Asia Life looks to sell good class bungalow
SINGAPORE-BASED insurer Asia Life Assurance has put up a good class bungalow (GCB) in District 10 for sale with an indicative price tag of between $11.8 million and $13.2 million.
This works out to about $450 to $550 per sq ft (psf), said Mr Karamjit Singh, managing director of Credo Real Estate, which is marketing the site.
Urban Redevelopment Authority (URA) guidelines state that the 26,254 sq ft property must be safeguarded for GCB use.
Such bungalows are exclusive properties that must sit on plots of at least 1,400 sq m, or 15,070 sq ft, and are located only in the 39 areas set aside for their construction.
Mr Singh noted that the last sale of a bungalow plot of a comparable size was a 26,515 sq ft property at 20 Astrid Hill, which fetched $13.65 million, or $515 psf, last month.
Asia Life’s single-storey bungalow at Bin Tong Park is the latest property to be put on the market by the Asia General Holdings group, which is the parent of Asia Life.
Earlier this month, Asia General sold Asia Insurance Building at Finlay-
son Green and Hotel Asia at Scotts Road to service apartment operator The Ascott Group for $217.5 million.
The sale, which Ascott said was completed yesterday, will eventually add at least 300 units to the group’s local portfolio of service residences.
Asia General also sold another property last month, the 19-unit Whitehouse Park Apartments at Stevens Road. Developer Novelty Group bought the four-storey development for $22 million, or about $650 psf of existing built-up area.
Given URA restrictions, Novelty plans to refurbish and sell the freehold estate rather than redevelop it.
The property sales come on the heels of news in April that Japan’s largest general insurer, Tokio Marine Nichido, would take a majority stake in Asia General.
Source : Straits Times - 26 Jul 2006
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