A good class bungalow (GCB) at 122 Windsor Park Road has been sold for $21.8 million, or about $1,070 psf based on its land area of 20,383 sq ft, reported The Straits Times.
The price of the freehold property is below that of two similar deals which took place in January 2013 when 55 Windsor Park Road was sold for $27 million or $1,400 psf, and 2 Windsor Park Hill was bought for $25.3 million or $1,125 psf.
The property’s title deed shows that the new buyer is from the Tng family, who run a company involved in local development and construction. The buyer is believed to have purchased the bungalow for owner-occupation.
Completed in 2006, the modern two-storey Balinese-style home has basement parking space. There is also a roof terrace, swimming pool and several ponds on the ground level.
“There is interest in GCBs as potential buyers feel there has been some price decline. They are waiting on the sidelines and, if the sellers were to be a bit more flexible or reasonable in their pricing, a few more GCBs may be transacted in the next quarter,” said Michael Lam, director of the GCB division at Global Estate Management, who brokered the deal.
R’ST Research director Ong Kah Seng noted that GCB prices fell by around five percent in 2014, but are holding up better than the luxury condo market.
The sales volume has also dropped, with only 12 GCBs sold during the first three quarters of 2015 amounting to $394.11 million, down from 16 sold over the same period last year for a total of $416.2 million.
Nonetheless, buyers are still keen on purchasing homes within GCB areas. In fact, 20 such homes were sold for around $500.5 million during the first three quarters of 2015.
Image: View of landed homes in Singapore.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
