2 GCBs at Bin Tong Park, King Albert Park up for sale

Marketing agent ET&Co did not give asking price, sees strong interest from developers and end-users

Tue, Jun 18, 2019

TWO good class bungalows (GCBs) - one at 5 Bin Tong Park in District 10, and the other at 22A King Albert Park in District 21 - have been put up for sale via expression of interest (EOI), said sole marketing agent Edmund Tie & Company (ET&Co).

The first bungalow - a colonial-style, single-storey unit at Bin Tong Park - is a freehold estate with a total land area of 2,611.4 square metres (28,109 square feet). It has a frontage of 58 metres, and a swimming pool.

The bungalow is in an area that comprises GCB enclaves such as Leedon Park, Cornwell Gardens, Belmont Park, Rebecca Park and Victoria Park.

The GCB at King Albert Park is also a freehold estate with a total land area of 3,387.6 sq m (36,464 sq ft). The two-storey home has a basement and swimming pool, and is situated on a private cul-de-sac and an elevated plot. This property is in the King Albert Park estate, bounded by Bukit Timah Road and Clementi Road.

ET&Co did not give the asking price for both GCBs, but it noted that in 2018, caveats lodged indicated a total sales value of S$1.03 billion was transacted in the GCB market.

Since 2018, units comparable to 5 Bin Tong Park that changed hands include 65 Bin Tong Park at S$48 million (or S$2,063 per sq ft) in March 2018, while a newly completed GCB at 43 Belmont Road was sold at S$33.8 million (or S$2,243 per sq ft).

Meanwhile, the last King Albert Park site sold was 16 King Albert Park to Far East Organization in March 2017 for S$43.8 million (or S$1,117 per sq ft).

In January 2016, 26 King Albert Park was sold by developer SC Global Developments at S$25 million (or S$1,493 per sq ft).

Joy Tan, the head of auction and sales at ET&Co, said in a statement that both properties are "priced competitively".

"We expect strong interest from developers and end-users looking to build a house to their own taste," she said.

Both properties will be sold with vacant possession or with tenancy on an "as is where is" basis. The EOI submissions close on July 18 at 3pm.