Both freehold properties ensure strong capital appreciation
SINGAPORE, 18 June 2019 – Edmund Tie & Company (ET&Co), the exclusive sole marketing agent for two Good Class Bungalows (GCB), is pleased to offer 5 Bin Tong Park in District 10 and 22A King Albert Park in District 21, up for sale via Expression of Interest (EOI).
5 Bin Tong Park (D10)
5 Bin Tong Park is a freehold estate with a total land area of approximately 2611.40 square metres (sq m) or 28,109 square feet (sq ft), offering a wide frontage of approximately 58 metres. On the land stands a charming colonial-style, single-storey bungalow and a swimming pool. The house is suitable for Addition & Alteration (A&A) or redevelopment. According to URA Master Plan 2014, the site is zoned ‘Residential’ and is within the Bin Tong Park GCB area.
The subject property is located off Leedon Park and Holland Road, and this exclusive area also comprises GCB enclaves such as Leedon Park, Cornwell Gardens, Belmont Park, Rebecca Park and Victoria Park.
Amenities are readily available at the nearby Holland Village and Holland Village MRT station (Circle Line), which is approximately a 12-minute walk away. It is also near Dempsey Hill, Singapore Botanic Gardens and the Orchard Road shopping belt. The site enjoys excellent connectivity to the rest of the island via Holland Road, Farrer Road and the Pan-Island Expressway (PIE).
Premier primary educational institutions such as Nanyang Primary School, Raffles Girls’ Primary School and Henry Park Primary School are located within a 2-kilometre radius from the subject site, while other notable schools such as Hwa Chong International, Anglo-Chinese School (International) and National University of Singapore are also located minutes away.
22A King Albert Park (D21)
22A King Albert Park, a freehold estate has a total land area of approximately 3,387.6 sq m or 36,464 sq ft. The subject property is situated on a private cul-de-sac and elevated plot, maximising its privacy from the main road. It has a two-storey bungalow with a basement and a swimming pool. The house is suitable for A&A or redevelopment. According to URA Master Plan 2014, the site is zoned ‘Residential’ and is within the King Albert Park GCB area.
The subject property is in the quiet King Albert Park estate, bounded by Bukit Timah Road and Clementi Road. Amenities are readily available within a 10-minute drive at the nearby Bukit Timah Plaza, Beauty World Centre and The Grandstand. It also enjoys excellent connectivity to the rest of the island via Bukit Timah Road, Dunearn Road and the Pan-Island Expressway (PIE). The King Albert Park MRT station (Downtown Line) is only a 6-minute walk away.
Primary education institutions such as Pei Hwa Presbyterian Primary and Methodist Girls’ School Primary sits within a 1-kilometre radius from the subject site, while Henry Park Primary is within a 2-kilometre radius. Other notable schools such as NUS High School, Hwa Chong International, Nanyang Girls’ High School, Chatsworth International School and German European School, among others, are also within the vicinity.
Joy Tan, Head of Auction & Sales, commented, “We are excited to launch the EOI for both GCB houses at 5 Bin Tong Park and 22A King Albert Park. The prestige of such GCB addresses ensures strong capital appreciation in the ever-changing property landscape in Singapore.”
In 2018, caveats lodged indicated a total sales value of $1.03bn transacted in the GCB market. Since 2018, comparable units to 5 Bin Tong Park that changed hands include 65 Bin Tong Park at $48m or $2,063 per sq ft in March 2018, while a newly completed GCB at 43 Belmont Road was sold at $33.8m or $2,243 per sq ft.
Meanwhile, the last King Albert Park site sold was 16 King Albert Park, to Far East Organization in March 2017 for $43.8m or $1,117 per sq ft. In 2016, 26 King Albert Park was sold by developer SC Global Developments in January 2016 at $25m or $1,493 per sq ft.
Tan commented, “Both properties are priced competitively, and we expect strong interest from developers and end users looking to build a house to their own taste.”
Both properties will be sold with vacant possession or with tenancy on an “as is where is” basis. The information memorandum and EOI form can be collected from ET&Co.
EOI submissions will close on Thursday, 18 July 2019 at 3:00pm.
ENDS For further information, please contact:
Manager, Corporate Communications
+65 6393 2369
About Edmund Tie & Company
Edmund Tie & Company (ET&Co) is a full-service, real estate consulting firm with more than 400 skilled professionals in the region. It is headquartered in Singapore and supported by offices in Kuala Lumpur, Malaysia, and Bangkok, Thailand. ET&Co offers a comprehensive suite of agency and professional services including investment advisory, business space and retail, residential agency, auction and sales, valuation advisory, statutory valuation and property tax advisory, research and consulting, property management, and hospitality management. For more information, please visit www.etcsea.com