Two good class bungalows (GCB) within District 10’s Bin Tong Park and District 21’s King Albert Park (shown above) GCB areas have been put up for sale via an expression of interest (EOI) exercise, both with a guide price of $42 million.
Enjoying a wide frontage of around 58 m, the freehold property at 5 Bin Tong Park is nestled on a 2,611.4 sq m site zoned residential under the 2014 Master Plan. Get pricing and location-based insights with our Area Insider guides.
The two-storey bungalow at 22A King Albert Park, on the other hand, occupies a land area of about 3,387.6 sq m. Zoned residential under the 2014 Master Plan, the freehold property, which comes with a swimming pool and a basement, is located on a private cul-de-sac and elevated plot.
Marketing agent ET&Co noted that both properties are suitable for addition and alteration or redevelopment.
ET&Co head of auction and sales Joy Tan said caveats lodged last year showed that transactions in the GCB market had a total sales value of $1.03 billion.
“Since 2018, comparable units to 5 Bin Tong Park that changed hands include 65 Bin Tong Park at $48 million or $2,063 psf in March 2018, whilst a newly completed GCB at 43 Belmont Road was sold at $33.8 million or $2,243 psf,” she said. “Meanwhile, the last King Albert Park site sold was 16 King Albert Park, to Far East Organization in March 2017 for $43.8 million or $1,117 psf.”
The EOI exercise for the GCBs closes on 18 July.
Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email email@example.com