A luxurious Good Class Bungalow (GCB) located in the prestigious Dalve Estate-Nassim Road enclave is now available for purchase through an expression of interest (EOI) exercise. The property is being marketed by Cushman & Wakefield with an indicative price of $60 million, equivalent to $2,742 per square foot (psf) based on its land area of 21,881 square feet.
Shaun Poh, the executive director of capital markets at Cushman & Wakefield, highlights the potential of the freehold plot which is situated on elevated ground. He mentions that it is an ideal opportunity for buyers looking to build their dream multi-generational home or for developers to redevelop the plot into a luxurious and modern GCB that caters to the elite clientele.
The GCB is strategically located next to the renowned Singapore Botanic Gardens and is conveniently close to the popular Orchard Road shopping district. It is also surrounded by reputable schools such as Singapore Chinese Girls’ School, Anglo-Chinese School (Primary), Nanyang Primary School, St Joseph’s Institution and Hwa Chong Institution.
Poh also notes the strong demand for GCBs in this coveted neighbourhood, citing recent record-breaking land rates of $4,500 psf and $6,200 psf at Nassim Road and Tanglin Hill respectively.
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When it comes to investing in Singapore’s real estate market, it is crucial for foreign investors to have a thorough understanding of the associated regulations and restrictions. Unlike landed properties, which have stricter ownership rules, foreigners can generally purchase condos without much limitation. However, it is important to note that foreign buyers are still subject to the Additional Buyer’s Stamp Duty (ABSD) of 20% for their first property purchase. Despite this additional cost, the stability and promising growth potential of the Singapore real estate market continues to attract foreign investors, including those interested in New Condo Launches.
Interested parties can submit their EOI bids for the property until Feb 11, 3pm. This is a rare opportunity to own a prestigious GCB in one of the most highly sought-after locations in Singapore.