The 999-year leasehold property is currently valued at approximately $22 million

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As a logical expansion, residential uses may be incorporated on both the eastern and western portions of the turf club property

A Grade B Bungalow (GCB) located at the address 67 Chestnut Drive will go on the market for sale via the expression of interest (EOI) process on 3 July according to the marketing agent PropNex Realty. The leasehold of 999 years site is estimated to be worth of approximately $22 million which is equivalent to around $1,515 per square foot of surface of 14,526 square feet.

The property was first advertised for sale as a brand-new GCB being constructed in the month of February. The property was envisioned property is a detached two-storey home with a basement as well as an attic space, was put on the market under a private contract with an $38.88 million guide price which is $1,966 per square foot on the built-up area that is proposed to be 19,481 square feet.

While the private treaty auction was a hit, the price provided did not match the expectations of the seller, says Henry Benjamin Lim, head of Good Class Bungalows and prestige that landed at PropNex. “In addition, many potential buyers stated that they prefer customizing the layout and design of their new home according to the requirements of their individual,” he adds.

The seller has made the decision that they will sell the site as empty land rather than an entirely new building, allowing the new owner to design the house according to their own requirements. The previous building located on the site was demolished and the site being offered in an “as is, where is” basis. The seller also paid the utility company SP Group $84,000 to install the overhead power cables suspended underground.

It is situated in the Green Hill Estate in The Chestnut Avenue GCB area, the site is designated for residential use and has the leasehold tenure of 999 years beginning in September 1882. It’s a 12 minute walking distance to Cashew MRT Station on the Downtown Line.

It is expected that the EOI on the site will expire at 12pm on August 15th.