Large Holland Rise GCB plot on the market for $106 milLarge Holland Rise GCB plot on the market for $106 mil
A 52,992 sq ft Good Class Bungalow (GCB) plot on Holland Rise has recently been offered for $106 million. This works out to a land rate of $2,000 psf, according to a news release by Knight Frank Singapore, the sole promotion broker for this transaction.
” The residential surround provides a calm including carefree ambiance, and is highly sought after by possible house buyers,” claims Mary Sai, managing supervisor of Capital Markets, Knight Frank Singapore.
Sai incorporates: “Bigger is indeed much better– possible buyers are swamped with multiple choices in regards to style as well as will have the ability to construct a magnificent residence of their desires.”
The spot is near to Holland Village MRT Station on the Circle Line. This implies it is near the F&B and lifestyle amenities in the Holland Village place. This consists of the upcoming One Holland Village mixed-use project, Holland Drive Market & Food Centre, Chip Bee Gardens, and a range of snack bars throughout Lorong Mambong.
“Given the restricted supply of prime landed homes, especially a huge one such as this, coupled with strong interest from overseas ultra-high-net-worth families that are willing to pay rental premiums for this type of houses, we anticipate keen attraction for this advertisement,” claims Sai.
The site is found off Holland Street in top District 10 and the plot of property exists within the exclusive Holland Rise GCB spot. According to the press launch, the area is accessible using 2 various dead ends, one at Holland Rise and the other by East Sussex Lane.
Given the measurements of the property, there is capability for the location to be partitioned into 2 or three GCBs, states Knight Frank. It also notes that the plot is about 3 times beyond the minimum land dimension of 1,400 sq m (15,064 sq ft) required to be considered a GCB development.
Based on research by Knight Frank, current GCB transactions in the vicinity include the sale of 54 Cornwall Gardens for $47 million, mirroring a land price of $2,162 psf. Meanwhile, the GCB at 32 White House Park was reselled for $45.5 million, or $3,017 psf on the property area.