Large Holland Rise GCB plot on the market for $106 mil
A 52,992 sq feet Good Class Bungalow (GCB) plot on Holland Rise has been offered for $106 million. This arranges to a land price of $2,000 psf, according to a news release by Knight Frank Singapore, the single promotion broker for this profit.
The site is near to Holland Village MRT Station on the Circle Line. This suggests it is beside the F&B and even lifestyle services in the Holland Village area. This includes the upcoming One Holland Village mixed-use development, Holland Drive Market & Food Centre, Chip Bee Gardens, and even a range of cafes around Lorong Mambong.
“Given the restricted availability of prime landed residences, specifically a substantial one like this, coupled with good need from international ultra-high-net-worth family groups that are ready to pay for rental premiums for this type of properties, we assume eager attention for this list,” states Sai.
The location is found off Holland Road in prime District 10 including the plot of property lies throughout the special Holland Rise GCB area. According to the press release, the area is reachable by means of 2 various cul-de-sacs, one at Holland Rise and even the other at East Sussex Lane.
” The residential surround provides a tranquil including easy-going ambiance, and is extremely searched for by potential house customers,” states Mary Sai, executive manager of Capital Markets, Knight Frank Singapore.
Given the size of the property, there is potential for the location to become partitioned into 2 or 3 GCBs, claims Knight Frank. It also mentions that the plot is about 3 times greater than the minimum real estate scale of 1,400 sq m (15,064 sq ft) needed to be viewed a GCB development.
Sai adds: “Bigger is definitely far better– would-be buyers are inundated with multiple choices in terms of layout as well as will certainly have the ability to construct a spectacular home of their dreams.”
Based on research by Knight Frank, recent GCB transactions in the area include the sale of 54 Cornwall Gardens for $47 million, showing a land rate of $2,162 psf. At the same time, the GCB at 32 White House Park was reselled for $45.5 million, or $3,017 psf on the property area.