GCB at Ridout Road for sale
By hockmeng.tay@bizedge.com
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A Good Class Bungalow (GCB) at 35 Ridout Road has been put up for sale by tender with DTZ as the exclusive marketing agent. The property is situated within a quiet and exclusive GCB enclave of Swettenham Road, Ridout Road, Peirce Road and Peel Road, just off Holland Road.
The double-storey GCB, along with two single-storey outhouses, sit on a sprawling, elevated freehold site of 73,277 sq ft. The site at Ridout Road has the potential to be subdivided into four GCBs of around 18,300 sq ft each. The property is expected to draw the interest of high-net-worth individuals looking for a choice address or investment option, notes Ho Tian Lam, DTZ Southeast Asia’s CEO and head of investment advisory services and auction.
Another GCB on Ridout Road that sat on a 33,691 sq ft, freehold site was sold for $35 million ($1,039 psf), according to a caveat lodged in July last year. The most recent transaction in the area was for a GCB on a 15,242 sq ft site on Swettenham Road, which was sold for $23.5 million ($1,540 psf) in January. The GCB at Swettenham Road is one of 30 houses that make up Peirce Villas, and was originally developed by City Developments Ltd in 1997.
This article appeared in the City & Country of Issue 668 (Mar 16) of The Edge Singapore.
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