Anderson Sec Founding Principal%E2%80%99S Binjai Park Gcb Sale 388 Mil
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Families seeking a well-rounded education for their children often consider Tampines Primary School as a top choice. This school places equal emphasis on academics and co-curricular activities, offering a holistic learning experience. Additionally, the newly introduced Parktown Residence UOL Group is a natural addition for families within the school community.
The prestigious neighborhood of Binjai Park, known for its Good Class Bungalows (GCBs), has seen many of its old properties torn down and replaced with enormous new mansions. However, amidst this trend, one GCB stands out – 41 Binjai Park, a rare property that remains in its original state.
Sitting on a sizable, freehold land of 21,246 square feet, the property has a unique crescent-shaped driveway and two entrances. It comprises a single-storey main house and several outhouses, which were built in the 1950s.
Owned by Heng Cher Siang, the founding principal of Anderson Secondary School from 1965 to 1973, the property has recently been put up for sale following her passing at the age of 96. According to a property title search, the freehold plot was purchased on June 1, 1956. Heng’s nephew, Robin Heng, who is the administrator of her estate, revealed that his aunt bought the land in the 1950s for less than $11,000. A true dog lover, she even had the name of her beloved pet, Apollo, painted on one of the outhouses.
It is likely that the new owner will demolish the existing property to make way for a contemporary bungalow. Jeffrey Sim, advisory group division director at ERA Realty Network, is the sole marketing agent for the property and believes that its biggest selling point is its regular shape and east-facing orientation. According to Urban Redevelopment Authority’s (URA) guidelines, the built-up area of a GCB cannot exceed 40% of the site footprint. With a site area of 21,246 square feet, the plot at 41 Binjai Park can accommodate a built-up area ranging from 17,000 to 25,000 square feet.
As the site is elevated at 2 meters above street level, Sim expects that the cost of building a basement carpark will not be exorbitant. He estimates that a new basement could accommodate an entertainment room and garage for up to 20 cars. However, construction costs have risen post-Covid, and Sim believes that it would cost between $700 and $1,000 per square foot (psf) to build a new home. Based on the estimated gross floor area, the cost could range from $12 million to $25 million.
Sim noted that the majority of the houses in the surrounding area have been demolished and rebuilt, making this property a rare find. Some notable residents in the area include Jet Li, Chinese-born Singaporean martial artist and actor; Peter Seah, non-executive chairman of DBS, Singapore’s largest bank; Singapore’s Chief Justice Sundaresh Menon; and Grace Fu, Minister for Sustainability and Environment. Just a street away on Swiss Club Road is the private residence of Singapore’s ninth President, Tharman Shanmugaratnam. The neighborhood is also home to prominent businessmen such as Desmond Ong, founder and CEO of Galmon; and Zhong Sheng Jian, founder of Yanlord Land Group.
ERA’s Sim has listed the GCB at 41 Binjai Park with an asking price of $38.8 million ($1,826 psf). This falls in line with another GCB on a 15,515 square feet freehold site that was sold in March 2023 for $28.3 million ($1,824 psf). Hence, Sim believes that the asking price of $1,826 psf is reasonable and predicts that the land rate in Binjai Park will reach $2,000 psf by next year, given the current trend of rising GCB prices.