Anderson Sec Founding Principal%E2%80%99S Binjai Park Gcb Sale 388 Mil

Introducing Norwood Grand Champions Way, a highly anticipated residential project that is set to transform the housing landscape in Singapore’s northern region. Located at Champions Way in Woodlands, this development offers a perfect blend of elegance and convenience, making it a sought-after choice for professionals, families, and investors. Boasting modern and luxurious living spaces, Norwood Grand is also strategically connected to various parts of Singapore, offering exceptional accessibility.

41 Binjai Park, one of the few remaining original GCBs in the coveted Binjai Park enclave, has been put up for sale by the estate of the late Heng Cher Siang, who was a notable educator in Singapore. Located in the prestigious Good Class Bungalow (GCB) enclave of Binjai Park, 41 Binjai Park stands out as one of the few remaining original bungalows in the area. While other homes in the area have been demolished and redeveloped into super-sized mansions, this property has retained its original state and stands proudly on its elevated, freehold plot of 21,246 square feet. The crescent-shaped driveway and two entrances add to the charm of the property. Built in the 1950s, the property features a single-storey main house and several outhouses. The owner of the property, Heng Cher Siang, was the founding principal of Anderson Secondary School from 1965 to 1973. However, she recently passed away at the age of 96, and her estate has put the property up for sale.AdvertisementAdvertisementUpon conducting a property title search, it was revealed that the freehold plot was approved for purchase on June 1, 1956. Heng’s nephew, Robin Heng, who is also the appointed administrator of the estate, stated that his aunt had purchased the land in the 1950s. Approximately seventy years ago, Heng’s aunt had acquired the property for “less than $11,000”. She was a passionate dog lover and even had her dog’s name, Apollo, painted on one of the outhouses on the property. It is believed that the new owner of the property will potentially tear down the existing structure to build a new, contemporary bungalow. The unique shape of the plot, along with its east-facing aspect, makes it highly appealing for potential buyers. Jeffrey Sim, the advisory group division director at ERA Realty Network, is the sole marketing agent for the property. According to Sim, one of the property’s major selling points is its regular shape: a square, east-facing plot of freehold land. Under URA’s guidelines, the built-up area of a GCB is only allowed to occupy 40% of the site’s footprint. As the plot at 41 Binjai Park spans 21,246 square feet, this translates to a possible building footprint of approximately 8,500 square feet. Sim estimates that the new owner would be able to construct a two-storey bungalow, complete with an attic and a basement, spanning a gross floor area (GFA) of anywhere between 17,000 and 25,000 square feet. Considering that the site is 2 meters above street level, Sim does not foresee the construction of a basement carpark to be an overly costly endeavor. He suggests that the new basement could potentially house an entertainment room, as well as a garage capable of accommodating up to 20 cars. With the rising costs of construction in a post-COVID world, Sim suggests that the construction of the new bungalow, estimated to cost between $700 and $1,000 per square foot, would amount to a total of $12 million to $25 million. “If you look around the neighborhood, you can tell that many of the old homes have been torn down and redeveloped,” said Sim. “Very few buyers choose to keep the original structure.” The neighborhood is known for its high-profile residents, including Chinese-Singaporean martial artist and actor Jet Li, DBS Bank’s non-executive chairman Peter Seah, Singapore’s Chief Justice Sundaresh Menon, and Minister for Sustainability and Environment Grace Fu. The private home of Singapore’s former ninth President, Tharman Shanmugaratnam, is just a street away on Swiss Club Road. Other notable residents of Binjai Park include prominent businessmen such as Galmon founder and CEO Desmond Ong, as well as Yanlord Land Group founder and Singapore-listed Chinese real estate developer, Zhong Sheng Jian. ERA’s Sim has stated that the asking price for the GCB at 41 Binjai Park is $38.8 million or $1,826 per square foot (PSF). This price aligns with the PSF price of a GCB on a freehold land parcel spanning 15,515 square feet, which changed hands in March 2023 for $28.3 million ($1,824 PSF). Therefore, Sim has concluded that the asking price of $1,826 PSF is incredibly reasonable. “Given the rate at which GCB prices have been appreciating, it is entirely likely that by next year, the PSF rate in Binjai Park will hit a new high of $2,000,” predicted Sim.