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UK's Nassim Road Good Class Bungalow plots up for sale again

Monday, June 20, 2016 - 16:13
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The British government has relaunched two freehold Good Class Bungalow (GCB) plots on Nassim Road for sale by public tender.

THE British government has relaunched two freehold Good Class Bungalow (GCB) plots on Nassim Road for sale by public tender.

The plots are part of the land at Eden Hall, and are now priced at S$1,700 per square foot (psf) for the front plot and S$1,630 psf for the back plot. They are offered to the market as two individual plots or on a combined plot basis.

The previous guide price for the front plot was S$2,200 psf, working out to S$40.964 million. The rear plot of 15,634 sq ft, on elevated ground but with a long driveway, had a guide price of S$2,000 psf or S$31.268 million.

Plot A, which is the front plot that commands approximately 34 metres of Nassim Road frontage, has a site area of approximately 18,618 sq ft. The current pricing works out to about S$31.651 million.

The rear plot has a site area of approximately 15,634 sq ft, which works out to S$25.483 million.

Sammi Lim, director, investment properties at CBRE, said: "We received very strong interest in the previous tender exercise, but the highest bid fell short of the internal reserve price as a result of the weak market sentiment early in January."

BT had earlier reported that the two plots are expected to be relaunched for sale this month. Expectations in the market priced the plots at between S$1,650 and S$1,700 psf.

The last caveat lodged for a GCB sale on Nassim Road was in February 2012, and there have been only three Nassim Road GCB sales over the last nine years.

CBRE is the sole marketing agent for the latest sale, and is acting on instructions from the British government's Foreign & Commonwealth Office

The public tender for the property will close on Aug 3 at 4pm.