GCB site at Chestnut Drive going up for sale at $22 mil
An expression of interest (EOI) exercise for a Good Class Bungalow (GCB) located at 67 Chestnut Drive in Singapore will be launched on July 3rd. This 999-year leasehold site has a land area of 14,526 sq ft, with an indicative valuation of around $22 million, or $1,515 psf.
The property was initially put on the market in February, this time as a newly-constructed two-storey detached house with a basement and attic. It was offered with a guide price of $38.88 million, which translates to $1,966 psf for the proposed built-up area of 19,481 sq ft.
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Unfortunately, the private treaty sale did not meet the seller’s expectations in terms of price. In addition, buyers indicated that they would prefer to customise the design and layout of their home according to their own needs, which led the seller to offer the site as bare land.
The former building on the plot has been demolished, with the site being sold as “as is where is”. The seller has also paid SP Group $84,000 to install the suspended overhead power cables underground.
Located in Green Hill Estate, the site is zoned for residential use with a 999-year leasehold tenure from 1882. It is a convenient 12-minute walk away from the Cashew MRT station.
EOI for the property will close at 12pm on August 15th. Those interested are encouraged to act fast, as the offer won’t last long!