Transactions in the Good Class Bungalow (GCB) market appear to have picked up in April, after moderating in Q1, according to some agents.
Urban Redevelopment Authority (URA) Realis data reveals two transactions done in April for a total of S$65 million, including a 32,626 sq ft property on Belmont Road, which received S$30 million, and a bungalow on 22,012 sq ft of land at Astrid Hill, which was sold for S$35 million.
William Wong, Managing Director of RealStar Premier Property, said his firm handled two GCB transactions in April amounting to S$99 million. The freehold properties are located in the Yarwood and Ewart Park area.
The bungalow in Ewart Park was sold for approximately S$38.6 million or S$1,150 psf, while the Yarwood deal amounted to about S$60 million or approximately S$860 psf.
A recent analysis by CB Richard Ellis (CBRE) on the URA Realis data reveals that around 16 GCB properties, totalling approximately S$338 million, changed hands in Q1 this year. This represents a decrease from 30 transactions amounting to S$623 million in Q4 2010 and 31 deals worth S$516 million in Q1 last year.
“The average per square foot price on land area in Q1 2011 showed no sign of weakening. It has instead crept up 3.4 percent from S$1,218 psf in Q4 last year to S$1,260 psf in Q1.”
The average psf price in Q1 2011 showed no signs of weakening, instead climbing 3.4 percent from S$1,218 psf in Q4 2010 to S$1,260 psf in the first quarter.
For the whole of 2011, Mr. Wong projects prices upside of around 10 percent.
Aside from the S$99 million worth of GCB transactions brokered in April, RealStar has also handled the sale of around S$110 million of other landed homes (primarily bungalows in districts 10, 11 and 21, as well as the eastern districts 15 and 16). Thus, the total value of landed homes brokered in April by RealStar surpassed its S$200 million mark, which is twice the April 2010 tally, of more than S$100 million.
Meanwhile, DTZ has launched a 20 Victoria Park Road property for sale by tender. Sitting on 32,077 sq ft of land, the 999-year leasehold property is being offered for an indicative price of S$60 million, or S$1,870 psf.
It is located on an elevated site above road access level, and is comprised of an outhouse and two bungalows.
One of the two bungalows features a contemporary design with an attic and two storeys, while the other is a two-storey “black and white styled” bungalow which is approximately 30 years old.
The tender for the site will close on 27 May.