Special Feature

Rare redevelopment opportunity for Raffles Park GCB, priced from $2,330 psf

July 21, 2023 3:30 PM SGT

The two-storey bungalow was redeveloped 25 years ago in a Spanish-American style. (Picture: Albert Chua/The Edge Singapore)

A Good Class Bungalow (GCB) in the exclusive Raffles Park GCB Area in prime District 11 is on the market starting from $25.8 million. The 11,070 sq ft plot on Cassia Drive is one of the largest sites in the neighbourhood. The asking price translates to a land rate of $2,330 psf.

The property is exclusively marketed by Paulyn Chew, senior marketing director at ERA Realty Network, and will be listed on EdgeProp Singapore.

The two-storey bungalow was redeveloped 25 years ago by Dan Bube, an American architect from San Diego. The house, which features two separate residential wings, is designed in a Spanish-American style typically found in Southern California. The roof and floor of the left residential wing was renovated in 2013. Although maintained and well-kept over the years, this GCB is primed for redevelopment.

The owners deeply treasure this home which has been with the family for 70 years and has seen four generations grow up and thrive. Although initially reluctant to part with this trophy property, they feel that it is the right time to realise the capital value of the property.

This is a rare opportunity for the new owner to build a luxurious new GCB to fit any desired lifestyle and need. The rectangular-shaped plot facilitates a range of design and construction considerations. Moreover, the site has a commanding street frontage of 29.87m.

The rectangular-shaped plot has a commanding street frontage of 29.87m. (Picture: Albert Chua/The Edge Singapore)

The bungalow sits on an elevated point along Cassia Drive. When built up, the new GCB could have a vantage viewpoint over some of the surrounding bungalows. This stretch of road ends in a cul-de-sac, enhancing the property’s privacy. There are only 19 neighbours that share this cul-de-sac.

Homeowners looking for a GCB will find this site attractive, given its central location in Bukit Timah and proximity to schools. Within a 1km radius are Raffles Girls’ Primary School, Nanyang Girls’ High School and National Junior College. Other nearby schools include Nanyang Primary School, Hwa Chong Institution, St Margaret’s Secondary School, and Methodist Girls’ School.

Two MRT stations near the GCB are Sixth Avenue and Tan Kah Kee on the Downtown Line. The area also enjoys excellent connectivity via the Pan Island Expressway (PIE) and major roads such as Bukit Timah Road, Dunearn Road, and Eng Neo Avenue.

Several amenities and F&B options can be found within the nearby shophouses along Greenwood Avenue, about a 10-minute walk away, which hosts popular F&B eateries such as Rubato, Dan’s Steaks, KaSoh, Baker & Cook. A Cold Storage and a FairPrice Express also serve the residents in the area.

The owners are “genuine serious sellers” and are pricing the GCB competitively to attract serious buyers, says Chew. She adds that the asking price is within the range of independent valuations conducted on the property, which is between $24.8 million and $25.7 million.

The sale is an eye-catching opportunity from a cost and redevelopment perspective, says Chew. (Picture: Albert Chua/The Edge Singapore)

“This is a rare chance to acquire a sizeable GCB land well-positioned for redevelopment. With some GCB transactions in the area going for as high as $2,700 psf to $3,000 psf, the sale of this GCB at $2,330 psf is an eye-catching opportunity from a cost and redevelopment perspective,” she says.

While construction costs will vary depending on the choice of materials, interior fitouts, and design, the new owner could build their dream home from about $700 psf, enhancing its capital value and placing their trophy home on a par with the best-quality GCBS in the area.

URA caveats show that land prices in Raffles Park are gradually tracking up, with the first GCB to be sold for a land rate of above $2,700 psf occurring last year. A 10,481 sq ft GCB plot at 49 Oriole Crescent fetched $29 million ($2,767 psf) on March 15 last year, followed by the sale of 37 Oriole Crescent, an 8,511 sq ft plot, for $23.5 million ($2,761 psf) in October 2022. In land-scarce Singapore, GCBs are the pinnacle of owning a landed property, with just 39 gazetted areas in prime central neighbourhoods.

Over the past year or so, the supply of available GCBs on the market has been scarce, given strong demand from newly minted citizens, while existing owners are reluctant to part ways with their trophy property. Chew notes that GCBs on the market command high premiums, and it is rare to find a site priced within valuation and positioned for redevelopment. Buyers keen to acquire a GCB this year should seriously consider this before it is snapped up, she adds.

DIsclaimer: All land and build-up areas are in appropriate measurements and subject to final on-site survey. It shall not form part of any offer or contract or constitute any warranty by the salesperson and shall not be regarded as statements or presentations of fact.