SINGAPORE - A two-storey good class bungalow (GCB) in Jervois Road is up for sale by tender with a guide price of $38.8 million, exclusive marketing agent JLL said on Wednesday (Sept 11).
This translates to around $2,007 per square foot (psf) based on a total area of 19,333 sq ft. The property has a wide frontage of almost 40m and is positioned on elevated ground in a low-rise area.
The District 10 freehold property is located within the Chatsworth Park GCB area and is minutes from Orchard Road and the Central Business District. It is also within the embassy enclave, JLL said.
It added that there has been growing demand for plots on higher land, citing two recent high-profile sales - 33 Nassim Road at $2,721 psf and 50 Cluny Road at $2,980 psf.
Mok Sze Sze, JLL senior director, capital markets, said these plots not only provide privacy, but also leave room for creativity in the design of the redevelopment into a prominent grand mansion, with a commanding presence that offers views of the surroundings.
The tender will close on Oct 23, 3pm.
There are currently 2,800 plots across 39 clusters in Singapore gazetted for GCBs, according to the Urban Redevelopment Authority.