A prestigious good class bungalow (GCB) at 35 Ridout Road in District 10 is up for sale by tender, marketing agent DTZ said.
The freehold site currently consists of an original two-storey bungalow with two single-storey outhouses and a large open field.
Sprawled over 73,277 sq ft, the site could be subdivided into four smaller plots of GCB land, with each averaging 18,300 sq ft.
Zoned for residential use under the 2014 Master Plan, the property is located within the GCB area of Ridout Park. Neighbouring estates include the coveted GCB addresses of Holland Park, Ridley Park and Chatsworth Park.
According to DTZ, recent transactions of nearby bungalows range from $1,400 psf to around $2,000 psf.
The area is served by major roads and expressways and is also close to dining and entertainment options at Holland Village, Dempsey Hill and Orchard Road.
Commenting, Ho Tian Lam, DTZ Southeast Asia’s CEO and Head of Investment Advisory Services and Auction said: “With its location within a GCB enclave, the subject property will be a compelling draw for high net worth individuals looking for an exclusive home or a choice investment option.
“What is also interesting is that, subject to planning permission, the land area is large enough to be subdivided into four smaller GCB plots. This is relatively rare nowadays, and in this regard may attract keen interest from developers as well.”
The tender exercise closes on 8 April 2015.