Leedon Park bungalow up for sale at $75 million

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http://www.straitstimes.com/business...-at-75-million

Leedon Park bungalow up for sale at $75 million


The property at 17, Leedon Park comprises a two-storey bungalow with a built-up area of about 9,000 sq ft as well as a 21m-long swimming pool and garden. Its redevelopment potential will be a big draw as it can be sub-divided into three good class bungalows, with a minimum land area of 15,069 sq ft each, said its sole marketing agent JLL.PHOTO: JLL

Sep 14, 2016

Wong Siew Ying


A good class bungalow (GCB) at 17, Leedon Park in the prime District 10 has been put on the market with a price tag of between $70 million and $75 million. The sprawling home sits on a 46,879 sq ft site.

That puts the expected selling price at $1,493 to $1,599 per sq foot (psf) on the land area, its sole marketing agent JLL said yesterday. The property, which was built in the early 1990s, comprises a two-storey bungalow with a built-up area of about 9,000 sq ft as well as a 21m- long swimming pool and garden.

Its redevelopment potential will be a big draw as it can be sub-divided into three GCBs, with a minimum land area of 15,069 sq ft each, said JLL. "The wide frontage of about 80m and the generally flat terrain allows for efficient subdivision... Such opportunities to build three good class bungalows side by side do not come by often," said JLL's international director and head of residential Karamjit Singh.

Only 14 out of 174 transactions made over the past five years had plots that could have been sub-divided into two or more GCB parcels. These include the British government's 34,252 sq ft land in Nassim Road, which went for $56.58 million or $1,652 psf last month.

JLL noted that of the 14 plots, only one - 35, Ridout Road - could be split into three or more bungalow sites. It has a land area of 73,280 sq ft and was sold for $91.68 million or $1,251 psf in May last year.

Mr Singh told The Straits Times that 19 GCB deals - valued at a total of $470 million - have been done so far this year.

The property at 17, Leedon Park is within an exclusive good class bungalow enclave and near amenities such as the Botanic Gardens and Holland Village.

The tender for the property closes on Oct 18 at 2.30pm.

Wong Siew Ying

[reporter2]

http://www.businesstimes.com.sg/real...sale-by-tender

JLL launches Leedon Park GCB for sale by tender

By Tan Effie

[email protected]

Sep 14, 2016


A SPRAWLING good class bungalow (GCB), situated on one of the highest points of the Leedon Park GCB Area, was launched for sale by tender by sole marketing agent JLL on Tuesday.

The vendors of 17 Leedon Park are expecting offers in the region of S$70 million to S$75 million, which works out to S$1,493 psf to S$1,599 psf on the land area.

Built in the early 1990s, 17 Leedon Park comprises a two-storey bungalow with a built-up area of approximately 9,000 sq ft equipped with a 21 m long in-ground swimming pool and a lavish garden.

The property has a sprawling land area of about 46,879 sq ft, which is about 60 per cent the size of a football field. It is large enough to be sub-divided into three GCBs which require a minimum land area of 15,069 sq ft each. The wide frontage of about 80 m and the generally flat terrain allows for efficient subdivision.

Said Karamjit Singh, international director and head of residential, JLL: "Home buyers could also look to retain the existing house, which comes with a charming courtyard, while carving off about 15,069 sq ft from its garden and pool area to build another GCB. This would leave the existing house with a reduced land area of just under 32,000 sq ft, which could in the future be further sub-divided into two GCBs."

He added: "Alternatively, friends or family members could team up to acquire the property and have it redeveloped into two or three houses. Such opportunities to build three GCBs side-by-side do not come by often."

The property is also accessible to other parts of the island and is conveniently connected to many amenities such as the Botanic Gardens, Holland Village, Cold Storage Jelita and The Star Vista. It belongs to Kwan Chang Choo and Eddie Foo Chik Kin. Mr Foo was also the managing director of Firstlink Investments Corp, formerly known as Singatronics.

The tender for 17 Leedon Park closes on Tuesday, October 18, 2016 at 2.30pm.