View of the Nassim Road GCB plots. (Photo: CBRE)
The British government has relaunched two good class bungalow (GCB) plots at Eden Hall on Nassim Road, after bids received during the initial tender in January fell short of the original reserve price.
“We received very strong interest in the previous tender exercise, but the highest bid fell short of the internal reserve price as a result of the weak market sentiment early in January, brought about by the global stock market volatility and concerns about China’s slowdown,” said Sammi Lim, Director, Investment Properties at marketing agent CBRE.
The two freehold land parcels currently form part of the garden at Eden Hall, the official residence of the British High Commissioner to Singapore. They are being offered to the market as individual plots or on a combined plot basis.
With a 34-metre long frontage of Nassim Road, the front plot has an area of about 18,618 sq ft and is now priced at $1,700 psf. The rear plot has an area of around 15,634 sq ft and is going for $1,630 psf.
“This competitive pricing should make any savvy investor sit up. We expect buyers who have been observing and waiting at the sidelines to now come forward and evaluate this purchase seriously. At this attractive price level, this sale is one of the most compelling purchase options in the superior freehold GCB site at Nassim currently,” said Lim.
CBRE noted that the last caveat lodged for a GCB sale at Nassim Road was in February 2012. Moreover, there have been only three GCB sales at Nassim Road over the last nine years.
“This window of opportunity to invest is narrow as the GCB market has picked up pace in recent months,” it said. The GCB market has already recorded 13 transactions amounting to about $280 million during the first half of 2016.
With this, CBRE expects buying activity “to continue steadily as buyers take the opportunity to lookout for their ideal sites to upgrade to better locations, bigger plots and more prestigious addresses”.
The tender for the property will close on 3 August.