A good class bungalow (GCB) at 7 Chestnut Crescent will be put for sale via auction by its owner next month with an asking price of S$9 million, real estate firm Colliers International said on Monday morning.
The freehold property is located within the GCB area in Bukit Panjang. There are 39 clusters in Singapore gazetted for GCBs.
The asking price works out to around S$975 per square foot (psf), based on the total land area of 9,232 square feet or 857.7 square metres.
In comparison, a landed home at 29 Chestnut Crescent was sold for S$8.8 million or S$1,103 psf during Q3 2018, Colliers said.
“GCBs are seen as the crème de la crème of the Singapore property market and this presents a rare chance to own one of them at a relatively affordable price,” said Steven Tan, director of capital markets and investment services at Colliers.
The current single-storey home can be potentially redeveloped to a luxury property with two-and-a-half storeys, he noted.
Subject to the relevant approvals, the buyer may also acquire an adjacent state land that spans 2,836 sq ft, which could help to lower the overall effective land rate below S$975 psf, Mr Tan added.
The GCB property is a short drive from the Dairy Farm Quarry and Bukit Timah Nature Reserve. Other amenities in the vicinity include Hillion mall, Petir Park, and schools including Bukit Panjang Primary School, Assumption English School, CHIJ Our Lady Queen of Peace, and Fajar Secondary School.
The property is also located near the Cashew and Bukit Panjang MRT stations.
The GCB auction will be held on Sep 30, the same day Colliers will also launch a shophouse for auction. Both properties will be offered for sale at 2.30pm at Amara Singapore, Level 3, Connection Room.
The owner of the two-storey shophouse on 65 Neil Road is asking for at least S$8 million, or around S$2,800 psf based on the gross floor area.