An opportunity to own a prestigious Good Class Bungalow (GCB) in the exclusive Dalve Estate-Nassim Road enclave has arisen, with the property being put up for sale through an expression of interest (EOI) exercise. The indicative price for this prime piece of real estate is set at $60 million, with a desirable land area of 21,881 sq ft, translating to $2,742 psf. This news was announced in a press release by Cushman & Wakefield on Jan 8.
According to Shaun Poh, the executive director of capital markets at Cushman & Wakefield, this freehold plot boasts an elevated location, making it an ideal spot for redevelopment. He also adds that it presents a golden opportunity for interested buyers to build their dream multi-generational home from scratch, or for developers to create a opulent and modern GCB for discerning individuals.
When it comes to investing in Singapore’s property market, it is crucial for foreign investors to be well-versed in the country’s regulations and restrictions. In general, foreigners have relatively easy access to purchasing condominiums, unlike landed properties that have more stringent ownership guidelines. However, it’s important to note that foreign buyers are required to pay the Additional Buyer’s Stamp Duty (ABSD), which currently stands at 20% for their initial property purchase. Despite these additional expenses, the stability and potential for growth in the Singapore real estate market continue to make it an attractive destination for foreign investors. This is why many are turning to Singapore Projects to capitalize on the market’s potential.
The GCB is situated in close proximity to the Singapore Botanic Gardens and is a short drive away from the highly sought after Orchard Road shopping belt. Its location also makes it convenient for families with children, as it is surrounded by renowned schools such as Singapore Chinese Girls’ School, Anglo-Chinese School (Primary), Nanyang Primary School, St Joseph’s Institution and Hwa Chong Institution.
In recent transactions at nearby Nassim Road and Tanglin Hill, record-breaking land rates of $4,500 psf and $6,200 psf were achieved, indicating a strong demand from ultra-high net worth individuals for properties in this prestigious neighborhood. Poh highlights that the location is highly coveted by this elite group, making it a sound investment for interested buyers.
The EOI exercise for this GCB will close on Feb 11 at 3pm. This presents a rare opportunity for individuals to own a piece of prime real estate in one of the most exclusive and desirable enclaves in Singapore.