$9 million GCB and $8 million shophouse to go under the hammer

If landed properties were the creme de la creme of the residential property market here, then Good Class Bungalows (GCB) would be the cherry on top.

$9 million GCB in Bukit Panjang to be auctioned on September 30

7 Chestnut Crescent, GCB. Picture: Colliers International

Now, one of those sweet spots is up for sale at $9 million. This freehold GCB in Chestnut Crescent will be placed on auction at 2.30pm on Sept 30 at Amara Singapore.

It is situated in Bukit Panjang, which is one of the 39 clusters gazetted for these rare properties.

Its location may be a plus point as it is just a short drive away from the Dairy Farm Quarry and the Bukit Timah Nature Reserve.

The Cashew and Bukit Panjang MRT stations are also just short distances away, thus the amenities nearby are aplenty, including Petir Park and Hillion Mall.

See moreBukit Panjang apartments and shops sold en bloc for $42.6 million

Schools nearby include the Assumption English, CHIJ Our Lady Queen of Peace and Fajar secondary schools and also Bukit Panjang primary school.

The GCB’s selling price for the $9,232 sq ft property works out to $975 psf.

Last year, a landed home at 29 Chestnut Crescent went for $8.8 million or $1,103 psf thus this $9 million price tag for a GCB is a considerably affordable deal.

The bungalow is currently single-storey and can be developed to 2 and a half storeys.

$8 million shophouse on Neil road

Shophouse at 65 Neil Road. Picture: Colliers International

On the same day, a two-storey shophouse on Neil road will also go under the hammer with an asking price of $8 million.

It is situated in a prime location as it is near Chinatown, Tanjong Pagar and the Central Business District.

The unit has an attic and a land area of 1,413 sq ft. The per square foot price works out to be about $2,800 psf.

While the ground floor unit is currently tenanted by an entertainment establishment, the lease for the tenants on the second floor will end by this year-end.

The ground floor can be converted to a restaurant, clinic or night club. The area is zoned for commercial purposes hence both the additional buyer’s stamp duty and seller’s stamp duty do not apply.

With increasing interest in shophouses ever since last July’s cooling measures, this unit might see buyers biting.

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