Read also: Industrial building in Changi South Street up for sale at market price of $12mil

Industrial building in Changi South Street up for sale at market price of $12mil

Within the Good Class Bungalow (GCB) area in Brizay Park situated on Bukit Timah Road and Bukit Timah Road, a property located at 11. Brizay Park is for auction. It is a 1950s-era house located on a 17,892 square feet freehold site. The property is surrounded by trees and has a 38m long driveway, with a small circular just in front of the house.
The property’s owner of the property is an architect named Alan Low, former director of the architectural business P&T Consultants. Low bought the property in 1989. The house located at 11 Brizay Park as well as the adjacent 13 Brizay Park was one property with one title. Actually, the residence located at 11 Brizay Park was the principal home, while the 13 Brizay Park comprised the garden.

The previous owner had subdivided his property into two and had sold the 11 Brizay Park Low. The house in 1950s located at 11 Brizay Park covers 4,400 sq ft constructed-up area.

Low imagines that a brand new mansion that is designed to be “a contemporary, lush sanctuary” could be constructed upon the site. If the house was placed further back from its backyard area, this could make the backyard more suitable for a grand car deck and a lush, well-groomed garden.

A brand new house with three levels (including an attic) could be constructed within the site. It could include an entertainment space, a living and dining areas and study space on the top level. The second level could include four bedrooms that have en suites including the master bedroom taking all of the attic and also the place where the new pool can be built. A brand new infinity cantilevered pool with a glass-bottom could be an impressive feature for the property according to Bruce Lye, managing partner of SRI which is the sole marketer for GCB.

Lye believes that the 38m-long driveway will attract those who seek privacy and exclusivity.
The house may be built up to 15,000-16,000 square feet that would translate into the capital cost could range from $10.5 Million to $12.8 million according to the estimated construction costs between $700 and $800 per square foot Lye says. Lye.

Another benefit for the property is the fact that it is situated in the vicinity of 1km Methodist girls’ Schools (Primary) and also within 1km-to-2km of Henry Park Primary and Pei Hwa Presbyterian Primary School. Due to its location off Bukit Timah Road it’s 4 minutes drive from Guthrie House on Fifth Avenue and a 9-minute drive towards Holland Village and a 10-minute drive to Singapore Island Country Club.

Dempsey Hill is only 13 minutes drive away. The planned Jalan Anak Bukit integrated development and transportation hub will be just 5 minutes drive to Brizay Park. Far East Organization had won the Jalan Anak Bukit site during the government land auction in August in an offer in the amount of $1.03 billion.

According to Lye according to Lye, the lush peaceful GCB zone that is Brizay Park, which is dotted with gardens and wide open space draws famous business people with families. Brizay Park GCB enclave Brizay Park GCB Enclave is not only Brizay Park as well as Wilby Road and Old Holland Road too.

The most recent deal at Brizay Park involved an GCB located on a 17,808 square feet freehold site which was sold at $21 million ($1,179 per square foot) in November of last year. A Inlis search revealed that the purchaser was Andrew Khoo, co-founder and director of Tessa Therapeutics, a clinical stage biotechnology firm focusing on the treatment of cancer.

Then, further to the left Brizay Park, there is a recently finished GCB which is owned by Andy Chua, owner of Yun Nam Hair Care, who bought his 29,785 sq feet freehold parcel at a cost of $33million ($1,108 per square foot) in the year 2016. The other neighbor has been identified as Benjamin Ngiam, managing director and co-founder of IPC Corp, a property development and investment company.

On Wilby Road lies the home located by Dora Hoan, founder, co-chairman and group CEO for the skincare and personal care business Best World International. There aren’t many transactions on Wilby Road. The last was in 2012 in which the GCB located on a 16146 sq ft freehold site was bought to a buyer for $22.8 million ($1,412 per square foot) as per an exclusion.

The residents of Old Holland Road include property developer Victor Ow, chairman and CEO of the Clydesbuilt Group; as well as Teo Hock Seng the director of Komoco Holdings, the automotive company that owns brands like Ferrari, Harley-Davidson, Hyundai, Jeep and Maserati.

Jean Yip, the entrepreneur behind the chain of beauty and hair salons, as well as an ever-growing property construction and portfolio of investments, owns her residence in the vicinity of Old Holland Road too. As per an EdgeProp report, the property is situated on the freehold site that covers 20,851 square feet and has a 40-meter private driveway.

The most recent transaction on Old Holland Road is for the purchase of a GCB located on freehold site with a total area of 25,810 square feet. The property was purchased to the buyer for $32.5 million ($1,259 per square foot) in May of this year, as per the caveat that was filed. A Inlis search reveals the purchaser has been identified as Cheryl Wee, daughter of Jean Yip, and the home is just a few doors away from the home of her family.

In the case of 11 Brizay Park the cost is $35 million, or $1,844 per square foot. “It is comparable to asking prices of GCBs in the region in the present,” says Lye. “There are not many GCBs in the region available for less than 35 million.” The property is through private contract.

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