Leedon Park GCB could fetch over $70 million

Romesh Navaratnarajah13 Sep 2016

Leedon Park GCB-crop

The 46,879 sq ft plot located on high ground can be subdivided into 3 GCBs. (Photo: JLL)

A sprawling good class bungalow (GCB) located on one of the highest points of the Leedon Park GCB area has been launched for sale by tender, revealed sole marketing agent JLL.

Built in the early 1990s, 17 Leedon Park sits on 46,879 sq ft of land and comprises a two-storey bungalow with a built-up area of about 9,000 sq ft. The estate also comes with a 21-metre long in-ground swimming pool and a lush garden.

The sellers are expecting offers in the range of $70 million to $75 million, which works out to $1,493 psf to $1,599 psf on the land area.

The property is close to the Botanic Gardens, Holland Village and The Star Vista mall.

According to Karamjit Singh, International Director and Head of Residential at JLL, the site is large enough to be redeveloped into two or three GCBs.

“Such opportunities to build three GCBs side-by-side do not come by often. Over the last five years, there have been as many as 174 GCB transactions. Out of these, only 14 plots could have been subdivided into two or more GCB parcels. This included the British government’s land at Nassim Road of 34,252 sq ft, which was sold for $56.58 million ($1,652 psf) last month.”

Singh added: “Of the 14 plots, only one could be split into three or more GCBs. That was 35 Ridout Road, which has a land area of 73,280 sq ft and was sold for $91.68 million ($1,251 psf) in May 2015.”

The tender for 17 Leedon Park closes on 18 October, said JLL.


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


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