Ford Avenue GCB for sale at $42.8 mil

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At Ford Avenue, located off Holland Road in prime District 10, are just 27 Good Class Bungalows (GCBs). On the market by expression of interest (EOI) is a GCB on a freehold 15,070 sq ft site. The property along Ford Avenue was completed in 1998 by a developer who subdivided the original plot of over 30,000 sq ft into two smaller GCBs of over 15,000 sq ft each.
The current owner purchased the property in 2002. Two decades ago, the price was $6.83 million ($453 psf), according to a caveat lodged then. The neighbouring GCB, which has a slightly larger land area of 15,213 sq ft, fetched $13.7 million ($901 psf) in 2009, based on caveats.
Very few GCBs along Ford Avenue have changed hands over the years. The last GCB sold there was in 2021, when a property on a 15,741 sq ft freehold plot fetched 23 million ($1,461 psf), according to a caveat lodged then.
Julian Yip, Realstar Premier Group managing director, attributes the low transaction volume to the fact that there are only 27 GCBs along Ford Avenue. “It’s a small cluster of GCBs at Ford Avenue,” he says. “Owners are reluctant to sell, as the location is convenient.”
F&B and entertainment destinations such as Holland Village, Chip Bee Gardens and Dempsey Hill are within a five-minute drive. According to Remigius Tan, associate vice president of Realstar Premier, who is handling the sale of the Ford Avenue GCB, the Holland Village MRT Station is just an eight-minute walk from the property. The GCB is also near Henry Park Primary School, Tanglin Infant and Junior School and St James’ Church Kindergarten.
The bungalow has a built-up area of about 8,000 sq ft. It comes with a covered car porch for two cars. The main entrance leads to a foyer with marble flooring and panelled walls on one side. Three en suite bedrooms are on this upper level. A spiral staircase leads to the lower level, where the main living area is. Two more en suite bedrooms are on the lower level, bringing the total to five en suite bedrooms, including the master bedroom. All the en suite bathrooms are full marble.
The dining room has doors opening out to the garden and water feature. There is also a private study or library, which opens out to the garden. The kitchen with original cabinetry has a retro charm. A large utility area with two helpers’ rooms and a shared washroom is in the rear of the house next to the kitchen.
The lower level is also where the pool and landscaped gardens are. The pool is 12m in length and has a swim-up bar at one end, with submerged bar counter and bar stools. There is also a pavilion next to it. Hence, the space is ideal for pool parties, notes Tan. At its deepest end, the depth is 1.8m compared to 1.4m for most pools. The owner has, therefore, built glass fencing around the pool for the safety of young children.
For the past 15 years, the GCB has been tenanted. The market rental rate for a GCB of this size is about $45,000 to $53,000 today, estimates Tan. The owner wishes to sell as she feels it is time to right-size, says Yip.
Over the years, the owners had not done any major renovations to the property as it was well-built. Designed by a British architect, the house has a practical layout with strong, sturdy structures and nice columns. The property has also been well-maintained over the years, adds Yip.
“Those who have viewed the property recognise its charm,” says Tan. The new owner need not tear down and redevelop the property. He believes just minor additions and alterations are needed such as upgrading the bathrooms and kitchen. He estimates the cost to be around $800,000 to $1 million, depending on the extent of the renovation.
Alternatively, those who wish to tear down and rebuild are looking at an additional $6 million to $10 million on top of the purchase price. The GCB at Ford Avenue is on the market for $42.8 million or $2,840 psf based on the land area of 15,070 sq ft. According to Yip, the asking price is in line with the general selling price of between $2,500 psf and $3,000 psf for most GCBs in the area. The EOI will close on Feb 28.
Source : EdgeProp
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