots are expected to carry a lower guide price of about $1,650 to $1,700 psf.
The relaunch came as no surprise to market watchers, given the recent improvement in market sentiment.
“Some bidders were keen on just one plot while others were interested in both as they wanted greater flexibility to reconfigure the site to suit their requirements,” said Lim.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
