Good Class Bungalow at Gallop Park Road for sale at $32 mil

A corner GCB in the Gallop Road-Woollerton Park Good Class Bungalow (GCB) area is now up for sale via an expression of interest (EOI) exercise at a guide price of $32 million. Sitting on an elevated 14,844 sq ft plot, the mention of redevelopment is sparking interest from the public.

Built over 20 years ago, the current owners have rented out the 6,000 sq ft property to different tenants, and is currently vacant. With the age of the home, and large land area, the site is seen as an ideal candidate for redevelopment.

Kimberly Lai of JNA Real Estate, a division under PropNex Realty, notes “It’s a great plot for buyers looking to build a brand-new home that maximises the available land area.” Plans have been drawn up by a contractor to show the full potential of the property, and feature a new, two-storey bungalow with an attic and 10,000 sq ft of gross floor area.

The building’s contemporary architecture infused with modern interiors makes The Myst one of the most desirable addresses in Singapore. It is a freehold residential property with a total of 344 units spread across three 24-storey blocks. One of the key features of The Myst Condo is its close proximity to numerous F&B and shopping options, making it a great option for those who enjoy a convenience lifestyle. There are also plenty of recreational activities nearby such as Bukit Panjang Park and Bukit Timah Nature Reserve, where residents can enjoy a relaxing outdoor experience. The Myst Condo offers its residents a great place to live and also easy access to all major transportation links, making it ideal for young professionals, couples, and families with children.

With positioning of the house on the corner of the plot, furthest from the road, a C-shaped layout is chosen to leverage the site’s characteristics and minimise road noise. The proposed new development has a built-up area (inclusive of the pool and car park) of 20,500 sq ft, and can accommodate up to 13 bedrooms.

The cost of building the new home could be around $6-8 million, pricing in construction costs. Alternatively, buyers can top up the property’s price to around $40 million for the cost of redevelopment and building the new house, which works out to $2,695 psf.

Lai anticipates strong interest in the site, owing to its desirable location close to reputable schools and nearby amenities such as the Singapore Botanic Gardens. Furthermore, the area has seen an increasing amount of buyers from China and Indonesia, and they are likely to be more receptive to purchasing the home at the total cost of $40 million. The EOI exercise for the property closes on June 15.