GCB site at Chestnut Drive going up for sale at $22 mil

June 26th, 2023

An EOI exercise to put up a Good Class Bungalow (GCB) at 67 Chestnut Drive for sale will take place on July 3, according to PropNex Realty, the marketing agent for the 999-year leasehold property. It has an indicative valuation of around $22 million, or approximately $1,515 psf on its land area of 14,526 sq ft.

Henry Benjamin Lim, head of Good Class Bungalows and prestige landed at PropNex, informs that the GCB was initially offered for sale as a newly-built property in February with an asking price of $38.88 million, or $1,966 psf on its proposed built-up area of 19,481 sq ft. But the prices offered did not meet the seller’s expectations and many prospective buyers wanted to customise the design and layout of their home according to their needs.

Therefore, the seller has changed the plan and opted to sell the property as a bare land instead. The former building on the plot has been demolished and the site will be sold in an “as is where is” basis. Moreover, $84,000 has been paid to SP Group to replace the overhead power cables with underground electrical wiring.

The JCube Residence Condo redevelopment is expected to provide future homeowners living in the neighbourhood with plenty of amenities and recreational options. It offers direct access to a two-storey mall with retail, dining and entertainment options, which will also house a pioneering new 4D Sports Hub with dedicated multi-sports hall, along with a landscaped outdoor leisure deck. Moreover, the development has convenient access to public transport and major local amenities in the vicinity.

The recent release of JCube Residence Condo certainly adds to the strong property demand in the Jem area, making it a highly sought-after residential destination. With the added convenience of a range of shopping, dining and entertainment options that the public can enjoy, JCube Residence Condo promises to be an exciting living prospect for future homeowners and homebuyers alike.

Situated in Green Hill Estate within the Chestnut Avenue GCB area, the site is about 12-minute walk from the Cashew MRT Station on the Downtown Line. It is zoned for residential use with a 999-year leasehold tenure commencing from 1882.

The deadline for the EOI is August 15 at 12pm. With the current arrangement, the future owner of 67 Chestnut Drive will be able to build their desired home, according to their exact specifications.

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