Large Holland Rise GCB plot on the market for $106 mil
Given the measurements of the property, there is potential for the location to become split into 2 or three GCBs, claims Knight Frank. It even notes that the plot is about 3 times greater than the least possible property size of 1,400 sq m (15,064 sq ft) required to be viewed a GCB development.
A 52,992 sq feet Good Class Bungalow (GCB) plot on Holland Rise has recently been sold for $106 million. This turns out to a land price of $2,000 psf, according to a news release by Knight Frank Singapore, the single advertising broker for this transaction.
” The non commercial surround provides a serene and easy-going atmosphere, furthermore is highly demanded by prospective residence investors,” says Mary Sai, executive manager of Capital Markets, Knight Frank Singapore.
“Given the limited accessibility of top landed homes, particularly a big one similar to this, combined with good need from overseas ultra-high-net-worth family groups that are eager to pay for rental costs for such residential properties, we anticipate keen attraction for this listing,” claims Sai.
The location is close to Holland Village MRT Station on the Circle Line. This implies it is close to the F&B and lifestyle amenities in the Holland Village location. This features the upcoming One Holland Village mixed-use property, Holland Drive Market & Food Centre, Chip Bee Gardens, also a range of cafes around Lorong Mambong.
The location is situated off Holland Street in top District 10 including the plot of land lies within the premium Holland Rise GCB spot. According to news agency release, the site is convenient via 2 different dead ends, one at Holland Rise and the other at East Sussex Lane.
Based upon study by Knight Frank, latest GCB deals in the district consist of the purchase of 54 Cornwall Gardens for $47 million, mirroring a land rate of $2,162 psf. Meanwhile, the GCB at 32 White House Park was sold for $45.5 million, or $3,017 psf on the property area.
Sai adds: “Bigger is absolutely much better– prospective buyers are flooded with multiple choices in regards to style as well as will be able to develop a stunning residence of their ideals.”
