Good class bungalow site up for grabs at Holland Road

EOI for the 24,000-sq.ft site closes on 22 November.

According to a release, Knight Frank announced the launch for sale of a Good Class Bungalow (GCB) site located along Holland Road by Expression of Interest.

Following the successful sale of the GCB at 27 Olive Road for $26.1 million and bungalow at 44 Faber Drive for $10.38 million, Knight Frank is pleased to launch for sale another GCB site at the Holland Rise GCB Area in prime District 10.

The subject site has a land area of approximately 24,000 sq ft and is currently vacant. Knight Frank is the sole marketing agent for the property.

“The property is situated on an elevated ground, at one of the highest points in the exclusive Holland Rise GCB estate. When redeveloped, the new bungalow will offer views of the city landscape,” says Ms Mary Sai, Executive Director, Investment (Commercial Sales), the sole marketing agent for all three properties.

The property is conveniently located within walking distance to the Holland Village MRT station. Shopping and dining establishments are readily available at Holland Village, approximately 550 metres away.

Reputable schools such as Methodist Girls’ School and Henry Park Primary School are in the vicinity. The indicative guide price for the property is between $1,300 to $1,500 psf on land.

A GCB at nearby Oei Tiong Ham Park was recently transacted at $17.5 million or $1,614 psf in Jul 2012. A newly completed GCB at the nearby Leedon Park was sold for $33 million or $2,111 psf in Oct 2012.

“Based on the number of GCB transactions in the past quarter, the demand for GCBs has been holding steady, with about 14 sales caveats lodged in the third quarter of 2012. We expect a fairly good response for the subject property,” commented Ms Sai.

The EOI for the property will close on 22 November 2012 at 3pm.