A Good Class Bungalow on Lermit Road, off Nassim Road, has been put up for sale at an indicative price of $137.2 million according to a press release from PropNex Realty, the marketing agent. The property will be sold in a private treaty sale.

The GCB is in the Cluny Park GCB Area and the house sits on a 29,818 sq ft plot. Thus, the indicative price works out to a unit price of $4,600 psf on the land area. The freehold detached house was built in the 1990s and has a swimming pool, and a two-storey building with a basement car park.

“Lermit Road in the Nassim planning sub-zone in the prized District 10 is among the landed residential enclaves synonymous with luxury and exclusivity in Singapore,” says Henry Benjamin Lim, Head of Good Class Bungalows and Prestige Landed at PropNex.

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He adds that there are only 16 detached houses on Lermit Road and transactions for sizable properties with land area of above 16,140 sq ft (1,500 sq m) are rare, with only one unit being sold twice in the last 30 years.

Thus, the GCB for sale represents a rare opportunity for ultra high net-worth individuals to acquire a large freehold residential property in one of Singapore’s most sought-after neighbourhoods, says Lim. “In recent years, several GCBs in nearby Nassim Road have fetched more than $100 million to $200 million each – reflecting the value and demand of such properties amongst astute buyers,” he says.

The GCB on Lermit Road is close to the Singapore Botanic Gardens as well as Napier MRT station on the Thomson-East Coast Line. The site is in proximity to the Dempsey Road lifestyle cluster, Tanglin  Mall, Gleneagles Medical Centre and Hospital, and Napier Road.