A good class bungalow (GCB) at 7 Chestnut Crescent will be put up for sale via auction next month, with the owner asking $9 million for the property or $975 per sq ft (psf) based on the total land area of 9,232.2 sq ft, revealed Colliers International.
The psf pricing compares favourably to a landed house at 29 Chestnut Crescent which was sold for $8.8 million or $1,103 psf in Q3 2018.
The freehold property is situated within the GCB area in Bukit Panjang. Notably, there are only 39 clusters within the city state that have been gazetted for GCBs.
“GCBs are seen as the crème de la crème of the Singapore property market and this presents a rare chance to own one of them at a relatively affordable price,” said Steven Tan, director of capital markets and investment services at Colliers.
“A key attraction lies in its redevelopment potential – from the current single-storey home to a two and a half-storey luxury property.”
He added that the buyer may also purchase – subject to relevant approvals – an adjacent state land measuring 2,836.3 sq ft, “which could help lower the overall effective land rate below $975 psf”.
Located near several MRT stations such as Cashew and Bukit Panjang MRT stations, the property is also close to Pending LRT station and a short drive from Bukit Timah Nature Reserve and the Dairy Farm Quarry.
Other amenities within the area include Petir Park, Hillion mall and schools such as Assumption English School, Bukit Panjang Primary School, Fajar Secondary School and CHIJ Our Lady Queen of Peace.
The GCB will be offered for sale at an auction on 30 September at Amara Singapore, Level 3, Connection Room.
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Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email email@example.com