Sixth Avenue bungalow going for $16 mil

A freehold bungalow at Sixth Avenue is up for sale at an asking price of $16 million (about $1,274 psf), according to the marketing agent JLL.
Located at No. 45 Sixth Avenue, the prime residential site has a land area of about 12,560 sq ft, and is situated within the Fourth / Sixth Avenue Good Class Bungalow (GCB) area. It is also about 350 metres away from Sixth Avenue MRT Station, and is within the Bukit Timah belt of prestigious schools.
The site is currently occupied by an old single-storey bungalow that was built around the 1980s. It is currently ripe for redevelopment, according to JLL.
This prime site has a land area of 12,560 sq ft (Credit: JLL)
While land parcels within GCB areas are required to have a minimum plot size of 1,400 sqm (15,000 sq ft), land plots that are smaller 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, and only Singapore citizens are allowed to buy them.
Karamjit Singh, senior consultant at JLL, notes that prices of GCBs have been on a “steady increase” since 2016. Last year, some 45 GCBs were transacted at an average price of $21 million per bungalow plot. Within the first 5 months of this year, there have been about 19 recorded transactions of GCBs, with prices averaging at $25 million each,, he adds.
The expression of interest for No. 45 Sixth Avenue closes on July 31