Good Class Bungalow land at Jervois Hill up for auction

Unit land prices for GCBs have breached $2,685 (US$2,000) psf.

Knight Frank Singapore announced a freehold Good Class Bungalow (GCB) land plot in District 10 is currently up for sale by auction.

The property spans 15,171 square feet with an approximately 40-metre wide frontage. It sits on elevated terrain and is the last available plot of its kind in the area.

Knight Frank said the indicative price of the site is around $4,028 (US$3,000) per square foot (psf), which translates to about $46m to $48m. 

Tricia Tan, director for auction and sales at Knight Frank Singapore said: “Transaction data shows that since 2009, unit land prices for GCBs have risen to above $2,000 psf or higher, which reinforces how this prestigious asset class remains sought-after as a conduit to legacy-planning.”

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Following a muted performance in the second half of 2023, Knight Frank said activity in the GCB market is picking up with five deals valued at $291.39m (US$217m) transacted to date.

A trio of bungalows in the same district was sold last year. These add up to 45,937 sq. ft. of land and was $4,500 psf, which is believed to be the highest land rate for a GCB area.

The auction for the freehold GCB will be held on 30 May at 2:30 PM at One Raffles Quay.

US$1=S$1.34