The Good Class Bungalow is located at the corner of Gallop Park Road and Farrer Road and has a land area of 14,844 sq ft (Picture: JNA Capital Markets)
SINGAPORE (EDGEPROP) - In the Gallop Road-Wollerton Park Good Class Bungalow (GCB) area, a GCB at the corner of Gallop Park Road and Farrer Road is up for sale via an expression of interest (EOI) exercise at a guide price of $32 million. The GCB sits on an elevated land plot measuring 14,844 sq ft, which means the guide price works out to $2,156 psf.
The current owners built the existing two-storey home on the site over 20 years ago. It has a built-up area of about 6,000 sq ft. The first floor features a large spacious living area facing a swimming pool in the front yard. A dining area and a generously sized kitchen are connected to a helper’s room and laundry area. On the second floor are three en suite bedrooms, plus two more bedrooms that share a Jack-and-Jill bathroom.
Over the years, the owners had rented out the property to different tenants, many of whom were expatriates, notes Kimberly Lai of JNA Capital Markets (a team under JNA Real Estate), which is marketing the property. The GCB is currently not tenanted, and the owners are looking to sell the property with vacant possession.
Lai notes that the property’s large land area, coupled with the age of the existing home, makes the site an ideal candidate for redevelopment. “It’s a great plot for buyers looking to build a brand-new home that maximises the available land area,” she says. Subject to approval from relevant authorities, the new home could have two storeys plus an attic.
To help prospective buyers visualise the site’s full potential, JNA Real Estate consulted a contractor to draw up plans for a new home. “We wanted to show buyers what could be done and how the design of the new house could best leverage the site’s characteristics,” Lai says. The design also aims to tackle concerns surrounding noise levels, given the site’s location just off Farrer Road, which is a major thoroughfare.
The proposed new development has a built-up area (inclusive of the pool and car park) of 20,500 sq ft, which includes a new, two-storey bungalow with an attic that has a gross floor area of about 10,000 sq ft. The house is positioned at the corner of the plot, furthest away from the road, with the property’s swimming pool and car porch relocated to the eastern edge of the plot, closest to the road. “This means the house has a greater setback, which will minimise road noise and ensure privacy,” Lai adds.
For the floor plan, a C-shaped layout was chosen, allowing most rooms to overlook a central courtyard that serves as a focal point. The communal spaces of the home, including the formal living and dining area, will be on the first floor, while the upper floors will house the family’s living spaces. The new home can accommodate up to 13 bedrooms.
Based on the plans drawn up, Lai says the new home could cost around $6 million to $8 million, depending on the materials used. “The future buyer can take these plans and execute them, saving time in terms of site planning and working with an architect to draft plans,” she adds.
For buyers who would prefer to bypass the process of managing the construction of their new home, Lai says they have the option of topping up the amount paid to the seller to include the cost of redeveloping the site and building the new house. The cost of purchasing the property with the new build would be $40 million, translating to $2,695 psf on the land area. “It’s a very attractive price point for a brand-new bungalow in a GCB area in District 10,” Lai adds.
The most recent transaction in the Gallop Road-Woollerton Park GCB area occurred in March when a bungalow on Woollerton Drive with a land area of 8,646 sq ft sold for $24.4 million ($2,822 psf). Before that, a GCB on Gallop Park Road that belonged to the late daughter-in-law of Khoo Kay Hian, founder of stockbroking firm Kay Hian and Co, fetched $35.5 million ($2,723 psf) in March 2022.
Lai expects the GCB at Gallop Park Road to garner strong interest, with potential buyers likely to include families seeking a trophy home in an exclusive neighbourhood. She adds that the property is close to reputable schools such as Nanyang Primary School, St Margaret’s School (Secondary) and Hwa Chong Institution.
Other nearby amenities, including the Singapore Botanic Gardens, a five-minute walk away, boost the site’s appeal. Shopping centres in the vicinity include Serene Centre and Coronation Shopping Plaza, while the Farrer Road MRT Station (on the Circle Line) and the Botanic Gardens MRT Station (Circle and Downtown Lines) offer convenient transport options.
Lai also anticipates interest coming from newly-minted Singapore citizens, noting that GCBs in Gallop Park and Woollerton Park tend to attract buyers from China and Indonesia. “Given its location next to the Botanic Gardens and the surrounding GCB areas like Cluny Hill, Nassim Road and Cluny Park, they see the homes here as part of a prestigious community,” she says.
Lai expects this group of buyers to be more receptive to purchasing the home at the price of $40 million, including redevelopment. “They might prefer this option that is more hassle-free, especially if they are unfamiliar with the construction and planning processes here,” she says.
The EOI exercise for the property will close on June 15 at 11.59pm.
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