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 yesterday.
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.
Ms Mok Sze Sze, JLL's senior director, capital markets, said these features not only provide privacy, but also leave room for creativity in the design, such as redeveloping it into a prominent grand mansion offering views of the surroundings.
The tender will close at 3pm on Oct 23.
Separately, another GCB at 5 Belmont Road will be auctioned in a mortgagee sale with a guide price of $20 million, marketing agent ERA Realty said yesterday. This works out to a price tag of around $1,225 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 and parking space for several cars. It is about eight minutes' walk from the Holland Village MRT station.
In a mortgagee sale, 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 and 27,000 sq ft in freehold land area, this reflected $1,511 psf for the property.