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

📆 2024-05-17 13:51:00
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The valuation the agents have assigned to the land, between $46 million to $48 million, significantly exceeds the current benchmark for GCBs.

SINGAPORE: Knight Frank Singapore has announced that a freehold Good Class Bungalow 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.

Knight Frank has set the indicative price for this piece of real estate at approximately $4,028 per square foot , 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 psf. The renewed vigor in the GCB market is evident, with five deals amounting to $291.39 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.

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14 Chancery Lane bungalow hits marketpstrongThe property has a guide price of $43m./strong/p pA Good Class Bungalow at 14 Chancery Lane has hit the market with a guide price of $43 million, or $2,038 per square foot./p pKnight Frank is managing the property sale through a tender process, set to close on Tuesday, 25 June, 3:00 PM.
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