Following a quiet second quarter, Singapore’s Good Class Bungalow (GCB) market has seen some activity this quarter with at least five transactions, reported the media.
Of these, the $35 million sale of an old bungalow located along Ridout Road was the biggest transaction. The price translates to around $1,040 psf based on the 33,700 sq ft land.
Nestled on a conservation area within the Ridout Park GCB area, the freehold property was reportedly acquired by Lim Hock Leng, the Managing Director of local supermarket Sheng Siong.
Meanwhile, a property investor acquired a bungalow along Dalvey Road for $30.8 million, or around $1,666 psf based on the land area of nearly 18,500 sq ft.
Featuring six ensuite bedrooms and a guest room, the house – which underwent a major renovation around six years ago – is spread across two levels and a spacious attic. It also has a large pool, while the living room is double volume.
Over at Oriole Crescent in the Raffles Park GCB Area, a bungalow was also sold for $15.7 million or about $1,566 psf based on the land area of a little over 10,000 sq ft.
Brokered by RealStar Premier, the property features a wide frontage, seven ensuite bedrooms and two annexes which are separated by a pool.
Media reports showed two other GCB were transacted earlier this quarter, one in Jervois Road at $18.8 million and another in Gallop Park at $25.2 million.
For this quarter, $125.5 million worth of deals have been recorded in GCB Areas, a significant improvement from the previous quarter’s $82 million.
20 transactions have been sealed in GCB Areas for nearly $470 million so far this year, showed CBRE Research data.
“Viewing activity seems to have picked up in recent months and may lead to more deals going forward. We expect the total number of GCB transactions for the whole of 2014 to be in the region of 25 to 30,” said Douglas Wong, Head of Luxury Homes at CBRE Realty Associates.
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg