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Good Class Bungalow at King Albert Park put on market for S$45.5m
A GOOD Class Bungalow (GCB) at 22A King Albert Park in District 21 is available for sale again, this time via private treaty and carrying a guide price of S$45.5 million, exclusive marketing agent ERA Realty told The Business Times (BT).
The freehold property has a total land area spanning some 36,446 square feet (sq ft). Its price tag thus works out to about S$1,248 per square foot (psf).
The two-storey bungalow houses five bedrooms, a basement and a swimming pool.
It sits at the highest point of the hilltop at King Albert Park, and its elevated position gives the property a bird's eye view of the lush vegetation surroundings, ERA's GCB division head Henry Lim told BT.
The house is also situated in a private cul-de-sac, making it ideal for addition, alteration or even redevelopment, according to Mr Lim.
The land could be potentially subdivided into two GCB plots, although this will be subject to the approval of the Urban Redevelopment Authority, he added.
GCBs are the most prestigious type of landed housing in Singapore because of the planning constraints to preserve their exclusivity and low-rise character. A minimum plot size of 1,400 square metres (15,070 sq ft) is stipulated as a planning norm for newly-created bungalows in GCB Areas.
In June last year, the 22A King Albert Park bungalow was put up for sale via an expression of interest exercise by Edmund Tie & Co, although the asking price then was not disclosed.
The last caveated transaction for a King Albert Park site was done in early 2017, when 16 King Albert Park occupying 39,224 sq ft of land was sold to Far East Organization for S$43.8 million or about S$1,117 psf.
BT also understands that 25A King Albert Park with a land size of 7,900 sq ft was sold in recent weeks at about S$1,250 psf, but no caveat has been lodged yet.
In January 2016, 26 King Albert Park was sold by developer SC Global Developments at S$25 million or S$1,493 psf.
The King Albert Park estate is bounded by Bukit Timah Road and Clementi Road. Malls nearby include Bukit Timah Plaza, Beauty World Centre and The Grandstand.
Educational institutions in the vicinity include Raffles Girls' Primary School, Henry Park Primary School, Nanyang Girls' High School, Hwa Chong Institution, Ngee Ann Polytechnic and Singapore Institute of Management.