SINGAPORE (EDGEPROP) - Queen Astrid Gardens, a four-storey residential development sitting on 5,782.6 sq m (62,243 sq ft) of land in the Queen Astrid Park Good Class Bungalow Area (GCBA) has been put on the market for a guide price of $126.8 million for the land, which translates to about $2,307 psf on the land area.
Queen Astrid Park GCBA is one of the 39 gazetted GCBAs in Singapore. The development sits on elevated ground, and has a frontage of more than 100 metres onto Queen Astrid Gardens. It can be retained as apartments, or be redeveloped into a single mansion. The land can also be subdivided up to four GCB panels, subject to approval by relevant authorities.
The owners of the development are represented by Knight Frank Singapore via their collective sale committee. K. Chong, chairman of the collective sale committee of Queen Astrid Gardens, who originally purchased his unit with plans for retirement there, says, “The site has all the right attributes for a GCB, and such properties are getting increasingly hard to come by. I believe interested parties will see the value in this site.”
Ian Loh, head of capital markets for land & building, collective & strata sales, Knight Frank Singapore, says, “There are only about 2,800 GCBs in the 39 safeguarded GCBAs in Singapore, and the last GCB transaction in District 10 of land more than 60,000 sq ft in size transpired more than five years ago, in June 2015.”
“Queen Astrid Gardens poses opportunities for potential buyers looking to create a family estate and leave an enduring legacy,” he adds, pointing to favourable attributes such as regular-shaped land and elevated grounds.
“With the option for subdivision into several GCBs, the asset is an especially attractive proposition for home-seekers or investors looking for further wealth-preservation potential, over the long term,” Loh adds.
The tender for Queen Astrid Gardens will close at 3pm on Oct 7.
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