A freehold Good Class Bungalow (GCB) in Lermit Road in the prime District 10 is up for sale for the indicative price of S$137,165,000, announced Propnex Realty, the marketing agent of the property, in a statement on Tuesday (8 August).
The property, which was built in the 1990s, is located in the Cluny Park GCB Area (GCBA) zoning and it has an estimated land area of 2,770.2 sq m (some 29,818 sq ft). The indicative price, PropNex said, works out to a unit price of S$4,600 psf based on land area.
The freehold detached house property is a two-storey building with a basement car park spanning an estimated built-up area of about 10,000 sq ft, and has a swimming pool. Under the Urban Redevelopment Authority (URA) Master Plan 2019, the site is in the Tanglin planning area and is zoned for residential use.
Lermit Road is located off Nassim Road and is near to the Singapore Botanic Gardens, Napier MRT station, Dempsey Road lifestyle cluster, Tanglin Mall, and Gleneagles Medical Centre and Hospital.
“Lermit Road, in the Nassim planning sub-zone in the prized District 10, is among the landed residential enclaves synonymous with luxury and exclusivity in Singapore. There are only 16 detached houses in Lermit Road and transactions for sizeable properties with land area of above 1,500 sq m are rare, with only one unit being sold twice in the last 30 years,” said Henry Benjamin Lim, Head of Good Class Bungalows and Prestige Landed at PropNex.
“In recent years, several GCBs in nearby Nassim Road have fetched more than S$100 million to S$200 million each – reflecting the value and demand of such properties among astute buyers,” Lim added.
Landed home prices in Singapore have moved up substantially from the second half of 2021. According to the URA property price index for landed homes, prices rose by about 25 per cent cumulatively in the last eight quarters from Q3 2021 to Q2 2023.
Freehold landed properties, especially GCBs, are highly valued by buyers owing to their limited stock and large land area.
“These factors will continue to help to underpin the prices of landed homes amid still healthy interest for such properties,” Lim said.
source: Yahoo
