Business

Belmont Road bungalow to be auctioned with guide price of $42m

A Good Class Bungalow (GCB) at 80 Belmont Road will be auctioned next week in a mortgagee sale with a guide price of $42 million, property consultancy Knight Frank Singapore said yesterday.

That works out to a price tag of about $1,557 per sq ft (psf).

The auction will take place at 2.30pm on Tuesday at the Connection Room on Level 3 of Amara Singapore hotel.

The two-storey freehold property has a land area of 27,000 sq ft and floor area of 15,714 sq ft. Its sprawling grounds include a covered car porch, lift, swimming pool, playground, basketball court and landscaped garden.

"Given the rarity of a GCB of this size being put up for auction, we anticipate the response to be good," said Knight Frank Singapore head of auction and sales Sharon Lee.

GCBs have a minimum plot size of 1,400 sq m, or 15,069 sq ft, according to the Urban Redevelopment Authority.

Two GCBs in the vicinity have been sold in the past year, Ms Lee said. One was a 15,004 sq ft GCB at 63 Belmont Road, which sold for $39.8 million or $2,654 psf last month. The other was a 15,069 sq ft GCB at 43 Belmont Road, which transacted for $33.8 million or $2,243 psf last August.

In a mortgagee sale, the bank forecloses on the property after the owner defaults on the mortgage, putting the property up for sale to recover the outstanding debt.

The 80 Belmont Road property is located near the Holland Village enclave, Sixth Avenue, and the Singapore Botanic Gardens. - THE STRAITS TIMES

BUSINESS & FINANCE