A vacant Good Class Bungalow (GCB) at 11 Jervois Hill is on the market for $53 million. The property sits on a 15,171 sq ft plot within the Jervois Hill GCB Area, and the price translates to about $3,500 psf on the land area. JLL is the sole marketing agent for the sale of this GCB.

The freehold property features a wide 40 frontage along Jervois Hill, and the site is located towards the end of a cul-de-sac. The site is also set on high ground and is elevated towards the rear of the site. According to JLL, the site is one of 19 plots that were subdivided from an original sprawling plot. The various subdivided plots were individually sold off between 2005 and 2007, fetching prices that range from $400 psf to $800 psf, depending on the size of the plot.

Now, the owner of the plot at 11 Jervois Hill has put up the property for sale, and JLL is running a coordinated sales exercise through a structured expression of interest (EOI), says Carin Puah, senior director of capital markets at JLL.

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Unit land prices in Singapore have climbed significantly in the past 18 years, from about $377 psf in 2005 to approximately $2,500 psf last year, a six and a half fold increase, says Puah. She adds: "The consistent price growth of GCBs is a testament to the popularity of the sought-after asset class with its wealth preservation quality and legacy planning potential. GCB prices continue to hold firm despite slower sales volumes, demonstrating that the ultra high net worth individuals and families are still shelling out top dollar for these prestigious and scare assets."

The EOI for the sale of 11 Jervois Hill will close on March 1.