22 Apr '15, 6am

$20m GCB to go under the hammer

Comment E-mail to friend Bookmark & Share A partially completed good class bungalow (GCB) at 15 Binjai Rise will appear in Colliers International’s auction next Wednesday, media reports said. The seller is a Hong Kong-based bank while the actual owners are understood to be members of a family who were redeveloping the property for their own use. In a mortgagee sale, the lender is the party disposing the home after the owners have defaulted on their mortgage. Market sources revealed that the freehold property has an indicative price of $20 million, or $1,174 psf based on its land area of 17,035 sq ft. The selling price is reasonable as owners of older GCBs within the vicinity have been asking mostly for $1,300 to $1,600 psf depending on the property’s condition, said RealStar Premier Group Managing Director William Wong. Situated in a cul-de-sac behind the Pan Island Expres...

Full article: http://www.propertyguru.com.sg/en/property-management-new...

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