Large Holland Rise GCB plot on the market for $106 mil
Based upon research study by Knight Frank, current GCB purchases in the district involve the sale of 54 Cornwall Gardens for $47 million, reflecting a land price 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.
The location is near to Holland Village MRT Station on the Circle Line. This means it is alongside the F&B plus lifestyle facilities in the Holland Village area. This includes the upcoming One Holland Village mixed-use project, Holland Drive Market & Food Centre, Chip Bee Gardens, and a range of coffee shops around Lorong Mambong.
A 52,992 sq ft Good Class Bungalow (GCB) plot on Holland Rise has already been offered for $106 million. This turns out to a land cost of $2,000 psf, according to a news release by Knight Frank Singapore, the sole promotion broker for this sale.
Sai adds: “Bigger is absolutely far better– possible buyers are swamped with multiple options in terms of design and also will certainly manage to develop a stunning house of their aspirations.”
Provided the dimension of the property, there is possibility for the location to be subdivided into 2 or 3 GCBs, states Knight Frank. It even mentions that the plot is around 3 times greater than the least possible real estate dimension of 1,400 sq m (15,064 sq ft) required to be regarded a GCB development.
The location is found off Holland Road in prime District 10 and the plot of property is located throughout the premium Holland Rise GCB region. According to news agency introduction, the area is convenient through 2 different dead ends, one at Holland Rise and even the other in East Sussex Lane.
“Given the restricted availability of prime landed houses, specifically a significant one like this, coupled with healthy demand from overseas ultra-high-net-worth family groups that are eager to pay rental costs for this type of properties, we assume eager attraction for this advertisement,” claims Sai.
” The non commercial surround provides a calm and carefree atmosphere, and is extremely demanded by possible house investors,” says Mary Sai, managing manager of Capital Markets, Knight Frank Singapore.