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SINGAPORE

JLL launches a sprawling Good Class Bungalow for Sale by Tender

Sole marketing agent, JLL, has launched a plum 51,058 sqft Good Class Bungalow (GCB) at the prestigious Dalvey Road (the “Property”) for sale by tender.


SINGAPORE, 31 July 2018 – Sole marketing agent, JLL, has launched a plum 51,058 sqft Good Class Bungalow (GCB) at the prestigious Dalvey Road (the "Property") for sale by tender.

 

The freehold bungalow, No. 81 Dalvey Road, is located within White House Park GCB Area – one of the most sought after among the 39 gazetted GCB Areas in Singapore; coupled with the very prime Dalvey Road address, the sprawling freehold Property is undoubtedly a very rare GCB offering in years.

 

Built in the 1967, the existing two-storey bungalow sits majestically on elevated grounds at one of the highest points in the locale, and possesses commanding views of the lush surroundings, with the UNESCO World Heritage Site and the Singapore Botanic Gardens within a mere 700-metre walk.

 

"The Property is expected to attract offers in excess of S$100 million" says Mr. Tan Hong Boon, Regional Director at JLL. "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. Its large plot size, vantage high ground and proximity to the Singapore Botanic Gardens add to its irresistible charm", he adds.

 

Just last month, a newly-completed GCB at Jervois Hill was sold at $2,730 psf, recording the highest unit land rate in GCB transactions.

 

GCBs, at the apex of the housing forms, are safeguarded by the Urban Redevelopment Authority (URA) with stringent planning rules and guidelines ranging from a stipulated minimum plot size, site coverage to building height restrictions etc. to preserve the unique and exclusive form of housing for the locals.

 

Under the current guidelines, the Property may be subdivided into three GCB plots. This may appeal to developers and investors looking to develop top notch homes in a prime GCBA. Alternatively, two separate families may be looking to subdivide the plot into two relative large GCBs for their own use.

 

Nevertheless, an Ultra-High-Networth family may wish to acquire the Property for their own occupation instead of subdividing it into smaller plots as it is a rare find for such a large GCB plot catering to a single family.

 

GCBs are often sought after by well-heeled Singaporeans for its coveted address, prestige, exclusivity and wealth preservation quality. They remain an asset class that is resilient as seen from prices of GCBs which stayed relatively stable throughout the last global financial crisis and the introduction of residential market cooling measures.

 

Additional Buyer's Stamp Duty (ABSD) was first introduced in December 2011 and revised upwards in January 2013 (and again more recently, just this month). These measures, although suppressed the number of GCB transactions, did not incur any profound effects on the average unit land prices achieved over these years. While prices continued to consolidate slightly from 2013, they have seen a turnaround again this year with expected momentum going forward, as shown in the table below.

 


Source: URA Realis/ JLL Research

 

 

The tender will close on 12 September 2018, at 2.30 p.m.

 

 

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Note to editors:

  1. For a high-resolution image of the property, please click here.

 

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.