Two Good Class Bungalows up for sale at $42 mil each
By Bong Xin Ying
/ EdgeProp Singapore |
Two Good Class Bungalows (GCBs), at 5 Bin Tong Park in District 10 and 22A King Albert Park in District 21, are up for sale via expression of interest (EOI) at $42 million each. Edmund Tie and Co (ET&Co) is the exclusive sole marketing agent. Each GCB will be sold under an owner sale.
Both properties will be sold with vacant possession, or with tenancy on an “as is where is” basis. 5 Bin Tong Park runs on a month-to-month tenancy, while the tenancy for 22A King Albert Park ends in Oct 2019.
They are also suitable for addition and alteration or redevelopment.
5 Bin Tong Park
Located off Leedon Park, within the Bin Tong Park GCB area in District 10, 5 Bin Tong Park is a freehold estate with a total land area of about 28,109 sq ft and a 58m-wide frontage. On the land is a colonial-style, single-storey bungalow with a swimming pool. The site is zoned for residential use under the 2014 Master Plan.
5 Bin Tong Park is a freehold estate with a total land area of about 28,109 sq ft and a 58m-wide frontage (Credit: ET&Co)
Holland Village and Holland Village MRT Station on the Circle Line are a 12-minute walk away.
Reputable educational institutions such as Nanyang Primary School, Raffles Girls’ Primary School and Henry Park Primary School are located within a 2km radius, while Hwa Chong International, Anglo-Chinese School (International) and National University of Singapore are within a 10-minute drive.
22A King Albert Park
The freehold 22A King Albert Park in District 21 has a total land area of about 36,464 sq ft. It is situated on a private cul-de-sac and elevated plot. It has a two-storey bungalow with a basement and a swimming pool. The site is zoned for residential use according to the 2014 Master Plan, and is within the King Albert Park GCB area.
The freehold 22A King Albert Park is situated on a private cul-de-sac and elevated plot (Credit: ET&Co)
Located in the King Albert Park estate and bounded by Bukit Timah Road and Clementi Road, the property is within a 10-minute drive from Bukit Timah Plaza, Beauty World Centre and The Grandstand.
The house at 22A King Albert Park comes with a pool (Credit: ET&Co)
Reputable educational institutions such as Raffles Girls’ Primary School, Henry Park Primary School and National University of Singapore are all within a 10-minute drive.
‘Strong interest expected’
According to ET&Co, caveats lodged in 2018 indicated a total sales value of $1.03 billion transacted in the GCB market. Comparable units to 5 Bin Tong Park that changed hands include 65 Bin Tong Park at $48 million ($2,063 psf) in March 2018, while a newly completed GCB at 43 Belmont Road was sold at $33.8 million ($2,243 psf) in August 2018.
The last King Albert Park site sold was 16 King Albert Park in March 2017, to Far East Organization for $43.8 million ($1,117 psf). Prior to that, in January 2016, 26 King Albert Park was sold by developer SC Global Developments for $25 million ($1,493 psf).
Joy Tan, ET&Co’s head of auction and sales, says both GCBs are competitively priced. “We expect strong interest from developers and end-users looking to build a house to their own taste,” she adds.
EOI submissions will close on Thursday, July 18, at 3pm.
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