JLL launches a good class bungalow at prime Jervois road for sale by tender
Guide price of $38.8 million ($2,007 psf on land area)
SINGAPORE, 11 September 2019 – JLL, as the exclusive marketing agent, is proud to present for sale two-storey Good Class Bungalow (GCB) at Jervois Road.
Located along Jervois Road, off the bustling River Valley Road, the freehold Property is only minutes away from Orchard Road and the Central Business District (CBD). The Property sits on a total land area of 19,333 sq ft and has wide frontage of close to 40 metres. This is an excellent opportunity for a new owner to redevelop a prime plot, to suit their own individual lifestyle and preferences.
The Property is within the Chartsworth Park Good Class Bungalow Area (GCBA). GCBs are the most prestigious form of landed housing in Singapore and are limited in supply. According to the Urban Redevelopment Authority (URA), there are currently some 2,800 plots across 39 designated GCBAs. Minimum plot size for a typical GCB is 1,400 sq m and they are subject to development guidelines, such as a height restriction of two storeys excluding attic and basement and maximum coverage ratio of 35%. By imposing such stringent constraints, URA aims to preserve the exclusivity and low-rise character of such neighbourhoods.
Centrally located in the prime District 10, the subject property is within the embassy enclave and also within the estate named “Sri Menanti Estate”, which literally means “Princess in waiting” in the Malay language. The Property is well positioned on elevated ground amidst a low rise area. There is growing demand for plots on higher land, such as the two recent high profile sales of 33 Nassim Road (($2,721 psf) and 50 Cluny Road ($2,980 psf)
Ms Mok Sze Sze, Senior Director, Capital Markets, JLL said: “This is a great opportunity for an owner–occupier to acquire a well situated GCB on which to develop their dream home on an ideal elevated plot, with wide frontage. These features not only provide privacy, but also leaves room for creativity in the design of the redevelopment into a prominent grand mansion, with a commanding presence that offers views of the surroundings.”
The Tender closes on Wednesday, 23rd October 2019 at 3.00 p.m.
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 annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com