GCB at Chancery Lane on sale for $39m

[reporter2]

http://www.businesstimes.com.sg/arch...e-39m-20130806

Published August 06, 2013

GCB at Chancery Lane on sale for $39m

By Mindy Tan


For sale: The estate sale will be conducted via a closed tender, which will be launched on Aug 6, with closing date on Sept 9 - PHOTO: DTZ

[SINGAPORE] A Good Class Bungalow (GCB) at Chancery Lane is on the market, a sign of piquing interest in the area which saw a number of significant sales in recent months.

The indicative price for the one-storey freehold property, which is being marketed exclusively by DTZ, is around $39 million, subject to offers. This translates to about $1,630 per square foot (psf) based on its land area of 23,932 square feet.

Located within the Bukit Tunggal GCB enclave, on-site is an old house built in the 1980s. The site is expected to be redeveloped.

Nearby amenities include Novena and Newton MRT stations. It is also within a short distance of Mt Pleasant MRT station which is part of the Thomson Line, due in 2021. Schools in the vicinity include Anglo-Chinese Primary School, St Joseph's Institution, and Singapore Chinese Girls' School.

The estate sale will be conducted via a closed tender, which will be launched on Aug 6, with closing date on Sept 9.

This sale comes on the back of other transactions in the area.

Chancery Garden, a three-storey block of 10 apartments and townhouses built in the early 1980s, was sold for $41 million in July. This works out to $1,391 per square foot based on the site's land area of 29,468 sq ft.

Located on one of the highest points in Chancery Hill, the site, which was sold to a boutique developer with experience in building strata landed homes, is zoned for two-storey mixed landed houses upon redevelopment, under Master Plan 2008.

In May this year, the estate sale of 30 Chancery Lane - the home of the late S Rajaratnam - saw the property change hands for $28.5 million. This translates to $1,378 psf on its land area of about 20,688 sq ft.

A nearby bungalow at Bukit Tunggal Road on the other hand fetched $17.5 million, which works out to $1,664 psf based on its land area of 10,516 sq ft.

While the overall market is slowing down, in particular with the imposition of the Total Debt Servicing Ratio (TDSR), there is still ample liquidity which has fuelled demand for GCBs.

Indeed, with the TDSR mandating higher capital outlay, investors and/or end-users will probably be looking at the higher-end of the market given that the mass market segment has enjoyed a long run-up in prices primarily due to low interest rates, said DTZ.

[lajia]

Who say land storm is here and who say landed crashing??

[Ringo33]

A prime GCB along Jalan Asuhan on elevated land was recently sold in an auction for around 30% below the asking price.

As the saying goes, everything can be sold, its only the matter of price.

[proper-t]

People can set asking prices at any level they want. Do you always get your asking price?

Recent transactions - Are prices really going south?


7 JUL 2013, 35 JALAN SAMPURNA, DETACHED, RESALE, 7,782sf, $1,787psf $13,900,000

30 MAY 2012, 43 JALAN SAMPURNA,DETACHED, RESALE, 10,086sf, $1,636psf, $16,500,000



12 JUL 2013. 275 WAK HASSAN DRIVE, DETACHED, RESALE, 4,532sf $1,412psf $6,400,000

3 MAY 2013, 263 WAK HASSAN DRIVE, DETACHED, RESALE, 5,425sf $1,324psf $7,180,000



16 JUL 2013, 12 SERAYA LANE, DETACHED, RESALE, 13,627sf $1,247psf $17,000,000

1 MAR 2007 ,9 SERAYA LANE, DETACHED, RESALE, 11,905sf, $588psf $7,000,000

[proper-t]

A prime GCB along Jalan Asuhan on elevated land was recently sold in an auction for around 30% below the asking price.

As the saying goes, everything can be sold, its only the matter of price.

Who are you trying to kid?

The land in question is a huge plot of 26,167sf and split from a larger plot. The only reason why its up for sale is because its owner died last year

So, are you saying that a buyer who is willing to pay more than $31 million for a piece of land means land storm is here?

There have been NIL detached or large land plot transactions at Jalan Asuhan for as far back as 1997. The transactions from 1997 to recent have only been terrace houses.


Date: 2 JUL 2013, 4 JALAN ASUHAN, DETACHED, 26,167sf, 1,200sf $31,399,466

[Ringo33]

Be very careful of what you read in this forum.

The sprawling Good Class Bungalow (GCB) parcel on Jalan Asuhan (below), which was offered for sale by private treaty last October, will be put up for auction sale on April 26. The GCB site is one of the few large elevated plots in the Chee Hoon Avenue GCB area. There are two adjacent plots — one with a freehold land area of 18,989 sq ft and the other of 26,166 sq ft.



Combined, the land area will be about 45,155 sq ft. Buyers have the option to buy one or both parcels, says Land Empire, the principal marketing agent for the site. The indicative price of the parcels is between $1,500 and $1,600 psf, which is slightly lower than the initial asking price of $1,600 to $1,800 psf. The two pro perties are said to enjoy unblocked 360-degree views of the city, owing to the elevated site. The most recent transaction in the Chee Hoon GCB area was that of 8 Chee Hoon Avenue, which was sold at an auction last month for $22.9 million, or $1,508 psf, by Savills Singapore.

[proper-t]

Yes, be very careful of what you read especially from someone who wants to buy land..Its very telling when a person tries so hard.

not interested in house, more interested in land

Recent detached transactions don't lie..

7 JUL 2013, 35 JALAN SAMPURNA, DETACHED, RESALE, 7,782sf, $1,787psf $13,900,000

30 MAY 2012, 43 JALAN SAMPURNA,DETACHED, RESALE, 10,086sf, $1,636psf, $16,500,000



12 JUL 2013. 275 WAK HASSAN DRIVE, DETACHED, RESALE, 4,532sf $1,412psf $6,400,000

3 MAY 2013, 263 WAK HASSAN DRIVE, DETACHED, RESALE, 5,425sf $1,324psf $7,180,000

[Ringo33]

Does it make any sense to compare transaction price of different plot and different sizes?

Situation here must be getting really desperate.

[proper-t]

All transactions be it big or small will ultimately be taken into consideration into the URA PPI index.

So are you saying it makes sense to state that one transaction which didn't hit asking price is a sign that a 'landed storm' is here.

Wow, in that case, a lot of storms are happening across all segments.

The only desperate one I see here is someone who continually creates senseless threads and posts trying to talk down the landed market.

[Ringo33]

selected or perhaps limited memory is dangerous.

Like i said, dont let the blind lead the way.

[proper-t]

Haha, let me then refresh the memory of all the readers here of the most recent senseless statement you have made.

I voted flat, but only for condo only. I see landed property prices going down by at least 10%.

There is no need to any drastic measures because when interest rate rises, property prices across all segment will come down.

So, which story have you decided on? Such internal turmoil must be driving you crazy.

[proper-t]

Someone apparently tried to lead the way last time... I wonder what happened to the followers....


Posted in May 2012

I think the idea of investing in CCR is very tempting, however with a $1m budget, what you can get in CCR will be all the left over crumbs, so when there is a over supply in the market, it might be very challenging for you to find tenants.

If you want to play safe, try to get something that is at least 2 bedders instead of a studio or 1 bedder. with 2 bedders you could possible rent to single or someone with a small family.

I like you interpretation. For conservative investors, just pay a little bit more to get a CCR MM or 1 bedder. One of my favorite are those around little india mrt.

[proper-t]

What about this 'leader' who neglects to advise his own relative?

To buy a Malaysia property, you will need to put in sizable down payment as interest rate in MY is a lot higher than in Singapore. So it will not be worth while if one need to take up 70% loan for a Malaysia property.

I believe that rental market for Malaysia property is pretty lousy bad, so it might make more sense to actually park your money in another Singapore property and then use your rental to pay for your rent in Malaysia.

Advantage is that you are mobile and you can choose to return to Singapore anytime you want without having to worry about mortgage payment for your Malaysia property.

Posted in May 2013

Just heard that one of my relative, who have been thinking of buying a landed property in Singapore, has just bought a 3500sqft FH semi d in iskandar as retirement home.

I think he has made the right decision because the potential upside for landed property in Iskandar will be much better than Singapore.

Posted 1 mth ago

Buy Singapore rent Malaysia

[Ringo33]

Beware, the price correction already started.

[proper-t]

not interested in house, more interested in land

I love this landed property by Ringo33
http://forums.condosingapore.com/showthread.php?t=15058

Beware indeed...

[proper-t]

more transactions...


Date :1 AUG 2013, 18A JOAN ROAD, DETACHED, 15,780sf, $1,477psf, $23,300,000
Date: 16 SEP 2009, 22 JOAN ROAD, DETACHED, 15,651sf $767psf ,$12,000,000

Date: 11 JUL 2013, 17 SECOND AVENUE, DETACHED, 19,989sf, $1,851psf S$37,000,000
Date: 28 JUN 2013, 16 SECOND AVENUE, DETACHED, 18,008sf, $638psf, $11,500,000

Date :9 JUL 2013, 63 BELMONT ROAD, DETACHED, 15,005sf, $1,525psf, $22,880,000
Date: 4 APR 2011, 62 BELMONT ROAD, DETACHED, 32,626sf, $919psf, $30,000,000