A FREEHOLD Good Class Bungalow (GCB) site located at 53 Windsor Park Road has been put up for the sale by public tender - at an indicative price of S$27 million, reflecting a land rate of S$1,280 per square foot.
With a land area of about 21,091 square feet (sq ft), the plot is currently occupied by a part-single-part-two-storey bungalow that was built in the 1950s. It is on elevated grounds, providing a vantage point of the surrounding environment.
Located off Upper Thomson Road, the property is near other landed housing and low-rise condominiums, as well as Thomson Plaza, Sin Ming Plaza, Thomson V, Thomson Imperial Court and the shophouses along Upper Thomson Road.
Stella Hoh, executive director of Colliers' investment services, said: "There are rarely any plots being offered for sale in the past few years. The last two recorded transactions in the vicinity were a 22,481 sq ft site that was sold for S$25.3 million in January 2013, and another 19,280 sq ft property that was sold for S$27 million in December 2012."
Ms Hoh added: "According to caveats lodged, there were 25 GCB transactions worth a total of S$543 million in 2014. For 2015 to date, there are already 20 GCBs transacted at a total value of S$485 million and the figures are expected to grow - given that this upper tier of the landed residential property market has recently witnessed increased activities, on the back of more realistic asking prices from sellers."
The tender will close on Oct 21, 2015 at 3pm. Colliers has been appointed as the sole marketing agent for the sale.