GCBs still hot despite cooling measures

A good class bungalow (GCB) at 8 Chee Hoon Avenue will be auctioned next month and is expected to fetch S$23 million, said marketing agent Savills.

With a land area of 15,184 sq ft, the elevated site offers a 37m frontage. It is within close proximity to various amenities like the Botanic Gardens, Cluny Court and Serene Centre, as well as reputable schools.

The bungalow will be put under the hammer on 27 February.

“I am expecting this property to be well received. It’s difficult to find a good class bungalow that ticks all the boxes. With this property, one gets regular shaped, well elevated land with a wide frontage; a north-south orientation and best of all, a prized address. This is an ideal site for someone who desires a beautiful piece of GCB land to build their dream home on,” noted Samuel Eyo, Director of Savills Prestige Homes.

Steven Ming, Deputy Managing Director of Savills, said GCBs usually appeal to end-users.

“Although they own multiple properties and would incur additional stamp duties in their purchase, the extra costs when averaged out over the period of stay would be insignificant.”

Meanwhile, Savills said that GCBs remain prized property despite market curbs and slower sales.

“Despite the ongoing economic turmoil, the scarcity factor of GCB properties will continue to shore up prices. After skyrocketing over the past three years, we expect a more moderate growth in GCB prices this year with much of it likely (to) be driven by properties in ultra-prime locations.”

Source : PropertyGuru – 21 Jan 2013

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