Trustees seek buyer for Good Class Bungalow plot at Sixth Avenue
SINGAPORE, 2 July 2018 – A prime residential site located at Sixth Avenue has just been put up for sale by Expression of Interest ("EOI") by the trustees of the property. JLL has been appointed as their sole marketing agent.
The freehold bungalow at No. 45 Sixth Avenue has a land area of 1,167 sqm or approx. 12,560 sq ft, and is situated within the gazetted Fourth / Sixth Avenue Good Class Bungalow ("GCB") area. Located only some 350 meters from the Sixth Avenue MRT station, the property may appeal to local families who appreciate the convenience of being close to amenities and the popular Bukit Timah belt of prestigious schools. Only Singapore citizens are allowed to buy landed residential properties within GCB areas.
The vendors are indicating an asking price of $16 million for the property, reflecting a land rate of approx. $1,274 psf. The property is currently occupied by an old single-storey bungalow built circa 1980's, and is ripe for redevelopment. A purchaser can hence have a free reign in designing the premises to suit their taste and lifestyle.
While land parcels within GCB areas are required to have a minimum plot size of 1,400 sqm, land plots that are smaller than that are still considered GCBs as long as they are located within the 39 gazetted GCB areas. There are only an estimated 2,800 GCB plots island-wide.
Due to its limited supply and the prestige associated with these large bungalow plots, GCBs are often sought after by well-heeled Singaporeans.
"Prices of GCBs have been on a steady increase since 2016. Last year in 2017, some 45 GCBs were transacted at an average price of $21 million per bungalow plot. To date, there have been about 19 recorded transactions of GCBs within the first 5 months of this year, with the prices averaging at $25 million each – a significant increase of 19 per cent from last year's average," says Mr Karamjit Singh, Senior Consultant at JLL.
"At $16 million for the land, this offering is an attractive price for buyers looking to enter the GCB market," says Mr Singh.
The EOI for No. 45 Sixth Avenue closes on Tuesday, 31 July 2018, at 2.30 p.m.
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