Chestnut Drive’s unfinished GCB is being sold for $38.88 million

An unfinished Good Class Bungalow (GCB) situated on Chestnut Drive in Bukit Panjang is on the market for sale at $38.88 million. In a press announcement on February 2, by PropNex Realty, the sole agent for marketing PropNex Realty, the price amounts to around $2,677 per sq ft on the land size of 14,526 square feet.

The Lakegarden Residences Wing Tai topped with a bid 14.1 % higher than the reserve price of S$240 million.

The leasehold of 999 years on the site is located in the Chestnut Avenue GCB zone that is the only delineated GCB area within the immediate area. The other housing zones landed around it are mostly three-storey mixed landed estates that are located along Cashew Road and Petir Road.

The unfinished property comprises an elevated detached house that has a basement and an attic. According to PropNex the development is anticipated to get its temporary occupancy permit (TOP) in the coming year.

The property is comprised of six bedrooms with ensuites as well as a theatre hall and a pool with a the water cascading feature, a fully-equipped wet and dry kitchen as well as space to build a gym or entertainment space. There is also room for solar panels as well as an intelligent home system.

According to PropNex the price of $38.99 million also works out to around $1,996 per square foot, according to the proposed built-up area for the new GCB that will comprise 19,481 sq feet.

“Among those 39 GCB zones in Singapore in particular, Chestnut Avenue is one of the most affordable. Chestnut Avenue GCB area has the most affordable prices compared to District 10 and District 11. offering a way to get into the highly sought-after GCB segment.” claims Henry Benjamin, head of GCB and prestige, who is based at PropNex.

He also says that brand new GCBs remain highly sought-after properties and there’s an extremely limited supply of GCBs available.

The site has been made available for sale through a private contract.