A good class bungalow (GCB) at 17, Leedon Park in the prime District 10 has been put on the market with a price tag of between $70 million and $75 million. The sprawling home sits on a 46,879 sq ft site.
That puts the expected selling price at $1,493 to $1,599 per sq foot (psf) on the land area, its sole marketing agent JLL said yesterday. The property, which was built in the early 1990s, comprises a two-storey bungalow with a built-up area of about 9,000 sq ft as well as a 21m- long swimming pool and garden.
Its redevelopment potential will be a big draw as it can be sub-divided into three GCBs, with a minimum land area of 15,069 sq ft each, said JLL. "The wide frontage of about 80m and the generally flat terrain allows for efficient subdivision... Such opportunities to build three good class bungalows side by side do not come by often," said JLL's international director and head of residential Karamjit Singh.
Only 14 out of 174 transactions made over the past five years had plots that could have been sub-divided into two or more GCB parcels. These include the British government's 34,252 sq ft land in Nassim Road, which went for $56.58 million or $1,652 psf last month.
JLL noted that of the 14 plots, only one - 35, Ridout Road - could be split into three or more bungalow sites. It has a land area of 73,280 sq ft and was sold for $91.68 million or $1,251 psf in May last year.
Mr Singh told The Straits Times that 19 GCB deals - valued at a total of $470 million - have been done so far this year.
The property at 17, Leedon Park is within an exclusive good class bungalow enclave and near amenities such as the Botanic Gardens and Holland Village.
The tender for the property closes on Oct 18 at 2.30pm.
Wong Siew Ying