A 999-year GCB site in Chestnut Drive on sale for $38m

The 14,526 square feet-site is still under construction and will get a permit in 2024.

A 999-year leasehold Good Class Bungalow (GCB) site in Chestnut Drive was put on sale via private treaty for $38.88m, PropNex Realty said.

PropNex launched the GCB, which is about $2,677 per square feet based on a land area of 14,526 sq. ft.

It said a new elevated two-storey detached house with basement and attic is under works on the site and is expected to obtain temporary occupation permit in 2024. 

The guide price of the property translates to about $1,996 psf based on the built-up area of the new-build GCB of about 19,481 sq ft.

It will be composed of six en suite bedrooms, gym, theatre hall, swimming pool, and a lift. It is also sustainable due to installation of solar panels and smart home systems.

A Chestnut Drive bungalow in Singapore is expected to attract owner-occupiers and investors, including high net worth individuals and business owners, due to its attractive price of $38.88 million, PropNex said. 

The bungalow is located 600 meters from the Cashew MRT station and is close to amenities such as malls and schools, as well as being a 15-minute drive from the Orchard Road shopping belt and 30-minute drive from the central business district.