2015-09-21

Singapore, September 21, 2015 – Leading global commercial real estate services firm, Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) has been appointed as the sole marketing agent for the sale by public tender a freehold Good Class Bungalow (GCB) site located at 53 Windsor Park Road. 

The tender will close on 21 October 2015 at 3.00 pm. 

With a land area of approximately 21,091 sq ft, the subject property is currently occupied by a part-single-part-two-storey bungalow that was built in the 1950s. It is sited on elevated grounds, which is one of the highest vantage points in the estate, offering commanding views of the surrounding environment.  
 
Under the 2014 Master Plan, the subject property is located within the “Windsor Park Good Class Bungalow Area (GCBA)”.  

Indicative price for the subject property is S$27 million, reflecting a land rate of S$1,280 per sq ft.

Ms Stella Hoh (何春燕), Executive Director of Investment Services, says, “Given the bungalow on-site was built in the 1950s, the successful buyer can consider re-building a new house that exudes modernity, leveraging the high terrain it is sited on. 

The Windsor Park GCBA is an understated and serene GCB enclave in the north-eastern of Singapore.  With only 34 GCB plots in the area, there are rarely any plots being offered for sale in the past few years.  The last two recorded transactions in the vicinity were a 22,481 sq ft site that was sold for S$25.3 million in January 2013 and another 19,280 sq ft property that was sold for S$27 million in December 2012.” 

Ms Hoh adds, “According to caveats lodged, there were 25 GCB transactions worth a total of S$543 million in 2014.  For 2015 to date , there are already 20 GCBs transacted at a total value of S$485 million and the figures are expected to grow – given that this upper-tier of the landed residential property market has recently witnessed increased activities, on the back of more realistic asking prices from sellers.”  

Located off Upper Thomson Road, the subject property’s immediate locality is residential in nature – comprising landed housing and low-rise condominiums.  Amenities, as well as food and beverage establishments are readily available at the nearby Thomson Plaza, Sin Ming Plaza, Thomson V, Thomson Imperial Court and the shophouses along Upper Thomson Road.  Access to other parts of the island can be via the Central Expressway, Seletar Expressway and Pan-Island Expressway, as well as the upcoming Upper Thomson and Bright Hill MRT stations.