Anderson Sec Founding Principal%E2%80%99S Binjai Park Gcb Sale 388 Mil
15:40:55. Last updated on Jul 23, 2024 17:00:00
In the affluent Good Class Bungalow (GCB) enclave of Binjai Park, many original bungalows have been demolished and replaced with sprawling mansions. One of the few remaining original GCBs is the property at 41 Binjai Park, situated on a prime freehold plot of 21,246 sq ft with a crescent-shaped driveway and two entrances.
Built in the 1950s, the property still retains its single-storey main house and several outhouses. According to EdgeProp Landlens, the original owner was Heng Cher Siang, the founding principal of Anderson Secondary School from 1965 to 1973. Heng recently passed away at the age of 96 and her estate has put the property up for sale.
Title records show that the original owner purchased the property in the 1950s for less than $11,000. The owner was known to be a dog lover and had the name of her dog, Apollo, painted on one of the outhouses. The current owner’s nephew and administrator of the estate, Robin Heng, confirms that the property was purchased by his aunt.
The GCB at Binjai Park boasts a regular and east-facing plot, which is highly sought after by buyers. According to Jeffrey Sim, advisory group division director at ERA Realty Network, the property’s biggest selling point is its regularity, which allows for a two-storey bungalow with an attic and a basement with a gross floor area (GFA) ranging from 17,000 to 25,000 sq ft, in compliance with URA’s guideline of a 40% site footprint.
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As the site sits 2m above street level, a new basement could be built to accommodate up to 20 cars, and the cost would not be exorbitant. Sim estimates that it would cost between $700 and $1,000 psf to build a new home, depending on the estimated GFA, which translates to $12 million to $25 million.
Binjai Park is also home to several prominent residents, including Jet Li, Peter Seah, Chief Justice Sundaresh Menon, and Grace Fu. The neighbouring street of Swiss Club Road is home to Singapore’s ninth President, Tharman Shanmugaratnam.
ERA’s Sim has listed the GCB at 41 Binjai Park at a price of $38.8 million ($1,826 psf), which he believes is very reasonable. The psf price is in line with that of a GCB on a 15,515 sq ft freehold site, which was sold in March 2023 for $28.3 million ($1,824 psf). Sim predicts that by next year, GCB prices in Binjai Park will reach $2,000 psf, making the asking price for this property a good deal.