A Good Class Bungalow (GCB) at 14 Chancery Lane in prime District 11 has been put up for sale by tender with a guide price of $43 million. The property sits on a corner plot of 21,098 sq ft and the guide price works out to a land rate of $2,038 psf.

Knight Frank is the appointed marketing agent for the sale of this GCB.

The two-storey bungalow is in the Bukit Tunggal GCB Area in the exclusive Chancery Land estate. The house was built in the 1960s and sits in a corner plot near a cul-de-sac. According to Knight Frank, the property is ideal for redevelopment into a new GCB.

The estate is close to several shopping malls such as United Square, Novena Square and Square 2, as well as the upcoming integrated healthcare hub at Novena. Nearby schools include Anglo-Chinese Primary and Secondary and St. Joseph's Institution Junior.

Read also: Jervois Hill GCB plot on the market again for $46 mil, down from $53 mil

“The Chancery residential enclave is well sought-after due to its central location and amenity-rich attributes. Few Good Class Bungalows in this neighbourhood have come up for sale or have been transacted as owners are reluctant to sell, resulting in the low sale volume over the years,” says Chia Mein Mein, head of capital markets (land & collective sale) at Knight Frank Singapore.

She expects to receive offers in excess of $43 million for the GCB, adding that the property is “reasonably priced” given recent transactions in the vicinity. The most recent GCB sale in this neighbourhood was 42 Chancery Lane, a 34,216 sq ft plot that fetched $66.06 million ($1,931 psf) in March 2022.

“The attractive pricing of this asset coupled with scarcity of supply in this area makes this property appealing to homebuyers, developers and multi-generational or extended families looking to build their dream home” says Chia.

The GCB market has seen some return of demand this year, after a relatively muted period in the second half of 2023 following the money laundering scandal, says Chia.

The first five months of this year have seen five GCB transactions amounting to a total sales volume of $217 million. This surpasses the sales volume of S$51 million for two GCB deals in 2H2023. According to Knight Frank research, the average unit land price in the GCB segment has also increased by about 29% to $2,217 psf in 1H2024 to date, from S$1,712 psf in H2 2023.

“Singapore’s Good Class Bungalow market continues to attract high-net-worth homebuyers seeking to occupy them and enjoy the status symbol. Such luxury assets are often acquired for wealth preservation and legacy planning. Demand will continue to be supported by the increasing affluence among Singaporeans and new high-net-worth citizens,” says Chia.

Read also: Luxury non-landed resale volume grows 17.6% q-o-q in 1Q2024: Huttons Asia

The tender for the sale of 14 Chancery Lane will close on June 25.