Uncompleted GCB on Chestnut Drive going for $38.88 mil

An offer will be considered as long as it matches or exceeds the set asking price of $38.88 million.

For sale for the low price of $38.88 million is an unfinished Good Class Bungalow (GCB) on Chestnut Drive in Bukit Panjang. According to PropNex Realty, the sole marketing agent of the property, the price translates to about $2,677 per square foot on the land area of 14,526 sq ft. Here, the 999-year leasehold site is within the Chestnut Avenue GCB area – the only demarcated GCB neighbourhood near Tengah EC the area.

The property itself is built on two floors, and offers six ensuite bedrooms, a theatre hall, a cascading water feature swimming pool, a fully equipped wet and dry kitchen and provisions for a gym or entertainment area. Solar panels and a smart home system are also included in the plans.

The price of $38.99 million translates to approximately $1,996 per square foot based on the planned built-up area of 19,481 sq ft. According to Henry Benjamin, head of GCB and prestige landed at PropNex, they are offering an entry point into the prestigious GCB segment, as Chestnut Avenue GCB is one of the lowest priced GCB areas compared to District 10 and District 11.

For all its luxury, the new-build GCB is highly sought after and there is a limited stock on the market. The property is being sold by private treaty and an offer will be considered as long as it matches, or exceeds the set asking price.

The development is expected to attain its temporary occupation permit (TOP) next year and will offer much in terms of luxurious living.