JLL launches an elevated Good Class Bungalow at the premier White House Park for Sale by Tender
As exclusive marketing agent, JLL has launched a large Good Class Bungalow (GCB) at the prestigious White House Park (the “Property”) for sale by tender
SINGAPORE, 13 August 2019 –The freehold bungalow at White House Park has a land area of 35,290 sq ft. It is situated in one of the most prestigious GCB enclaves among the 39 gazetted GCB Areas in Singapore.
The existing two-storey house sits on expansive grounds, and is possibly the highest point in the locality. Once redeveloped, one can enjoy commanding views of the lush greenery of the surroundings. In addition, The UNESCO World Heritage Site – Singapore Botanic Gardens, is a short walk from the Property.
The regular-shaped plot has a frontage of 54 metres onto White House Park. It allows for a single majestic mansion or can be subdivided into two GCB parcels, each with a generous frontage.
There are only about 2,800 GCB plots across the 39 safeguarded GCBAs. With a very limited supply, GCBs in the highly sought-after exclusive locations, namely Nassim, White House Park and Dalvey GCBAs, with favourable attributes such as regular-shaped and elevated grounds, command good premiums over the other GCBs.
This is evident in the two recent high profile GCB transactions reported: No. 33 Nassim Road was sold for $230 million or $2,721 psf over the sprawling 84,543 sq ft land; and No. 50 Cluny Road sold above $2,730 psf over the land area of 15,100 sq ft. Both plots are elevated and very close to the White House Park.
“Given its prime location and superior physical attributes, the vendor of the Property is expecting offers in the region of $75 million to $80 million for the prized asset, which translates to $2,125 psf to $2,267 psf on the land area. Potential buyers who are looking for large GCB plots in these highly desirable neighbourhoods are well aware that such an offering is a rare find. Furthermore, with the Property capable of being subdivided into two good sized GCB plots, it makes it an even more attractive proposition for wealth preservation with this added potential in the long run,” says Mr. Tan Hong Boon, Executive Director at JLL.
The tender will close on 20 September 2019, at 2.30 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