Rare redevelopment opportunity for Raffles Park GCB, priced from $2,330 psf

Furthermore, it has a well-landscaped garden at the entrance, making it an ideal home for nature lovers. Moreover, Tengah Plantation Close EC provides residents with access to a range of recreational activities such as a clubhouse, gymnasium, swimming pool, and a children’s play zone. Tengah Plantation EC is the perfect choice for those looking for a modern and comfortable living experience. Its location, top-notch features, and lush green environment make it an ideal spot for families and anyone looking for a new home in Singapore.

A rare opportunity awaits buyers looking to acquire a prestigious Good Class Bungalow (GCB) in a prime District 11 locale. The 11,070 sq ft plot on Cassia Drive in Raffles Park GCB Area is now on the market for $25.8 million, translating to a land rate of $2,330 psf.

This distinctive property is being marketed exclusively by Paulyn Chew, senior marketing director at ERA Realty Network, and will be listed on EdgeProp Singapore.

The two-storey bungalow was built 25 years ago by renowned American architect Dan Bube from San Diego and designed in a stunning Spanish-American style typically found in Southern California. Although well-maintained, the left residential wing has undergone some renovations with its roof and floor refurbished in 2013.

For the owners, this house stands as a symbol of their cherished 70-year history, having watched four generations of their family grow and thrive under its roof. After much reluctance, the time has come for them to realise the capital value of this property.

The rectangular-shaped plot has a commanding street frontage of 29.87m and provides new owners the opportunity to construct their own luxurious GCB designed to fit any desired lifestyle and need.

Sitting on an elevated point along Cassia Drive, the GCB could enjoy a vantage viewpoint of some of the surrounding bungalows. The cul-de-sac that Cassia Drive ends in further contributes to enhanced privacy. What’s more, the area enjoys the presence of 19 neighbours in addition to superb accessibility via the two nearby MRT stations (Sixth Avenue and Tan Kah Kee on the Downtown Line) as well as major roads and expressways like the Pan Island Expressway (PIE) and Bukit Timah Road.

The proximity of one even more attractive feature is the offering of nearby amenities and F&B options found in the local shophouses along Greenwood Avenue, some mere 10-minutes away. Popular eateries such as Rubato, Dan’s Steaks, KaSoh, and Baker & Cook may be found there, with a Cold Storage and a FairPrice Express also serving the residents of the area.

Chew remarks that the asking price is within the range of independent valuations conducted on the property, between $24.8 million and $25.7 million, making the sale an eye-catching opportunity from a cost and redevelopment perspective. By taking into account a range of materials, interior fitouts, and design considerations, the new owner could feasibly build their dream home from around $700 psf, thus bolstering the property’s value.

Chew’s analysis also uncovered land prices in Raffles Park have been gradually tracking up, with the first GCB to be sold for a land rate of above $2,700 psf occurring last year.

Given strong demand from newly minted citizens coupled with existing owners’ reluctance to part ways with their prized possession, the supply of available GCBs has been dwindling. The current sale on Cassia Drive is an opportunity buyers should seriously consider before it is snapped up, Chew concludes.