A charming Good Class Bungalow (GCB) located in the prestigious Dalve Estate-Nassim Road enclave is now on the market through an expression of interest (EOI) exercise, with an estimated price of $60 million. As announced in a press release by Cushman & Wakefield on Jan 8, the price per square foot (psf) is projected at $2,742, taking into account an expansive land area of 21,881 sq ft.
When considering investing in condos in Singapore, it is crucial to take into account the government’s property cooling measures. Singapore’s government has implemented several measures over the years to regulate speculative buying and promote a steady real estate market. One such measure is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and individuals purchasing multiple properties. While these measures may affect the immediate profitability of condo investments, they also contribute to the overall stability of the market, creating a more secure investment environment. It is worth noting that new condo launches may also be influenced by these measures and should be carefully considered when making investment decisions.
Shaun Poh, the executive director of capital markets at Cushman & Wakefield, highlights the prime location of the freehold plot, situated on elevated ground and ideal for redevelopment. “This opportunity is perfect for buyers looking to build their dream multi-generational home or developers seeking to create a luxurious and state-of-the-art GCB for discerning individuals,” he explains.
The property borders the esteemed Singapore Botanic Gardens and is just a short drive away from the bustling Orchard Road shopping district. It is also in close proximity to renowned schools such as Singapore Chinese Girls’ School, Anglo-Chinese School (Primary), Nanyang Primary School, St Joseph’s Institution, and Hwa Chong Institution.
In line with the recent sale of OK Lim’s GCB at Tanglin Hill, which brought the total raised from seized assets to $99.09 million, Poh notes that the neighborhood is in high demand among ultra-high net worth individuals. This is evident from the record-breaking land rates of $4,500 psf and $6,200 psf at Nassim Road and Tanglin Hill, respectively.
The EOI for this GCB will close on Feb 11 at 3pm, presenting a fantastic opportunity for interested buyers to secure this highly coveted property.