The valuation the agents have assigned to the land, between $46 million to $48 million, significantly exceeds the current benchmark for GCBs.
SINGAPORE: Knight Frank Singapore has announced that a freehold Good Class Bungalow land plot in the prestigious District 10 is up for sale by auction. This announcement comes at a time when the GCB market is witnessing a resurgence in activity following a subdued second half in 2023.
Knight Frank has set the indicative price for this piece of real estate at approximately $4,028 per square foot , translating to a total valuation between $46 million to $48 million. This pricing significantly exceeds the current benchmark, where unit land prices for GCBs have breached $2,685 psf. The renewed vigor in the GCB market is evident, with five deals amounting to $291.39 million already transacted this year. This follows a period of muted performance in the latter half of 2023, indicating a rebound in interest and investment in these high-value properties.
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