The Good Class Bungalow (GCB) located at 767 Chestnut Drive will go up for sale by way of an expression of Interest (EOI) process on 3 July according to the marketing agent PropNex Realty. The leasehold of 999 years site has an estimated value of approximately $22 million that’s equivalent to $1,515 per square foot of land surface of 14,526 square feet.
The property was originally advertised to the public as a brand new GCB being constructed in the month of February. The planned property was a detached, two-story home with a basement as well as an attic, was put up on the market through a private treaty with the $38.88 million price guide, or $1,966 per square foot for the built-up area that is proposed to be 19,481 sq feet.
Although the private treaty sale was a hit, the price provided did not match the expectations of the seller, according to Henry Benjamin Lim, head of Good Class Bungalows and prestige was a buyer at PropNex. “In the meantime, a lot of potential buyers stated that they’d prefer to customize the layout and design of their new home according to the requirements of their individual,” he adds.
The seller has chosen to offer the site as empty land rather than an entirely new building, allowing the new owner to design the house according to their own requirements. The building that was previously located on the site has been destroyed, leaving the site being offered as an “as is, where is” basis. The seller also paid the utility company SP Group $84,000 to install the overhead power cables suspended underground.
It is situated in the Green Hill Estate in Green Hill Estate, which is located in the Chestnut Avenue GCB area, the site is designed for residential use, with an 999-year leasehold term beginning September 1882. It’s about a 12-minute walking distance to Cashew MRT Station on the Downtown Line.
It is expected that the EOI on the site will be closed at 12pm on the 15th of August.