SINGAPORE - The owners of Queen Astrid Gardens have launched their property for collective sale - putting on the market a land parcel in the right location and size to potentially build four good class bungalows (GCBs).
The site lies within the exclusive Queen Astrid Park GCB area and comes with a guide price of $126.8 million, which translates to approximately $2,037 per square foot of land area, exclusive marketing agent Knight Frank Singapore said on Wednesday (Sept 2).
Mr Ian Loh, Knight Frank Singapore's head of capital markets for land and building, collective and strata sales, said the site "poses opportunities for potential buyers looking to create a family estate and leave an enduring legacy".
The 999-year leasehold site spans 5,783 sq m or 62,243 sq ft. The eventual buyer can build a single mansion or subdivide it for up to four GCB parcels, subject to approval by the relevant authorities, said Knight Frank Singapore.
Mr Loh noted that there are only about 2,800 GCBs in the 39 GCB Areas in Singapore and the last GCB sale of land over 60,000 sq ft in District 10, where Queen Astrid Gardens site is located, was in 2015.
The property sits on elevated grounds and is possibly the highest point in the locality, said the agency, adding that it also has a generous frontage of more than 100m onto Queen Astrid Gardens road.
"With a very limited supply, GCBs with favourable attributes such as regular-shaped land and elevated grounds usually command good premiums over other GCBs," said Mr Loh.
"With the option for subdivision into several GCBs, the asset is an especially attractive proposition for home seekers or investors looking for further wealth preservation potential over the long term."
Built in 1989, Queen Astrid Gardens condominium is a four-storey development comprising 16 apartments ranging from 224 sq m to 239 sq m.
The owners stand to pocket $7.8 million to $8.06 million each, based on the guide price for the property.
The tender for Queen Astrid Gardens will close on Oct 7 at 3pm.