Good Class Bungalow land priced at close to $50M up for auction amid rising market prices

SINGAPORE: Knight Frank Singapore has announced that a freehold Good Class Bungalow (GCB) land plot in the prestigious District 10 is up for sale by auction. This announcement comes at a time when the GCB market is witnessing a resurgence in activity following a subdued second half in 2023.

The property, located at Jervois Hill, spans a substantial 15,171 square feet and boasts an impressive 40-metre wide frontage. Its elevated terrain offers a unique vantage point and it is noted as the last available plot of its kind in the area, enhancing its allure and exclusivity.

Knight Frank has set the indicative price for this piece of real estate at approximately $4,028 (US$3,000) per square foot (psf), translating to a total valuation between $46 million to $48 million. This pricing significantly exceeds the current benchmark, where unit land prices for GCBs have breached $2,685 (US$2,000) psf.

Tricia Tan, Director for Auction and Sales at Knight Frank Singapore, commented on the strong demand for such properties: “Transaction data shows that since 2009, unit land prices for GCBs have risen to above $2,000 psf or higher, which reinforces how this prestigious asset class remains sought-after as a conduit to legacy-planning.”

The renewed vigor in the GCB market is evident, with five deals amounting to $291.39 million (US$217 million) already transacted this year. This follows a period of muted performance in the latter half of 2023, indicating a rebound in interest and investment in these high-value properties.

Highlighting the district’s attractiveness, a trio of bungalows was sold last year, collectively encompassing 45,937 square feet of land and fetching an astonishing $4,500 psf, a record rate for the GCB area.

The auction for this exceptional freehold GCB land at Jervois Hill is scheduled for May 30 at 2:30pm at One Raffles Quay. With its prime location, significant size, and elevated terrain, the property is expected to draw considerable interest from high-net-worth individuals and investors looking to secure a prestigious asset.