Huttons Asia has provided insights into the proposed rezoning of land parcels at Holland Road, which is set to transform the area near the Botanic Gardens into low-density housing and Good Class Bungalows (GCBs). This prime location, close to Cluny Hill and Gallop Road/Woollerton Park GCB areas, is expected to attract significant interest due to the limited supply of bungalows in these coveted zones.
The Singapore government’s plan to welcome up to 30,000 new citizens annually could further drive demand, particularly among ultra-high-net-worth individuals (UHNWIs) seeking to purchase GCBs. According to Lee Sze Teck, Senior Director of Data Analytics at Huttons, “These new GCBs will likely be highly sought after.”
An important consideration in this development is the Additional Buyer’s Stamp Duty (ABSD), which typically applies to land acquisitions. However, as this project involves a land swap, ABSD may not be applicable. Nonetheless, Lee notes that the Leasehold Building Charge (LBC) should be payable due to the change of use.
The proposed rezoning and development of GCBs in this area could significantly impact the real estate market, offering new opportunities for both buyers and investors. As the project progresses, it will be crucial to monitor how these changes influence property values and demand in the surrounding areas.
