SINGAPORE - A huge good class bungalow (GCB) site has been put up for sale at No. 35 Ridout Road. Property consulting group DTZ is conducting the sale through a tender exercise that will conclude on April 8.
The site, with land area of approximately 73,277 square feet (6,807.66 sq m), has the potential to be divided into four plots of GCB land.
Found within the cul-de-sac fromed by Ridout Road, Swettenham Road and Peel Road, the property contains an original two-storey bungalow with two single-storey outhouses, as well as an open green field on an elevated level.
DTZ Southeast Asia chief executive and Head of Investment Advisory Services and Auction Ho Tian Lam said in a press release on Tuesday that the size of the plot and its ability to be divided into four GCB plots may "attract keen interest from developers".
DTZ did not specify the owner of the property, but The Business Times reported that it is a trustee sale due to a court order resolving a dispute in the family of late property tycoon Chow Cho Poon.
GCBs must be located in designated GCB areas and have a minimum land size of 1,400 sq m (15,069 sq ft). They cannot be more than two storeys high, excluding an attic and a basement. There are about 2,700 GCBs in 39 designated areas.
Since 2012, only Singaporean citizens, not Permanent Residents (PRs) or foreigners, are eligible to purchase GCBs.
Recent sales of GCBs in the area have ranged from $1,400 to $2,000 per sq ft, said DTZ.