SINGAPORE - 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.
This article was first published on September 14, 2016.
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