Tender opens for estate sale of freehold GCB site at 2 Queen Astrid Park

A freehold Good Class Bungalow (GCB) re-development site located at 2 Queen Astrid Park is available for sale, property consultants, Colliers International Group Inc said on Thursday.

Located off Holland Road, at the junction of Queen Astrid Park and Coronation Road West, the 35,011 sq ft site is occupied by a single-storey detached house. Under the 2014 Master Plan, the subject site is zoned within the "Queen Astrid Park Good Class Bungalow Area" and for "Residential" use.

According to Grace Ng, Deputy Managing Director of Colliers International, the indicative price for the site is S$49 million to S$51 million, which works out to be some S$1,399 per sq ft to S$1,456 per sq ft.

The peak median price recorded in the second quarter of 2014 was S$1,749 per sq ft.

Recent transactions around the vicinity included the sale of a 31,125 sq ft site at 45 Belmont Road, which was sold in June 2015 for S$1,420 per sq ft. A detached house sitting on a 21,426 sq ft site at 26 Bin Tong Park was also sold in the same month for S$1,400 per sq ft.

The tender will close on November 12, 2015 (Thursday) at 3 pm.