UK govt to sell land along Nassim Road, in deals worth at least S$72m

The United Kingdom government has put up for sale land around the official residence of the British High Commissioner along Nassim Road, deals that could be worth more than S$72 million.

Announcing this in a statement on Monday (Nov 23), sole marketing agent CBRE said the two freehold sites are zoned for Good Class Bungalows (GCBs) – bungalow developments with a minimum plot size of 1,400 square metres.

The first piece of land has a site area of around 18,620 square feet and comes with about 36 metres of frontage along Nassim Road, while the second plot covers around 15,634 sq ft. The guide price for the first plot is S$2,200 per square foot (psf), which works out to around S$41 million, while the guide price for the second plot is S$2,000 psf, which works out to S$31.3 million.

Interested parties have the option of making a single bid for both sites.

“Based on recent market feedback, CBRE is very confident that these prices will be exceeded,” it said in the statement.

Eden Hall, a conservation building at Nassim Road, was built in 1904 on a four-and-a half-acre plot that used to be part of a nutmeg plantation. The British High Commission will continue to use the property after the sale. Land for GCBs within the prestigious Nassim Road area is tightly held and rarely available for sale.

According to CBRE, the last caveat lodged for a GCB sale at Nassim Road was in February 2012, while there have been just three GCB sales at Nassim Road over the last eight years.

Source : Channel NewsAsia – 23 Nov 2015

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