A rare vacant Good Class Bungalow (GCB) plot within the Chatsworth Park Good Class Bungalow Area.
News release
01 February 2024
JLL launches Good Class Bungalow plot at Jervois Hill
SINGAPORE, 2 February 2024 – JLL, as the exclusive sole marketing agent, today launched the sale by Expression of Interest for No. 11 Jervois Hill (the “Property”), a rare vacant Good Class Bungalow (GCB) plot within the Chatsworth Park Good Class Bungalow Area.
The freehold GCB plot of 15,171 sqft is set on high ground and elevated towards the rear. The Property has an impressively wide frontage of approximately 40 meters and is situated near a quiet and exclusive cul-de-sac surrounded by plots with a similar land size within the Jervois Hill enclave.
The Subject Property is one of the nineteen plots carved out from an original sprawling plot. These subdivided plots were sold individually between 2005 and 2007 at prices ranging from $400 psf to $800 psf on their land areas. The average per square foot prices of GCB almost doubled within that two-year period.
For 18 years from 2005 to the present, the unit land prices for GCBs in Singapore have risen from around $377 psf to $2,500 psf or higher, an increase of 6.5-fold. The consistent price growth of GCBs is a testament to the popularity of the sought-after asset class with its wealth preservation quality and legacy planning potential.
There have been no transactions in the Chatsworth Park Good Class Bungalow Area recently except for No. 3 Jervois Hill in 2022. It was transacted at $3,900 psf on land area or $58.8 million for the 15,094 sqft land with a designer bungalow on the plot.
“The owner of the Subject Property has been receiving offers at different points in time over the past few years. The owner has now agreed to engage JLL to run a coordinated sale exercise to get the maximum exposure through a structured EOI exercise. The indicative price of the site is $3,500 psf, which translates to about $53 million,” said Ms Carin Puah, Senior Director, Capital Markets, JLL Singapore.
“GCB prices continue to hold firm despite slower sales volumes, demonstrating that the ultra high net worth individuals and families are still shelling out top dollar for these prestigious and scare assets,” added Ms Puah.
The Expression of Interest exercise will close on 1 March 2024 (Friday), at 2.30 p.m.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.