15,184 sq ft plot in District 11 expected to fetch over $23m, says agent Savills
The Business Times
January 21, 2013
8 Chee Hoon Avenue: The plot is located within walking distance of the Botanic Gardens, Cluny Court and Serene Centre, and is close to popular schools such Anglo-Chinese School, Nanyang Primary and Raffles Girls' Primary.
A BUNGALOW plot in District 11 has been put on the market for auction sale next month, and is expected to fetch more than $23 million, said marketing agent Savills.
The 15,184 square foot site - 8 Chee Hoon Avenue - is easily accessible and has a 37-metre frontage.
The property was put up for sale by the estate of the late Molly Ong Nee Chan, wife of the late Dr Ong Swee Law, chairman of the Public Utilities Board and founder of the Singapore Zoo.
The plot is located within walking distance of the Botanic Gardens, Cluny Court and Serene Centre, and is close to popular schools such Anglo-Chinese School, Nanyang Primary and Raffles Girls' Primary.
Savills deputy managing director Steven Ming said the profile of good class bungalow (GCB) buyers tends to be end-users.
"Although they own multiple properties and would incur additional stamp duties in their purchase, the extra costs when averaged out over the period of stay would be insignificant," he said.
Savills also noted that slower sales and cooling measures did not seem to have any bearing on GCB prices, which continued to trend upward last year.
In 2012, the average price of GCBs surged 12 per cent over 2011 to $1,376 per square foot.
"Historically, GCB prices have proven to be a highly resilient property class. Mild market downturns and cooling measures at best only dampened sales activity and moderated price growth," Savills said.
Over the past decade, GCB prices have grown at a compounded annual growth rate of 15 per cent. This compares with 10 per cent for overall landed homes and 4 per cent for non-landed homes.
While Savills predicts that the scarcity factor of GCB properties will continue to shore up prices, it expects a more moderate growth in GCB prices this year, with much of it driven by properties in ultra- prime locations, it said.
The auction of the Chee Hoon Ave plot is on Feb 27.
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)
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