A good class bungalow (GCB) along East Sussex Lane off Holland Road has been put up for sale through expression of interest (EOI), revealed marketing agent Knight Frank Singapore.
Currently, a two-storey detached house (pictured) sits on the 27,181 sq ft site. Built in the 1950s, the property could be redeveloped into a luxurious bungalow.
It is located within proximity to the Holland Village and Buona Vista MRT stations, Orchard Road shopping belt and established schools.
“The guide price for the GCB is approximately $1,200 psf. This is an estate sale and the vendors are open to considering all price offers put forth by prospective purchasers during the Expression of Interest exercise,” said Mary Sai, Executive Director, Investment & Capital Markets.
Last month, a GCB at Belmont Road was moved for $44.18 million or $1,420 psf, while another bungalow at Bing Tong Park changed hands at $30 million or $1,400 psf.
According to Knight Frank, the demand for GCBs has held steady despite the slew of cooling measures imposed on the residential market.
“In May this year, a GCB at Bishopsgate was sold at a record price of $2,190 psf, surpassing the previous GCB record price of $2,110 psf set in October 2012.
“Another GCB at Ridout Road was transacted at about $91.68 million in May this year, achieving the highest transacted price for a GCB on an absolute quantum price basis. The outlook for GCBs remains positive with transactions of such properties still active and price growth only moderating,” added the consultancy.
The EOI exercise will close on 30 July 2015.
Image source: Knight Frank Singapore.