For sale at $32 million is a good class bungalow on Gallop Park Road

Within the Gallop Road-Wollerton, in the Gallop Road-Wollerton Park Good Class Bungalow (GCB) region there is a GCB located at the intersection of Gallop Park Road and Farrer Road is being offered for sale as the expression of interest (EOI) exercise for the cost of $32 million. The GCB is located on an elevated plot of land that covers 14,844 square feet, which means the estimated price is $2,156 per sq ft.

TMW Maxwell land price deal will see a transfer of $276.8 million to the owners of TMW Maxwell.

The current owners constructed the two-story house on the site around twenty years ago. It is a constructed area of around 6,600 sq ft. The first floor is an enormous living space with a pool in the front. A dining room and an enormous kitchen are linked to a space for a helper’s room as well as a laundry. On the second floor, there are three bedrooms with ensuite bathrooms and two additional bedrooms sharing a Jack-and-Jill bathroom.

In the past the owners let the property to various tenants, many of which were expatriates, says Kimberly Lai of JNA Capital Markets (a team of JNA Real Estate), who are marketing the property. The GCB is currently not leased however, the owner is trying at selling the property that is vacant.

Lai says that the large land area, along and the age of the current house, make the site an ideal location to redevelop. “It’s an ideal location for people seeking to build a brand new home that makes the most of the available land,” she says. If the approval of appropriate authorities, the new house could be two stories and an attic.

Costs of construction and pricing
To aid prospective buyers in understanding the full potential of the property, JNA Real Estate consulted with a builder to create plans for a home. “We were looking to show potential buyers the possibilities and how the house would most effectively utilize the property’s features,” Lai says. The plan also seeks to reduce noise levels due to the location of the property, which is close to Farrer Road, which is an important thoroughfare.

The proposed development is an area of built-up (inclusive of pool as well as a the car parking) of 20500 square feet including a brand-new 2-storey home with an attic which is an overall floor space of approximately 10,000 square feet. The house is located in the middle of the plot that is farthest away from the road with the swimming car porch and pool moved towards the eastern end of the plot. This is also closest to the street. “This means that the house has an increased setback that will reduce the noise from the road and provide peace,” Lai adds.

The floor plan was the layout was a C-shape which allows most rooms to face a central courtyard which acts as the central area. The common areas of the house, such as the formal dining and living space, will be located on the first floor. While those on the second floor will contain the living areas of the family. The new house can be able to accommodate up to 13 bedrooms.

Based on the blueprints drawn, Lai says the new house could cost anywhere from $7 million-$8 million based on the type of materials employed. “The potential buyer can use these plans and then implement them, thereby reducing time when it comes to site designing and working together with architects to create designs,” she adds.

If buyers want to avoid taking care of the construction of their dream home, Lai says they have the option of securing the amount they pay to the seller in order to cover the cost of developing the site and construction of the new home. The price of buying the property with a new construction is $40 million, that’s equivalent to $2,695 psf for the land. “It’s an appealing price for a brand-new home situated in a GCB region within District 10,” Lai adds.

The most recent sale in the Gallop Road-Woollerton park GCB area took place in March, when an apartment on Woollerton Drive that had a land size of 8,646 square feet was sold at $24.4 million ($2,822 per square foot). Prior to this there was an GCB located on Gallop Park Road that belonged to the late daughter-in-law of Khoo Kay Hian, the founder of the stockbroking firm Kay Hian and Co, was sold for $35.5 million ($2,723 per sq ft) in March 2022.

The Trophy asset
Lai believes that the GCB located at Gallop Park Road draw significant interest prospective buyers to be families looking for a luxury property in a prestigious neighborhood. Lai adds she believes the property is located near well-known schools like Nanyang primary school, St Margaret’s School (Secondary) and Hwa Chong Institution.

Other amenities in the vicinity, such as other nearby facilities, including Singapore Botanic Gardens which is only a short walk away, add to the appeal of the area. Shopping centers within the close vicinity comprise Serene Centre and Coronation Shopping Plaza The Farrer Road MRT Station (on the Circle Line) as well as the Botanic Gardens MRT Station (Circle and Downtown Lines) offer convenient transportation alternatives.

Lai is also anticipating interest from new Singapore citizens, pointing out that the GCBs located within Gallop Park and Woollerton Park are popular with buyers from China as well as Indonesia. “Given the location of it next to Botanic Gardens and the surrounding GCB areas such as Cluny Hill, Nassim Road and Cluny Park, they see the houses here as a part of a distinguished neighborhood,” she says.

Lai believes that this set of purchasers to be willing to purchasing a home for $40 million, which includes redevelopment. “They may prefer this route which is less hassle-free particularly if they’re unfamiliar with the building and planning procedures in the area,” she says.

The EOI exercise for the property is due to close in June 15, 11.59pm.