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

NewsFebruary 02, 2023
Share:

 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.

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

Suggested Reads

Upcoming Events

View more

You may like

New Private Home Sales Fell By 9% In April From March On US Tariffs Concerns And Dearth Of OCR Launches; The City Fringe Led Sales - Spurred By Marina South Project

May 15, 2025

Propnex To Launch The Tender For The Sale Of Two Freehold Terrace Houses In Devonshire Road For A Guide Price Of $14 Million

May 14, 2025

Private Home Prices And Hdb Resale Prices Rose At A Slower Pace In Q1 2025; Us Tariffs And Us-china Trade Tensions May Cloud Sentiment

April 25, 2025

New Private Home Sales Slipped In March Amid A Dearth Of Large Condo Launches; US Tariffs Uncertainties May Weigh On Buyer Sentiment

April 15, 2025

Flash Estimates Q1 2025 - Private Home Prices and HDB Resale Prices Rose at a Slower Pace in Q1 2025

April 01, 2025

Freehold Cluster Landed Development Casa Fidelio In District 15 Put Up For Collective Sale For A Reserve Price Of $24 Million

March 19, 2025