A 51,058 sq ft Good Class Bungalow (GCB) at Dalvey Road has been put up for sale, with expectations that it could attract offers in excess of $100 million, revealed marketing agent JLL.
Located within White House Park GCB Area, the two-storey bungalow sits on elevated grounds at No. 81 Dalvey Road. The GCB for sale is built in the 1967, with the UNESCO World Heritage Site and the Singapore Botanic Gardens nearby.
More: 10 Facts About Good Class Bungalows
“Dalvey Road location is undoubtedly one of the most coveted GCB addresses in Singapore. It is the premier address to homes of the who’s who in Singapore, besides foreign high commissioners and ambassadors,” said JLL regional director Tan Hong Boon.
A newly completed GCB at Jervois Hill was sold last month for $2,730 per sq ft – the highest unit land rate recorded for a GCB transaction.
Given its large plot size, the freehold property may be subdivided into three GCB plots – making it appealing to developers and investors planning to develop top notch homes within prime GCB areas.
Two separate families could also subdivide the property into two large GCBs, or a single family could keep the entire bungalow for their own occupation.
Bungalows within the 39 gazetted GCB areas in Singapore are safeguarded by the authorities with stringent planning rules and guidelines, which include building height restrictions and minimum plot size, to preserve their uniqueness and exclusive form of housing for locals.
These properties are often sought after by rich Singaporeans for their wealth preservation quality. Prices of GCBs have remained stable throughout the last global financial crisis and the implementation of property cooling measures in 2011.
The tender for the Dalvey Road GCB closes on 12 September.
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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