Freehold good class bungalow on Joan Road on sale for $48m

The price is $1,628 per square foot.

A freehold good class bungalow (GCB) located on Joan Road is put on sale for $48m, which has a land parcel of nearly 30,000 square feet with a wide frontage of 53 metres and depth of 55 metres, real estate consultancy firm, Knight Frank, said.

The GCB is also located in prime District 11 and within the Caldecott Hill estate, which can be accessed through train stations such as Caldecott Mass Rapid Transit (MRT), Thomson-East Coast Line Due 2020, Bukit Brown MRT Circle Line U/C, and Mount Pleasant MRT (TE10) Thomson-East Coast Line Due 2021.

Aside from this, the site can be redeveloped into two lots for two separate GCBs. 

It is also near the MacRitchie Nature Trail, as well as the MacRitchie Reservoir Park and Circle line and Thomson-East Coastline. Tenants of the property can also have a short 10-minute drive to the city centre and other urban and lifestyle amenities.

Mary Sai, executive director of capital markets in Knight Frank Singapore, said well-located GCBs have high demand as these properties could be for long-term wealth preservation and capital appreciation.

“Within the Caldecott Hill estate, the most recent transaction was a GCB at Olive Road which sold at a record price of $50.2m, reflecting about $1,800 per square foot (psf) on a land area of 27,909 square feet. Additionally, there was another transaction for a GCB at Olive Road which sold for $36m, or approximately $1,537 psf on a land area of 23,424 square feet,” she said.