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.