$20m GCB to go under the hammer

Romesh NavaratnarajahApril 22, 2015

property auctions

A partially completed good class bungalow (GCB) at 15 Binjai Rise will appear in Colliers International’s auction next Wednesday, media reports said.

The seller is a Hong Kong-based bank while the actual owners are understood to be members of a family who were redeveloping the property for their own use. In a mortgagee sale, the lender is the party disposing the home after the owners have defaulted on their mortgage.

Market sources revealed that the freehold property has an indicative price of $20 million, or $1,174 psf based on its land area of 17,035 sq ft.

The selling price is reasonable as owners of older GCBs within the vicinity have been asking mostly for $1,300 to $1,600 psf depending on the property’s condition, said RealStar Premier Group Managing Director William Wong.

Situated in a cul-de-sac behind the Pan Island Expressway (PIE), the bungalow stands on a regular-shaped corner plot that faces the northeast. It will also come with a swimming pool while 13,378 sq ft of the gross floor area can be redeveloped, based on written approval granted by the URA.

“The pull factor of this property is the pricing. The drawback is the proximity to the PIE resulting in noise. Still, there will be takers; they can do the design to reduce the noise,” Wong added.

GCBs are considered Singapore’s most luxurious landed residential property. The last time a bungalow was auctioned off via a mortgagee sale was in July 2007, when a home at 3C Swettenham Road was sold for $16.5 million or $639 psf based on its land area of 25,802 sq ft. The two-storey bungalow came with an attic, swimming pool and an annex building of similar height.

 

Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg

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