GCB site off Upper Thomson up for sale

Singapore

A FREEHOLD Good Class Bungalow (GCB) site off Upper Thomson Road has been put up for the sale by public tender at an indicative price of S$27 million, or S$1,280 per square foot.

Located at 53 Windsor Park Road, the site has a land area of 21,091 sq ft; it is now occupied by a bungalow that is part single storey and part double storey. It was built in the 1950s and sits on elevated grounds.

The property sits amid other landed housing and low-rise condominiums, and is near 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: "With only 34 GCB plots in the area, there have been 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 sold for S$25.3 million in January 2013; another 19,280 sq ft property was sold for S$27 million in December 2012."

She added that, going by caveats lodged, there were 25 GCB transactions worth a total of S$543 million last year. In the year to date, there have already been 20 GCBs transacted at a total value of S$485 million; the figures are expected to grow, given that this upper tier of the landed residential property market has had a rise in activity lately, on the back of more realistic asking prices from sellers.

The tender closes at 3pm on Oct 21. Colliers is the sole marketing agent for the sale.