GCB at Rochalie Drive up for sale at $40.88 mil

/ EdgeProp Singapore |

May 27, 2021 6:00 AM SGT

SINGAPORE (EDGEPROP) - A Good Class Bungalow (GCB) at Rochalie Drive is on the market for $40.88 million. The bungalow was built in 1987 as a family home for a couple and their children. But after more than 30 years, the couple have retired, and their children have grown up and moved out. (See: Behind the scenes of a record-breaking GCB deal at Cluny Hill)

The owners feel it is the right time for them to right-size to a smaller, more manageable house and have decided to offer the bungalow for sale with Zoe Teo, sales & leasing director of THL Property Management Services, as the sole marketing agent.

The two-storey GCB has seven en suite bedrooms and sits on a 19,990 sq ft site in the Chatsworth Park GCB Area. A long and downward-sloping driveway connects the entrance at Rochalie Drive to the porch of the house. “This plot of land features a long driveway of close to 5,000 sq ft and this is not commonly found in most landed houses in Singapore. But the rest of the site is regularly shaped,” says Teo.

The 34-year-old Good Class Bungalow sits on a 19,990 sq ft site in the Chatsworth Park GCB Area. (Picture: Samuel Isaac Chua/The Edge Singapore)

The long driveway and distance from the street mean that the house enjoys a high degree of privacy, an attribute that appeals to many high-net-worth buyers looking for a GCB home, says Teo.

The Chatsworth Park GCB Area is centrally located in prime District 9. It is connected to the embassy district along Napier Road and near the Orchard Road shopping belt. It is also close to the Singapore Botanic Gardens, a Unesco World Heritage Site. The area will be served by two new MRT stations — Orchard Boulevard and Napier — on the future Thomson-East Coast Line, which is expected to begin operations next year.

“The GCB area around Rochalie Drive is a very desirable landed housing area in Singapore and is one of the most sought-after neighbourhoods in prime District 9. Despite its proximity to major roads such as Napier Road, Tanglin Road, and Grange Road, this landed estate is relatively quiet and tucked away,” says Teo.

Redevelopment opportunity

The property is still in its original condition and no major renovations have been done to the house since it was completed more than 30 years ago. As a result, Teo says that the new owner must be keen to redevelop the site.

She reckons that it could cost the new owner more than $7 million to build a new luxury bungalow on the 19,990 sq ft site, depending on the types of fixtures, furniture, and fittings that are eventually selected.

“Available GCB sites that are primed for redevelopment rarely turn up for sale on the secondary market, especially sizeable sites in prime Districts 9, 10, and 11. This GCB plot for sale at Rochalie Drive presents a rare opportunity for a discerning buyer to claim a stake in this exclusive neighbourhood,” says Teo.

The two-storey bungalow has seven en suite bedrooms, a swimming pool and a sizeable garden. (Picture: Samuel Isaac Chua/The Edge Singapore)

Large-sized GCB plots are liked by the ultra-rich for their redevelopment potential. Last September, a GCB at Leedon Park, which sits on a 44,435 sq ft plot in the Leedon Green GCB Area, was sold for $73 million ($1,643 psf). A neighbouring bungalow at Leedon Park, which sits on a 21,584 sq ft plot in the Oei Tiong Ham Park GCB Area, was transacted for $37.3 million ($1,728 psf) on Jan 29 this year. Both are old properties that will likely be redeveloped.

The $40.88 million asking price for the GCB translates to a land rate of about $2,045 psf. “The asking price is reasonable, given the current demand for landed houses in prime neighbourhoods, as well as the exclusive address of this property,” says Teo.

Given the limited supply and exclusivity of GCBs in Singapore, these properties are tightly held and rarely transacted. Based on URA caveats, only one GCB along Rochalie Drive has changed hands over the past decade — a 16,770 sq ft bungalow. It was sold for $33 million ($1,968 psf) on Dec 22, 2017.

Resale transactions - EDGEPROP SINGAPORE

Before that, the last sale of a GCB at Rochalie Drive was that of a property sitting on a 13,466 sq ft site, which was transacted for $20 million ($1,485 psf) in August 2010.

Nearby, the 21,133 sq ft GCB at Chatsworth Park fetched $44 million ($2,082 psf) on Dec 11, 2020.

Recent transactions in the area include a detached house at Chatsworth Road that sits on a 10,571 sq ft site and was sold for $17 million ($1,608 psf) on Oct 20, 2020. Another GCB at Chatsworth Road, on a 14,994 sq ft site, was transacted for $28 million ($1,867 psf) on Aug 4 in the same year.

Rochalie Drive: A dream home for the right buyer

The Rochalie Drive bungalow was listed for sale in February 2021, and it initially garnered many enquiries. But Teo says that interest has waned over the past few weeks as prospective buyers weigh their options.

A long and downward-sloping driveway connects the entrance at Rochalie Drive to the porch of the house. (Picture: Samuel Isaac Chua/The Edge Singapore)

The interested buyers include high-net-worth individuals from the finance and banking sector, such as hedge fund managers and even a cryptocurrency investor. A few young couples have also expressed interest in the property, she says.

She has also approached a few boutique landed property developers to propose the site as a redevelopment project, but most have turned down the proposal due to the unattractive projected profit margins.

“Eventually, the buyer who is most likely to find this property appealing will be a high-net-worth individual who decides to take it up as a passion project and wants a blank slate to design their dream home,” says Teo.

Check out the latest listings near Rochalie Drive, Chatsworth Park, Orchard Boulevard MRT station, Napier MRT station

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