Jervois Hill GCB plot on the market again for $46 mil, down from $53 mil
By Nur Hikmah Md Ali
/ EdgeProp Singapore |
The GCB plot on Jervois Hill that is on the market for the second time at a lowered price of $46 million (Photo: Knight Frank Singapore)
SINGAPORE (EDGEPROP) - A Good Class Bungalow (GCB) plot on Jervois Hill in prime District 10 will be up for auction on May 30 by Knight Frank Singapore. The freehold site of 15,171 sq ft is priced between $46 and $48 million, which reflects a land rate of $3,032 to $3,164 psf.
The property is situated within the Jervois Hill GCB Area. It has a 40m frontage along Jervois Hill and sits on an elevated terrain offering views of the surrounding GCB neighbourhood.
This is not the first time the GCB plot has been put on the market. The owner had offered the property for sale by expression of interest (EOI) at $53 million (about $3,500 psf) in February by JLL. The tender closed in March with no bids.
Read also: Chancery Lane GCB for sale from $43 mil
JLL is jointly marketing the site with Knight Frank. According to Tricia Tan, director of auction and sales at Knight Frank Singapore, it will be the first time that the property will be up for auction.
The site is one of 19 plots that were subdivided from an original sprawling plot previously owned by Hong Leong. The subdivided plots were sold off individually between 2005 to 2007 at prices ranging from $400 psf to $800 psf.
The last GCB transaction at Jervois Hill was in February 2022, when a GCB changed hands for just under $60 million or about $3,900 psf. The GCB was completed in 2018, and has a built-up area of 12,000 sq ft, five ensuite bedrooms, a pool, a carpark for 10 cars and other facilities.
The last transaction on Jervois Hill involved a GCB changing hands for about $3,900 psf (Photo: Samuel Isaac Chua/EdgeProp Singapore)
According to Knight Frank’s Tan, the GCB market has been picking up following a muted period in 2H2023.
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