2015-09-17

Singapore, September 17, 2015 – Leading global commercial real estate services firm, Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is putting up – for estate sale by tender – a freehold Good Class Bungalow (GCB) re-development site located at 2 Queen Astrid Park.

The tender will close on November 12, 2015 (Thursday) at 3 pm. 

Located off Holland Road, at the junction of Queen Astrid Park and Coronation Road West, the 35,011 sq ft site is currently occupied by a single-storey detached house.   

Under the 2014 Master Plan, the subject site is zoned within the “Queen Astrid Park Good Class Bungalow Area” and for “Residential” use.

Ms Grace Ng (黄黎明), Deputy Managing Director of Colliers International, says, “A gem of the GCB asset class, the subject property would not have been made available for sale, had it not been an estate sale. 

The allure of this GCB site lies in its exclusivity – being located on elevated grounds in tranquil surroundings with lush greenery – yet easy accessibility to Holland Village and Orchard Road, which owner occupiers will appreciate.  Furthermore, there is the potential for sub-division into two smaller plots, which is a rare attribute and would appeal to developers.” 

GCBs are highly coveted in Singapore due to its scarcity.  There are only approximately 2,500 such property type across the entire island.  As of 2Q 2015, the median price for detached houses with land area of 15,000 sq ft (1,400 sq m) and above in District 9, 10 and 11 is S$1,410 per sq ft. 

Ms Ng adds, “Indicative price for the subject site is S$49 million to 51 million, which works out to be some S$1,399 per sq ft to S$1,456 per sq ft.   This is an inviting price, if we compare it to the peak median price of S$1,749 per sq ft recorded in 2Q 2014.  

Looking at recent transactions, a 31,125 sq ft site at 45 Belmont Road was sold in June 2015 for S$1,420 per sq ft and a detached house sitting on a 21,426 sq ft site at 26 Bin Tong Park was also sold in the same month for S$1,400 per sq ft.”  

Located in an exclusive neighbourhood zoned for Good Class Bungalows, the subject site enjoys wide double road frontages onto Queen Astrid Park and Coronation Road West.  It is easily accessible via the Ayer Rajah Expressway and Pan Island Expressway, as well as Holland Village and Buona Vista MRT stations. 

Amenities as well as food and beverage establishments are readily available at the nearby Cold Storage Jelita, Holland Village, Guthrie House and The Grandstand. It is also close to several reputable education institutions – including Henry Park Primary School, Fairfield Methodist School, Anglo-Chinese Junior College and Singapore Polytechnic.