The 999-year leasehold site has an indicative valuation of around $22 million, which translates to about $1,525 psf on its land area of 14,526 sq ft (Picture: PropNex Realty)
SINGAPORE (EDGEPROP) - A Good Class Bungalow (GCB) at 67 Chestnut Drive will be put up for sale through an expression of interest (EOI) exercise on July 3, according to marketing agent PropNex Realty. The 999-year leasehold site has an indicative valuation of around $22 million, which translates to about $1,515 psf on its land area of 14,526 sq ft.
The property was initially offered for sale as a new GCB under construction in February. The proposed property, a two-storey detached house with a basement and attic, was put on the market via private treaty with a $38.88 million guide price, or $1,966 psf on the proposed built-up area of 19,481 sq ft.
While the private treaty sale drew some interest, prices offered did not meet the seller’s expectations, says Henry Benjamin Lim, head of Good Class Bungalows and prestige landed at PropNex. “In addition, many prospective buyers indicated that they would prefer to customise the design and layout of their home to their own needs,” he adds.
The seller has decided to sell the site as bare land instead of a newly-built bungalow, allowing the future owner to design a house to their exact specifications. The former building on the plot has been demolished, with the site to be sold on an “as is where is” basis. The seller has also paid utility provider SP Group $84,000 to install the suspended overhead power cables underground.
Located in Green Hill Estate within the Chestnut Avenue GCB area, the site is zoned for residential use with a 999-year leasehold tenure from September 1882. It is about a 12-minute walk to the Cashew MRT Station on the Downtown Line.
The EOI for the site will close at 12pm on Aug 15.
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