Within the Gallop Road-Wollerton park in the Gallop Road-Wollerton Park Good Class Bungalow (GCB) region there is a GCB located at the intersection of Gallop Park Road and Farrer Road is being offered for sale as an expression of interests (EOI) exercise for an estimated value of $22 million. The GCB is situated on an elevated plot of land with a total area of 14,844 sq feet which means the estimated cost is $2,156 per square foot.
The Myst Condo Upper Bukit Timah in a desirable location close to amenities of all kinds.
The current owners constructed the two-story house on the site more than twenty years ago. The property is built up to a total area of 6000 sq feet. The first floor is a huge living area that overlooks a pool in the front. A dining room and an enormous kitchen are linked to a laundry room and a helper’s area. The second floor houses three bedrooms with ensuite bathrooms as well as two other bedrooms which share a Jack and Jill bathroom.
Through the years the owners let the property to various tenants, a majority of whom were foreigners, according to Kimberly Lai of JNA Capital Markets (a team of JNA Real Estate), who are marketing the property. The GCB is currently not leased as the property owners are trying for a way to market the property that is vacant.
Lai says that the land’s vast area, along to the aging of the current home, make the site the perfect candidate to redevelop. “It’s an excellent site for those who want to build a new house that maximizes the land,” she says. With the consent of the appropriate authorities, the new house could be two stories and an attic.
Costs of construction and pricing
In order to help potential buyers see the full potential of the property, JNA Real Estate consulted with a builder to create plans for a brand new house. “We were looking to show potential buyers the possibilities and how the house would optimally leverage the features of the location,” Lai says. The concept also seeks to address concerns about noise levels due to the location close to Farrer Road, which is one of the major thoroughfares.
The proposed development is an area of built-up (inclusive that of the swimming pool as well as a parking lot) of 20500 square feet and includes a brand new two-storey house with an attic which is an overall floor space of approximately 10,000 square feet. The house is located in the middle of the plot, farthest away from the street, with the swimming car porch and pool relocated to the eastern part of the plot. This is also closest to the highway. “This implies that the house is situated with an increased setback that will reduce the noise from the road and provide the privacy of residents,” Lai adds.
The floor plan was the C-shaped layout was selected that allows the majority of rooms to look out over the central courtyard, which serves as the central feature. The communal areas of the house, which include the formal dining and living area, will be situated on the first floor. Meanwhile, those on the second floor will be home to the living spaces of the family. The new house can be able to accommodate up to 13 bedrooms.
Based on the blueprints drawn, Lai says the new house could cost anywhere from $6-7 million based on the materials utilized. “The prospective buyer could take these plans and implement them, thereby reducing time with site design and working closely with architects on the designs,” she adds.
For those who want to skip the hassle of building their new residence, Lai says they have the option of topping the amount that they pay the seller in order to cover the cost of developing the site and construction of the new home. The price of buying the property with a new construction will be around $40 million which is equivalent to $2,695 per square foot on the land. “It’s an appealing price for a brand-new home situated in a GCB region within District 10,” Lai adds.
The most recent sale in the Gallop Road-WoollertonPark GCB region occurred in March, when a bungalow located on Woollerton Drive that had a land size of 8,646 square feet was sold to a buyer for $24.4 million ($2,822 per square foot). Prior to this there was the GCB located on Gallop Park Road that belonged to the late daughter-in-law of Khoo Kay Hian, the founder of the stockbroking firm Kay Hian and Co, was sold for $35.5 million ($2,723 per sq ft) in March 2022.
The Trophy asset
Lai believes that the GCB located at Gallop Park Road will draw significant interest prospective buyers to include families who are looking for a luxury property in a prestigious neighborhood. She also says she believes the property is within walking distance of top schools, including Nanyang primary school, St Margaret’s School (Secondary) and Hwa Chong Institution.
Other amenities in the vicinity, such as other nearby facilities, including Singapore Botanic Gardens located just a 5-minute walk away, enhance the attraction of the location. Shopping centers within the area are Serene Centre and Coronation Shopping Plaza The Farrer Road MRT Station (on the Circle Line) as well as the Botanic Gardens MRT Station (Circle and Downtown Lines) offer convenient transportation choices.
Lai expects that interest will come from new Singapore citizens, pointing out that the GCBs located within Gallop Park and Woollerton Park have a tendency to draw buyers from China as well as Indonesia. “Given the proximity to Botanic Gardens and the surrounding GCB areas such as Cluny Hill, Nassim Road and Cluny Park, they see the houses here as a part of a highly sought-after neighborhood,” she says.
Lai believes that this set that is interested buyers will be open to purchasing a home for the price of $40 million, with redevelopment included. “They may prefer this route which is less hassle-free particularly if they’re unfamiliar with the planning and construction procedures in the area,” she says.
The EOI exercise for the property is due to close in June 15, 11.59pm.