The sites have a guiding price of $48m and $43.8m, respectively.
Two good class bungalows (GCB) at 5 Bin Tong Park in District 10 and 22A King Albert Park in District 21 have been put up for sale via an expression of interest (EOI) for , an announcement by marketing agent Edmund Tie & Company (ET&Co) revealed.
The site at 5 Bin Tong Park is a freehold estate with a total land area of approximately 2,611.4 sqm with a wide frontage of approximately 58 m. The house is suitable for Addition & Alteration (A&A) or redevelopment. According to URA Master Plan 2014, the site is zoned ‘Residential’ and is within the Bin Tong Park GCB area.
Meanwhile, the freehold estate at 22A King Albert Park has a total land area of approximately 3,387.6 sqm. The subject property is situated on a private cul-de-sac and elevated plot, maximising its privacy from the main road. It has a two-storey bungalow with a basement and a swimming pool. The house is suitable for A&A or redevelopment. According to URA Master Plan 2014, the site is zoned ‘Residential’ and is within the King Albert Park GCB area.
According to Joy Tan, ET&Co’s head of auction & sales, caveats lodged in 2018 indicated a total sales value of $1.03b transacted in the GCB market.
“Since 2018, comparable units to 5 Bin Tong Park that changed hands include 65 Bin Tong Park at $48m or $2,063 psf in March 2018, whilst a newly completed GCB at 43 Belmont Road was sold at $33.8m or $2,243 psf,” she said. “Meanwhile, the last King Albert Park site sold was 16 King Albert Park, to Far East Organization in March 2017 for $43.8m or $1,117 psf.”
Both properties will be sold with vacant possession or with tenancy on an “as is where is” basis. EOI submissions will close on 18 July at 3 p.m.
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