Holland Rise GCB site up for sale with S$68m indicative price

A HOLLAND Rise Good Class Bungalow (GCB) site comprising three adjoining plots of land is up for sale via expression of interest with an indicative price of S$68 million, exclusive marketing agent Cushman & Wakefield said on Wednesday.

The freehold, vacant plots are located in the Holland Rise GCB Area and have a combined land area of 52,992 square feet. They are accessible via two cul-de-sacs, one at Holland Rise and another at East Sussex Lane.

The land plots are a 10-minute walk to Holland Village MRT station and the Holland Village area, including Chip Bee Gardens which houses various food and beverage offerings and lifestyle amenities. The Holland Rise GCB site is also a 10-15 minute drive to Orchard Road and the central business district, Cushman & Wakefield said.

Cushman & Wakefield executive director of capital markets Shaun Poh said: "Opportunities to acquire large-sized adjoining GCB land plots such as this are extremely rare."

He noted that sales in the GCB market have been fairly active despite the pandemic, with a GCB at 1 Chatsworth Park being transacted last month at S$44 million, which translates to S$2,082 per sq ft (psf) based on land area.

Closer to the Holland Rise GCB site at nearby Oei Tiong Ham Park, 17A Leedon Park was transacted in September 2020 at S$73 million, which translates to S$1,643 psf based on land area.

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"These transactions are a testament to GCBs being a highly resilient and attractive property class," he added.

The expression of interest exercise closes on Feb 9, 3pm.