GCB land in Queen Astrid Park for sale with S$126.8m guide price

Thu, Sep 03, 2020

Rachel Chia


Queen Astrid Gardens, a 999-year leasehold condominium, is in one of the most prestigious GCB enclaves.
PHOTO: KNIGHT FRANK



A PLOT of Good Class Bungalow (GCB) residential redevelopment land in the Queen Astrid Park GCB Area is up for sale by tender with a guide price of S$126.8 million, exclusive marketing agent Knight Frank Singapore said on Wednesday.

Sitting on the site is Queen Astrid Gardens, a 999-year leasehold condominium, with the sellers being the owners of the condominium via their collective sale committee.

Knight Frank Singapore said the site is in one of the most prestigious GCB enclaves among the 39 gazetted GCB Areas in Singapore. The condominium sits on elevated grounds, and is possibly the highest point in the locality, it added.

Queen Astrid Gardens is a four-storey residential development comprising 16 apartments ranging from 224 to 239 square metres (sq m). It has a site area of 5,782 sq m, or about 62,243 square feet (sq ft), and a frontage of over 100 metres onto Queen Astrid Gardens.

Besides the potential to retain its current use as apartments, the land also allows for a single mansion to be built, or can be subdivided up to four GCB parcels, subject to approval by the relevant authorities, Knight Frank Singapore said.

It added that the owners of Queen Astrid Gardens expect offers above the guide price for the "unique and expansive" land. This translates to about S$2,037 per square foot on the land area.

Knight Frank Singapore head of capital markets for land and building, collective and strata sales, Ian Loh said that the site "poses opportunities for potential buyers looking to create a family estate and leave an enduring legacy".

Mr Loh noted that there are about 2,800 GCBs in the 39 GCB Areas in Singapore. The last GCB transaction for land over 60,000 sq ft in District 10 - where the current site is located - was in 2015, he added.

"With a very limited supply, GCBs with favourable attributes such as regular-shaped land and elevated grounds usually command good premiums over other GCBs," he said.

"With the option for subdivision into several GCBs, the asset is an especially attractive proposition for home-seekers or investors looking for further wealth preservation potential over the long term."

The tender closes on Oct 7 at 3pm.