A sprawling GCB, situated on one of the highest points of the Leedon Park GCB Area, has just been lauched for sale by tender by sole marketing agent JLL.
Built in the early 1990s, 17 Leedon Park comprises a 2-storey bungalow with a built-up area of approximately 9,000 sq.ft equipped with a 21 m long in-ground swimming pool and a lavish garden.
Said Mr Karamjit Singh, International Director and Head of Residential, JLL: “The property has a sprawling land area of approximately 46,879 sq ft, or about 60% the size of a football field. It is large enough to be sub-divided into three GCBs which require a minimum land area of 15,069 sf each. The wide frontage of about 80 m and the generally flat terrain allows for efficient subdivision. Home buyers could also look to retain the existing house, which comes with a charming courtyard, while carving off about 15,069 sf from its garden and pool area to build another GCB. This would leave the existing house with a reduced land area of just under 32,000 sf, which could in the future be further sub-divided into two GCBs.”
“Alternatively, friends or family members could team up to acquire the property and have it redeveloped into two or three houses. Such opportunities to build three GCBs side-by-side do not come by often. Over the last 5 years, there have been as many as 174 GCB transactions. Out of these, only 14 of these plots could have been sub-divided into two or more GCB parcels. This included the British Government’s land at Nassim Road of 34,252 sf which was sold for $56.58 million or $1,652 psf in last month. Of the 14 plots, only one could be split into three or more GCBs. That was 35 Ridout Road, which has a land area of 73,280 sf and was sold for $91.68 million or $1,251 psf in May 2015.”
The vendors of 17 Leedon Park are expecting offers in the region of $70 million to $75 million for the prized asset, which works out to $1,493 psf to $1,599 psf on the land area.
The property is situated in a highly sought-after exclusive GCB neighbourhood. It is accessible to other parts of the island and is conveniently connected to many amenities such as the Botanic Gardens, Holland Village, Cold Storage Jelita and The Star Vista.