http://www.businesstimes.com.sg/arch...-229m-20130228
Published February 28, 2013
GCB site on Chee Hoon Ave fetches $22.9m
A 15,184 square foot good class bungalow (GCB) plot in District 11, put up on the market by marketing agent Savills Singapore, has gone under the hammer for $22.9 million.
This translates to about $1,508 per square foot (psf) of land area.
According to sources who attended the closed- door auction, bidding was intense and the room in which the auction was held was packed with interested parties and market watchers.
Some 10 parties registered to bid, but the bidding came down to two parties which culminated in the final price.
The opening price for the site was $19.8 million.
Located at 8 Chee Hoon Avenue, the freehold plot, which has a built-up area of 5,500 sq ft, was put up for sale by the estate of the late Molly Ong, wife of the late Ong Swee Law, chairman of the Public Utilities Board and founder of the Singapore Zoo.
The square-shaped plot has an approximate 37-metre frontage along Chee Hoon Avenue.
The plot is located within walking distance of the Botanic Gardens, Cluny Court and Serene Centre, and is close to popular schools, such Anglo-Chinese School, Nanyang Primary and Raffles Girls' Primary.