Lermit Road GCB on sale for $137.2m

The freehold GCB will be sold via private treaty.

A freehold good class bungalow (GCB) in Lermit Road in District 10 is put on sale with a land area of 2,770.2 square metres, PropNex Realty said.

It is located off Nassim Road and is a stone’s throw from the Singapore Botanic Gardens. Its price works out to a unit price of $4,600 per square foot based on its land area.

The detached house property has a swimming pool and a two-storey building with a basement car park spanning an estimated built-up area of about 10,000 sq ft. The site is in the Tanglin planning area and is zoned for residential use.

The Lermit Road GCB that is also near the Napier MRT station on the Thomson-East Coast Line, the Dempsey Road lifestyle cluster, Tanglin Mall, Gleneagles Medical Centre and Hospital, and the Napier Road area where many embassies are located.

Henry Benjamin Lim, Head of Good Class Bungalows and Prestige Landed at PropNex, said, there are only 16 detached houses in Lermit Road and transactions for sizable properties with land area of above 1,500 sq m are rare, with only one unit being sold twice in the last 30 years.

The Lermit GCB, he added, is a rare opportunity for ultra-high net worth individuals and top business executives to acquire a residential property in one of Singapore’s in-demand areas.

“In recent years, several GCBs in nearby Nassim Road have fetched more than $100 million to $200 million each – reflecting the value and demand of such properties amongst astute buyers,” said Lim.

Lim also pointed out that freehold landed properties, especially GCBs, are highly valued by buyers owing to their limited stock and sprawling land area in a land-scarce country. This will continue to help underpin the prices of landed homes amidst healthy interest for properties.

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