Japanese envoy's bungalow up for sale

(2010-10-28 04:06:22) 下一個
Oct 28, 2010 -

The Japanese government has put up a Good Class Bungalow (GCB) located at No. 18 Astrid Hill for sale.

The bungalow, which is the former home of the Japanese envoy to Singapore, is expected to fetch between $20 million and $25 million. This works out to around $1,056 psf to $1,320 psf based on the land area of approximately 18,939 sq ft.

Currently, the freehold property is a two-storey bungalow, and it is believed that the new owner will redevelop the property.

The Japanese government, which has owned the property for over 20 years, has appointed Knight Frank to handle the public tender.

GCBs are exclusive housing units in Singapore, with only 2,400 bungalows in the country’s 39 gazetted GCB Areas. They have a minimum land area of approximately 1,400 sq m.

Nearly four bungalows in the Queen Astrid Park GCB Area have been sold this year, with prices ranging from $870 psf for a deal recorded in February to around $1,096 psf for a transaction seen in March.

According to CBRE’s analysis of URA Realis caveats information as of Oct 19, around 19 GCB transactions were recorded in Q3, totalling around $306.2 million. This brings the total transactions in the first nine months of 2010 to 86 bungalows worth S1.6 billion in total.

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