The Stevens Road Good Class Bungalow for sale sits on a 11,047 sq ft plot. It will be less than 10m to a future exit of Stevens MRT Station. (Picture: Samuel Isaac Chua/The Edge Singapore)
SINGAPORE (EDGEPROP) - A single-storey Good Class Bungalow (GCB) along Stevens Road is on the market for $37 million. It sits on an 11,047 sq ft corner plot and the asking price translates to about $3,350 psf on the land area.
The GCB is at the entrance to a cul-de-sac and the road is shared with only two other GCBs. The existing house comprises four bedrooms and has a total built-up area of about 3,000 sq ft. The property is marketed by Micah Lim, senior associate director at JKL Consultants.
Lim says the GCB was completed in 1986 and is a prime redevelopment opportunity for an aspiring owner to create a home that is built to their preferences and tastes.
“In terms of the absolute price and psf price of this property, this GCB plot offers the next owner an opportunity to own a prime landed home for under $40 million within this GCB cluster,” adds Lim.
The GCB is also located within the White House Park area, one of the most centrally located and highly desirable GCB neighbourhoods in Singapore.
The existing single-storey GCB shares a cul-de-sac with two other GCBs on Stevens Road in the White House Park area. (Picture: Samuel Isaac Chua/The Edge Singapore)
Normally, the Urban Redevelopment Authority (URA) requires a GCB to be within one of 39 gazetted GCB areas, as well as have a minimum plot size of 1,400 sq m (15,064 sq ft). However, this GCB on the market has a land area of 11,047 sq ft.
But according to an official response from URA to Lim that was seen by EdgeProp, even though the property he is marketing does not meet the land size requirement, it remains classified as a GCB and is subject to prevailing guidelines.
“While this site is slightly smaller than the average GCB plot, I think a potential buyer will not mind as much. The land is regular and well positioned to be efficiently utilised, and it boasts a wide frontage along a relatively private cul-de-sac,” says Lim.
It would also be an attractive property to consider for buyers with school-going children given the number of top ranked schools in the vicinity, he says. For example, Singapore Chinese Girls’ School and Anglo-Chinese Primary School (Barker Road) are within 1km of the site, while Nanyang Primary School is 2km away.
The house also boasts excellent transport connectivity. Work is currently ongoing to complete the Thomson-East Coast portion of the Stevens MRT Station on the Downtown Line.
This would transform the station into a two-line interchange by the end of this year. One of the new station exits will be in front of the bungalow. Stevens Road is also connected to major roads such as Bukit Timah Road and Dunearn Road.
The GCB for sale has been on the market for the past three months, and Lim says he has received about 20 different enquiries over this period. He says that there are about four serious buyers that have approached him and the owner with offers, but they are still in the midst of negotiation.
Most of the enquiries have come from owners with multi-generational families, although a handful were individual buyers looking for their own home. Lim adds that there has been a “good mix” of locals and newly minted locals who have enquired so far.
Although the GCB is located close to a main road, this might be a boon for the next owner, especially with a multi-generational family where some members need convenient access to public transport, says Lim.