A Good Class Bungalow (GCB) at 80 Belmont Road is set to be auctioned on 23 July (Tuesday), carrying a guide price of $42 million or around $1,557 per sq ft (psf), reported The Straits Times citing Knight Frank Singapore.
Situated near the Holland Village enclave, Sixth Avenue as well as the Singapore Botanic Gardens, the two-storey freehold property sits on a 27,000 sq ft site and has a floor area of 15,714 sq ft. It features a lift, covered car porch, playground, landscaped garden, swimming pool and a basketball court.
“Given the rarity of a GCB of this size being put up for auction, we anticipate the response to be good,” said Sharon Lee, head of auction and sales at Knight Frank Singapore.
The Urban Redevelopment Authority has said that GCBs have a minimum land area of 1,400 sq m or 15,069 sq ft.
Lee noted that two GCBs within the area have been sold in the past year. With an area of 15,004 sq ft, the GCB at 63 Belmont Road was sold last month for $39.8 million or $2,654 psf, while the 15,069 sq ft GCB at 43 Belmont Road was transacted last August for $33.8 million or $2,243 psf.
In a mortgagee sale, a property is foreclosed by a bank after the owner has defaulted on the mortgage. The property is put up for sale for the bank to recover outstanding debt.
Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email firstname.lastname@example.org