SINGAPORE - A good class bungalow (GCB) at 5 Belmont Road will be auctioned in a mortgagee sale with a guide price of $20 million, marketing agent ERA Realty said on Wednesday (Sept 11).

This works out to a price tag of around $1,225 per sq ft (psf), based on the guide price and 16,327 sq ft in land area.

The freehold, two-storey property has a pool, a large basement entertainment area, as well as parking space for several cars. It is about eight minutes' walk from the Holland Village MRT station.

This is a mortgagee sale, in which the bank forecloses on the property after the owner defaults on the mortgage, and puts the property up for sale to recover the outstanding debt.

The auction will be held on Sept 23 at Amara Hotel.

Last month, another GCB in the vicinity at 80 Belmont Road was relaunched via private treaty in a mortgagee sale at a lower guide price of $40.8 million, after it failed to sell at an auction. The two-storey bungalow was first auctioned in July with a $42 million guide price by marketing agent Knight Frank. Based on the lower price tag of $40.8 million and 27,000 sq ft in freehold land area, this reflected $1,511 psf for the 80 Belmont Road property.