The old single-storey bungalow near Sixth Avenue MRT station was built around the 1980s. (Photo: JLL)
A freehold bungalow at 45 Sixth Avenue has been put up for sale carrying an asking price of $16 million or about $1,274 psf, revealed marketing agent JLL on Monday (2 July).
Located within the gazetted Fourth / Sixth Avenue Good Class Bungalow (GCB) area, the property has a land area of about 12,560 sq ft and is near Sixth Avenue MRT station. It is also close to established schools in the Bukit Timah area.
More: 10 Facts About Good Class Bungalows
The prime residential site is currently occupied by an old single-storey bungalow built around the 1980s which is ripe for redevelopment.
JLL noted that while land parcels within GCB areas are required to have a minimum area of about 15,000 sq ft, smaller land parcels are still considered GCBs as long as they are situated within the 39 gazetted GCB areas. According to estimates, the city-state only has 2,800 GCB plots, which can only be acquired by Singapore citizens.
“Due to its limited supply and the prestige associated with these large bungalow plots, GCBs are often sought after by well-heeled Singaporeans,” said JLL.
JLL senior consultant Karamjit Singh shared that prices of GCBs have been on an uptrend since 2016. Last year, about 45 GCBs were transacted at an average price of $21 million per bungalow plot.
For the first five months of 2018, there were about 19 recorded transactions of GCBs at average prices of $25 million each, or up 19 percent from last year’s average.
“At $16 million for the land, this offering is an attractive price for buyers looking to enter the GCB market,” said Singh.
The expression of interest for 45 Sixth Avenue closes on 31 July.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org