SINGAPORE (EDGEPROP) - An uncompleted Good Class Bungalow (GCB) on Chestnut Drive in Bukit Panjang has been put up for sale for $38.88 million. According to a press release on Feb 2 by the sole marketing agent, PropNex Realty, the price translates to about $2,677 psf on the land area of 14,526 sq ft.

The 999-year leasehold site is located within the Chestnut Avenue GCB area, which is the only demarcated GCB neighbourhood in the immediate vicinity. The other landed housing zones surrounding it are primarily three-storey mixed landed estates along Cashew Road and Petir Road.

The uncompleted property is an elevated two-storey detached house with a basement and an attic. According to PropNex, the development is expected to attain its temporary occupation permit (TOP) next year.

For now, the property will comprise six ensuite bedrooms, a theatre hall, a swimming pool with cascading water feature, a fully equipped wet and dry kitchen, as well as room for a gym or entertainment area. There are also provisions for solar panels and a smart home system.

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According to PropNex, the price of $38.99 million also translates to approximately $1,996 psf based on the planned built-up area of the new-build GCB which will be 19,481 sq ft.

“Among the 39 GCB areas in Singapore, the Chestnut Avenue GCB area presents one of the lowest pricing compared to those in District 10 and District 11 – offering an entry point into the prestigious GCB segment,” says Henry Benjamin, head of GCB and prestige landed at PropNex.

He adds that brand-new GCBs continue to be highly sought after properties and there is a limited stock of available GCBs on the market.

The site has been put up for sale via private treaty.

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