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Published July 28, 2011

Bungalow in Caldecott Hill Estate GCB area up for sale

Tender for the detached house closes on Aug 31

By NICHOLAS YEO


(SINGAPORE) A detached house at No 10 Andrew Road has been put up for sale by tender by Credo Real Estate.


10 Andrew Road: The two-storey house has a land size of 11,357 sq ft, less than the required size of 15,070 sq ft for GCBs, and comes with a swimming pool

Nestled in the Caldecott Hill Estate Good Class Bungalow (GCB) area, the two-storey house has a land size of 11,357 sq ft and comes with a swimming pool.

The land has two frontages - on Andrew Road, and on Caldecott Close at the rear. It is smaller than the usual required size of 15,070 sq ft for GCBs, despite it being situated in a GCB district.

Credo stated that the indicative value of the property is around $10.5 million to $12 million - reflecting a price of approximately $1,000 per square foot (psf).

'In this estate, there is a unique cluster of GCBs that have land areas in the region of 10,000 to 12,000 sq ft. They cater to an intermediate category of bungalow buyers who do not wish to stretch to the full extent needed to acquire a conventional GCB,' said Karamjit Singh, managing director of Credo Real Estate. 'These are, if you like, Economy Class GCBs which offer less leg room and bragging rights, but present greater value while serving the same utility purpose!'

This bungalow also presents 'the opportunity for Singapore permanent residents (PR) to buy for own stay - as the government is prepared to consider allowing PRs to acquire bungalows with land areas below 15,000 sq ft, provided they are purchasing it for their own stay,' Mr Singh said.

There are only 39 GCB estates in Singapore and are widely regarded as the premier asset class within Singapore's residential sector, fetching stratospheric prices due to their prime locations and severe shortage. A Leedon Park bungalow was transacted for $61.4 million in December last year. The tender for 10 Andrew Road closes on Aug 31, 2011, at 2.30pm.

Further east, a 21,533-sq-ft, 999-year-leasehold en bloc site at 64-80 Hillside Drive has been put up for tender. It has a plot ratio of 1.4 and is zoned purely for low-rise residential use.

The asking price is $20 million to $22 million, which translates to about $800 psf for an apartment development. Tender for the site closes on Aug 25, 2011, at 3pm.