67 Chestnut Drive, a Good Class Bungalow (GCB) situated in Singapore’s Green Hill Estate, is set to be up for sale via an expression of interest (EOI) exercise, according to marketing agent PropNex Realty. The 999-year leasehold site has an indicative valuation of approximately $22 million.

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This figure takes into account the site’s 14,526 sq ft, translating to about $1,515 psf. Initially offered for sale as a new GCB under construction in February, the proposed property comprises two storeys and a basement and attic. It had a guide price of $38.88 million and an estimated built-up area of 19,481 sq ft, totalling $1,966 psf.

Despite some interest, prices offered did not meet the seller’s expectations. According to Henry Benjamin Lim from PropNex, many prospective buyers expressed a preference of customising the design of the house to their needs.

Therefore, the seller has decided to sell the site as bare land instead, allowing the future owner to design a house to their exact specifications. The former building on the plot has been demolished, with the site to be sold on an “as is where is” basis.

To make things easier, the seller has also paid utility provider SP Group $84,000 to install the suspended overhead power cables underground.

Situated in the Chestnut Avenue GCB area, the site has a 999-year leasehold tenure from September 1882. Additionally, it is zoned for residential use and is roughly a 12-minute walk away from the Cashew MRT Station on the Downtown Line.

The EOI for the site will close at 12pm on Aug 15. Interested buyers should approach PropNex Realty for more details.