British Government to Relaunch 2 GCB Land Plot

Both sites at Nassim Road are expected to have a guide price of $1,650 to $1,700 psf.
The British government may soon relaunch two good class bungalow (GCB) plots in Nassim Road, after bids received during the initial tender neglected to satisfy the guide cost, reported The Business Times.

The two land lots were carved out from the garden of Eden Hall, the official residence of the British High Commissioner to Singapore.

Sammi Lim, Manager, Investment Properties at advertising agent CBRE, will close in early August, and confirmed after this month that both schemes will be launched again for bid.

The previous bid for the sites closed on 12 January, at a time when property opinion was poor due to concerns over the international stock market rout and China’s economic slowdown.

The 15,634 sq ft back plot, on the other hand, had a guide price of $31.268 million ($2,000 psf).

This time around, however, the two plots are expected to carry a lower guide price of about $1,650 to $1,700 psf.

The relaunch came as no surprise to market watchers, given the recent development in market sentiment.

Some bidders were eager on only one scheme while others were interested in both as they wanted greater flexibility to reconfigure the site to satisfy their requirements,” said Lim.