999-year Leasehold GCB Under Construction In Chestnut Drive Put Up For Sale Via Private Treaty For $38.88 Million

02 February 2023, SINGAPORE – PropNex Realty, the largest real estate agency in Singapore has today launched a 999-year leasehold Good Class Bungalow (GCB) site in Chestnut Drive for sale via private treaty for $38.88 million, which works out to about $2,677 psf based on a land area of 14,526 sq ft. A new elevated 2-storey detached house with basement and attic is currently under construction on the site and it is expected to obtain the temporary occupation permit (TOP) in 2024. The guide price of $38.88 million will translate to about $1,996 psf based on the built-up area of the new-build GCB of about 19,481 sq ft.

Artist’s impression of the new GCB | Source: PropNex

The upcoming property will comprise six en suite bedrooms, a gym or entertainment area, a theatre hall, a large swimming pool with cascading water feature, fully-equipped dry and wet kitchen, and a lift. There are also provisions for solar panels and a smart home system to support sustainability. The site – with a 999-year leasehold tenure from September 1882 - has a frontage to Chestnut Drive in Green Hill Estate and is within the Chestnut Avenue GCB area (GCBA).

Henry Benjamin Lim, Head of Good Class Bungalows and Prestige Landed at PropNex, said, “Brand-new GCBs tend to be well sought after and there is a limited stock of such properties for sale. In addition, of the 39 GCBAs in Singapore, the Chestnut Avenue GCBA presents one of the lowest pricing compared to those in District 10 and District 11 – offering an entry point into the prestigious GCB segment. For newly-built GCBs on sites of about the same land size in Districts 10 and 11, the seller could ask for $58 million to even $100 million. Hence, this upcoming Chestnut Drive bungalow, attractively priced at $38.88 million will appeal to owner-occupiers and investors, including high net worth individuals and business owners.”

The subject GCB site is about 600m from the Cashew MRT station on the Downtown Line. Some popular amenities in the area include HillV2 mall, The Rail Mall, Hillion Mall, Bukit Panjang Plaza, and Junction 10. Meanwhile, nearby schools are CHIJ Our Lady Queen of Peace, Assumption English School, and the Saint Francis Methodist School. The site is a 15-minute drive from the Orchard Road shopping belt, and about 30-minutes from the central business district.

There are also plenty of nature and recreation offerings close by, with the Dairy Farm Nature Park, Bukit Timah Nature Reserve, and Bukit Batok Nature Reserve a short drive from the site. Recreation activities include hiking on various trails in the nature park and former quarry, as well as cycling on the park connector network.

Mr Lim added, “The GCB site is near to the Rail Corridor, one of five identity corridors identified under Singapore’s Long-Term Plan Review. The 24-km Rail Corridor is a green spine for nature, recreation and community gatherings, and will link up the future Woodlands North Coast and Greater Southern Waterfront areas. Meanwhile, the Jurong Lake District and Jurong Innovation District is also not far from the Bukit Panjang planning area where the GCB property is located. These future developments will help to preserve the value of residential properties.”

In addition, the owner has paid $84,000 to SP Group to have the suspended overhead power cables installed underground.

Interested parties are to contact PropNex’s GCB and Prestige Landed team for more information.