Queen Astrid Gardens Condo En Bloc Sale 2021

Queen Astrid Gardens Condo En Bloc Sale 2021

GCB Land Launches Tender at Guide price of S$123.8 million

A plot in Queen Astrid Gardens GCB Area has been put up for collective sale again. The GCB (Good Class Bungalow) residential plot has been launched through a tender with S$123.8 million being the guide price.

The amount is S$3 million less than the previous launch in September 2020.

This would mean S$1,989 psf ppr for the area of the plot. This was disclosed by Knight Frank Singapore, the exclusive agent for this sale.

In their official statement they stated that the present owners expect offers above the guide price for this unique site.

The GCB plot currently houses a condominium Queen Astrid Gardens with 999-year lease tenure with the sellers also owning the condo through the Collective Sale Committee.

Good Class Bungalow is Super Rich Most Desired Property in Singapore

Good Class Bungalow is Super Rich Most Desired Property in Singapore

According to Knight Frank Singapore, this en bloc site is among the most prominent Good Class Bungalows and part of the 39 GCB areas that have been gazetted.

Queen Astrid Park condo site has been built on elevated grounds which is also the highest point in the vicinity.

The 4-storey residential development, Queen Astrid Gardens has 16 apartments that range between 224 and 239 sq m in size.

The whole plot is 62,243 sq ft (5,782 sq m) in size and has a 100-metre frontage.

Redevelopment Options for Queen Astrid Gardens GCB Site

Redevelopment Options for Queen Astrid Park GCB Site

Successful Bidder Can Build a Brand-New Mansion in One of the Most Prestigious Location in Singapore

The marketing agents said that apart from retaining it in its current form as apartments, successful bidders also have the option of exploring single mansions on the site.

They further added that the site can be split into four GCB parcels after gaining necessary approval from the authorities.

Ian Loh, Head of Capital Markets at Knight Frank Singapore said that this is a unique opportunity for potential investors to redevelop the site into family estate that would create a lasting legacy.

He mentions that recent GCB sales has been very active which result a total of over S$532 million.

In the last two months, some notable GCB transactions include 1 Chatsworth Park at S$2,082 psf, 14 Cluny Hill at S$2,315 psf and 5 Swettenham Close at S$2,893 psf land rate.

According to Mr. Loh, the 39 GCB Areas in Singapore have about 2,800 GCBs and these are in limited supply.

This one in Queen Astrid Park is even rarer as the plot is regular shaped and also the properties sit on elevated grounds and mostly sell at premiums in comparison to other Good Class Bungalows.

He concluded by saying that the possibility of the site that can be subdivision into several GCBs is a pull factor for potential buyers.

This will allow them to find an ideal home and also invest their wealth with promise of high return over a long period of time.

The tender for Queen Astrid Gardens GCB en bloc site would close on March 31 at 3:00 pm.

Who Can Buy Good Class Bungalow in Singapore?

Super Rich Foreigners & PRs Need to Know

Things to Take Notes for Foreigners & PRs Who are Interested Purchase of Landed homes in a GCB area.

In Order to Get Approval Granted by The Singapore Government, below are the 2 Conditions Need to be Fulfilled

1.They Must Have Made Exceptional Economic Contributions to Singapore

2.They Can Use the Purchase Landed Property Only for their Own Occupation

As for Singaporeans, Of Course they Can Buy but Only the Super Rich Can Afford it.

Queen Astrid Gardens Site En Bloc Details

Queen Astrid Gardens Condo En Bloc Sale 2021 Pinterest
  • Status: For Sale

  • Tenure: 999-year Leasehold

  • Land Size: 62,243 square feet

  • Total Units: 16

  • Gross Plot Ratio: 2.1

  • Address: 2 – 39 Queen Astrid Park

  • District: 10

  • Marketing Agent: Knight Frank Singapore

  • (New) Reserve Price: S$123.8 million

  • Tender Close: March 31, 2021

What Are Good Class Bungalows?

Good Class Bungalows are the most admired and sought after landed housing properties in Singapore.

The Urban Redevelopment Authority has put in planning constrains for these class of properties to preserve them. The very term “Good Class Bungalow” is one that is used by URA to technically classify them.

Only 39 residential areas in Singapore are designated as Good Class Bungalow Areas or GCBAs as they are popularly called.

There are several criterions that must be met for a bungalow to be classified as the GCB and these include the location as well as the size of the properties.

Contrary to a popular myth not every property encompassing an area of 1,400 square meters or more is classified as a GCB. Buyers need to verify the status of the property with the URA.

Given their rarity and exclusivity Good Class Bungalows sit at the top of the pecking order when it comes to the luxury segment in residential property market in Singapore.

These properties are primarily located in District 10 and 11 which are the prime residential districts and also in District 20, 21 and 23.

Among these the ones in District 10 and 11 command maximum demand and prices. District 20, 21 and 23 mainly have what is termed as bungalow estates.

Ladyhill, Nassim, Chatsworth, Bishopsgate and Rochalie are some of the most favoured bungalow enclaves along with District 10’s Cluny Road which is located in close proximity of Orchard belt.

There are several planning constraints for bungalows that fall within the designated Good Class Bungalow Areas or GCBAs.

  • The minimum size of the plot for Good Class Bungalows is 15,070 sq ft or 1,400 square meters.
  • Also, the maximum height of the building has been capped at two-storey.
  • Owners aren’t allowed to construct structures on more than 40% of the total area of the plot.

This is done to preserve greenery of the plots.

These constrains have helped in preserving the low-rise character and the exclusivity of these neighbourhoods.

Good Class Bungalows – Super Rich Most Hunted Property

Good Class Bungalows – Super Rich Most Hunted Property

With More Multi-Millionaires and Billionaires Choose to Reside in Singapore, these Luxury Properties are Most Demanded

The biggest pull factor for the Good Class Bungalows has always been their exclusivity. There are few such bungalows and very few people can claim one to be their address.

In a city-state with high population density these bungalows are an expectation when compared to norm in the standards of living.

With growing household wealth and a fast-shrinking opportunity to buy spacious properties, the demand for these bungalows has constantly grown.

This has led to GCBs selling at premium compared to all other kinds of properties. They are by far the most desired properties in Singapore. Only the most luxurious condominiums come near the prices of an average Good Class Bungalow

The URA has gazette Good Class Bungalows in 39 protected areas and there are considerable constrains that have been laid out as far as their redevelopment is concerned.

URA has been driven by the zeal to protect the high environmental quality in these bungalows and to thwart all attempts of realty intrusion that aim at more intensive development. 

It is estimated that there are around one thousand Singaporeans owning most of the Good Class Bungalows and for the vast majority of these owners GCBs present a great long-term investment opportunity that offers better ROI as compared to other realty investments.

Good Class Bungalows owners represent the highest class of property owners in the landed realty segment.

With limited supply of GCBs in the market these owners tend to enjoy unmatched status when compared to other realty owners in Singapore.

People who can buy such properties from the open market consider themselves extremely lucky as it often takes years in between for GCB tenders to hit the market.

Most Expensive Good Class Bungalow in Singapore – S$230 Million

Wing Tai Boss’s SOLD 33 Nassim Road GCB in 2019

Wing Tai 33 Nassim Road Bungalow SOLD

33 Nassim Road Holds the Record for Being the Most Expensive Bungalow Transaction in Singapore

The famous property was sold by a privately-owned company of Cheng Wai Keung, Chairman of Wing Tai Holdings and his wife Helen.

They didn’t reside at the property and parted with it for a premium. This sprawling property was sold for S$230 million and no other property has surpassed it till date.

The S$230 million translated to S$2,720 psf (per square foot) for the property that totalled 84,543 sq ft in area.

The land rate is also one of the highest ever recorded for a property in GCB Area. SG Casa Pte Ltd bought the property. This company has been registered as a custody services, fiduciary and trustee firm. This transaction happened in May, 2019

33, Nassim Road plot commanded the premium price thanks to its rectangular shape and also the fact that the plot has close to 100 meters frontage towards the road.

This opens up scope for redevelopment as the site can easily accommodate 5 bungalows.

The existing structure has a full-sized tennis court and an in-ground standard size swimming pool.

The property was incidentally listed way back in 2013 with an asking price between S$250 and $300 million.

Previous Record Broken

This transaction was more than double of the previously held record for a Good Class Bungalow. The previous record price was also held by a property in Nassim Road that was bought for S$105.3 million.

Hong Kong-based Winson Group’s Singaporean chairman, Tony Tung had bought this property in 2018. This freehold property has total land area of 42,515 sq ft.

One of the Highest GCB Land Rate So far – S$2,729 psf

Jervois Hill bungalow SOLD at $41.2 million by George Lim

One of the highest record land rates for a bungalow was one at Jervois Hill at S$2,729 psf. The 15,094 square foot bungalow was sold by George Lim one of the biggest bungalow investor in Singapore.

The property was bought for $41.2 million by Wah Loon Engineering’s founder Alan Chong’s daughter.

Interestingly this transaction happened a year after Mr Chong parted with his stakes in a Euronext Paris-listed company that was part of Vinci SA‘s giant construction and infrastructure empire.

James Dyson Bought 50 Cluny Road Good Class Bungalow

James Dyson Bought 50 Cluny Road Good Class Bungalow

50 Cluny Road Good Class Bungalow Exact Sale Price is Unknown, Believe to Be Around S$45 Million

After grabbing the Biggest Headlines for purchased of S$73.8 million Tanjong Pagar Guoco Tower Ultra-Posh Penthouse, billionaire inventor James Dyson bought another Singapore’s most coveted trophy assets Good Class Bungalows at 50 Cluny Road.

It is said that Mr Jason Lee Boon Leng, a director of developer Forte Global had listed the lucrative property at S$45 million, if Dyson bought at this price, it is easily the highest land rate ever recorded. (Above S$3000 Psf)

The modern bungalow sits on high ground that facing Singapore Botanic Gardens and has lot of features include an infinity pool, landscaped gardens, spiral stairway an indoor waterfall.

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