reporter2
17-03-15, 23:39
http://www.businesstimes.com.sg/real-estate/sprawling-gcb-site-at-ridout-road-on-the-market
Sprawling GCB site at Ridout Road on the market
The 73,277 sq ft freehold site can be subdivided into four smaller plots; seen fetching about S$88m
10 Mar
A SPRAWLING 73,277 sq ft freehold Good Class Bungalow (GCB) redevelopment site along Ridout Road has been put on the market.
Located at 35 Ridout Road in District 10, the property is expected to fetch around S$1,200 per square foot on total land area, amounting to S$88 million, according to market watchers. This takes into account setting aside space for roads assuming the buyer decides to carve out the site into four smaller plots.
On the site are an original two-storey bungalow with two single-storey outhouses and a large open green field on an elevated level, said DTZ. The property consulting group is the exclusive marketing agent for the sale of the property, which will be offered through a tender exercise that will close on April 8.
Ho Tian Lam, DTZ South-east Asia's CEO and head of investment advisory services and auction, commented: "With its location within a GCB enclave, the subject property will be a compelling draw for Singaporean high net worth individuals looking for an exclusive home or a choice investment option.
"What is also interesting is that, subject to planning permission, the land area is large enough to be subdivided into four smaller GCB plots. This is relatively rare nowadays, and in this regard may attract keen interest from developers as well."
DTZ did not identify the owner of 35 Ridout Road but BT understands that 35 Ridout Road is a trustee sale due to a court order arising from the resolution of a dispute in the family of the late property tycoon, Chow Cho Poon. Among the properties he developed was the former Chow House along Robinson Road, which in 2010 was sold as part of a group of nine properties for a total of more than S$175 million.
GCBs are the most prestigious type of landed housing in Singapore because of the planning constraints imposed by the Urban Redevelopment Authority (URA), which has designated 39 locations on mainland Singapore as Good Class Bungalow Areas. GCBs have a minimum land area of 1,400 square metres (15,069 sq ft) and cannot be built more than two storeys high (plus an attic and a basement).
Since a rule change introduced sometime in the second half of 2012, only Singaporeans are allowed to buy landed homes in GCB Areas. Previously foreigners who are Singapore permanent residents could buy such homes if the land area did not exceed 15,000 sq ft - subject to the nod of the Land Dealings (Approval) Unit.
DTZ noted that 35 Ridout Road is zoned for residential use and is within Ridout Park GCB Area under URA's Master Plan 2014. "Its immediate neighbours include other prominent GCB Areas namely Holland Park, Ridley Park and Chatsworth Park," the property consulting group said.
The property - which is located within the cul-de-sac of Ridout Road, Swettenham Road and Peel Road - is nestled in a tranquil environment among lush greenery. Yet it is only a short drive from Dempsey Hill and Orchard Road shopping belt.
Recent transactions of GCBs in the vicinity range from S$1,400 psf to around S$2,000 psf on land area, DTZ added. These transactions refer to completed bungalows.
Sprawling GCB site at Ridout Road on the market
The 73,277 sq ft freehold site can be subdivided into four smaller plots; seen fetching about S$88m
10 Mar
A SPRAWLING 73,277 sq ft freehold Good Class Bungalow (GCB) redevelopment site along Ridout Road has been put on the market.
Located at 35 Ridout Road in District 10, the property is expected to fetch around S$1,200 per square foot on total land area, amounting to S$88 million, according to market watchers. This takes into account setting aside space for roads assuming the buyer decides to carve out the site into four smaller plots.
On the site are an original two-storey bungalow with two single-storey outhouses and a large open green field on an elevated level, said DTZ. The property consulting group is the exclusive marketing agent for the sale of the property, which will be offered through a tender exercise that will close on April 8.
Ho Tian Lam, DTZ South-east Asia's CEO and head of investment advisory services and auction, commented: "With its location within a GCB enclave, the subject property will be a compelling draw for Singaporean high net worth individuals looking for an exclusive home or a choice investment option.
"What is also interesting is that, subject to planning permission, the land area is large enough to be subdivided into four smaller GCB plots. This is relatively rare nowadays, and in this regard may attract keen interest from developers as well."
DTZ did not identify the owner of 35 Ridout Road but BT understands that 35 Ridout Road is a trustee sale due to a court order arising from the resolution of a dispute in the family of the late property tycoon, Chow Cho Poon. Among the properties he developed was the former Chow House along Robinson Road, which in 2010 was sold as part of a group of nine properties for a total of more than S$175 million.
GCBs are the most prestigious type of landed housing in Singapore because of the planning constraints imposed by the Urban Redevelopment Authority (URA), which has designated 39 locations on mainland Singapore as Good Class Bungalow Areas. GCBs have a minimum land area of 1,400 square metres (15,069 sq ft) and cannot be built more than two storeys high (plus an attic and a basement).
Since a rule change introduced sometime in the second half of 2012, only Singaporeans are allowed to buy landed homes in GCB Areas. Previously foreigners who are Singapore permanent residents could buy such homes if the land area did not exceed 15,000 sq ft - subject to the nod of the Land Dealings (Approval) Unit.
DTZ noted that 35 Ridout Road is zoned for residential use and is within Ridout Park GCB Area under URA's Master Plan 2014. "Its immediate neighbours include other prominent GCB Areas namely Holland Park, Ridley Park and Chatsworth Park," the property consulting group said.
The property - which is located within the cul-de-sac of Ridout Road, Swettenham Road and Peel Road - is nestled in a tranquil environment among lush greenery. Yet it is only a short drive from Dempsey Hill and Orchard Road shopping belt.
Recent transactions of GCBs in the vicinity range from S$1,400 psf to around S$2,000 psf on land area, DTZ added. These transactions refer to completed bungalows.