Anderson Sec Founding Principal%E2%80%99S Binjai Park Gcb Sale 388 Mil

Nestled in the rapidly developing Tengah district, Novo Place Hoi Hup offers a desirable living experience for its residents. This prestigious residential complex is not only well-connected to transportation options, but also within close proximity to a variety of shopping and dining choices. Its strategic location allows easy access to major shopping centers and a plethora of food establishments to satisfy the diverse tastes of its residents.

08:48 PMOK, let’s give it a try:The GCB enclave of Binjai Park has seen many old bungalows being demolished and replaced with new grand mansions. However, one property that has stood the test of time is located at 41 Binjai Park, still standing in its original state. The bungalow sits on an elevated, freehold plot of 21,246 sq ft and features a crescent-shaped driveway with two entrances. Built in the 1950s, the property consists of a single-storey main house and several outhouses.EDGEPROP LANDLENSThe late owner, Heng Cher Siang, was the founding principal of Anderson Secondary School and resided in the bungalow for many years until her recent passing at the age of 96. Now, her estate has decided to put the property up for sale, making it a rare opportunity for buyers to own a piece of history.READ ALSO: CONVICTED OIL TYCOON OK LIM TO SELL HIS THIRD GCB FOR $43 MILAccording to a property title search, the plot was approved for purchase on June 1, 1956, and Heng’s nephew, Robin Heng, who is the appointed administrator of the estate, shares that his aunt purchased the land in the 1950s. At that time, she had paid less than $11,000 for the bungalow and was an avid dog lover, evidenced by her dog’s name “Apollo” painted on one of the outhouses. Robin believes that the new owner will most likely demolish the existing property to build a new modern bungalow.The Binjai Park GCB boasts a unique crescent-shaped driveway and two entrances.EDGEPROP SINGAPOREPossible for redevelopmentERA Realty Network’s Jeffrey Sim, the sole marketing agent for the property, highlights its biggest advantage as being its regular shape and east-facing position. According to URA guidelines, GCBs can only have a built-up area that occupies 40% of the site footprint. Based on the plot size of 41 Binjai Park, the calculable footprint area would be around 8,500 sq ft.As per Sim’s analysis, the new owner has the potential to build a two-storey bungalow along with an attic and basement, creating a gross floor area (GFA) ranging from 17,000 to 25,000 sq ft. Considering the 2m elevation from street level, the cost of constructing a basement is estimated to be reasonable, and it could even accommodate up to 20 cars, including an entertainment area.READ ALSO: JERVOIS HILL GCB PLOT NOW ON MARKET FOR $46 MIL, DOWN FROM $53 MILLengthy reconstruction processSim also notes that post-Covid construction costs have risen, and he estimates the cost of building a new house could range from $12 million to $25 million based on a price of between $700 and $1,000 psf. However, he is also quick to point out that most of the other homes in the area have been torn down and redeveloped, with only a handful of properties retaining their original structure.EDGEPROP SINGAPOREThe bungalow was built in the 1950s and has since retained its original structure.Prestigious neighborsThe neighborhood of Binjai Park houses some of Singapore’s most prominent residents, including martial artist and actor Jet Li, Peter Seah, the non-executive chairman of DBS, the country’s biggest bank, Chief Justice Sundaresh Menon, and Grace Fu, the Minister for Sustainability and Environment. The private residence of Singapore’s ninth President, Tharman Shanmugaratnam, is located just a street away on Swiss Club Road.The vicinity is home to several well-known businesspeople as well, including founder and CEO of Galmon, Desmond Ong, and Zhong Sheng Jian, the founder of Singapore-listed Chinese property developer Yanlord Land Group.Sim, the ETA advisor at ERA Realty Network, has priced the GCB at 41 Binjai Park at $38.8 million ($1,826 psf). He has exclusive rights to market the property and believes that the price is highly reasonable. Comparing the price to a GCB sold for $28.3 million ($1,824), at a slightly bigger freehold site with a size of 15,515 sq ft, Sim says that the asking price at Binjai Park is “very reasonable.” Considering the current trend of GCB prices rising, Sim predicts that by next year, the land rate at Binjai Park will reach $2,000 psf.READ ALSO: CHANCERY LANE GCB FOR SALE FROM $43 MILLike this? Subscribe to our free newsletters to get stories like this delivered to your inbox.