Founder of Indonesian coal mining firm PT Bayan Resources Low Tuck Kwong and his children are reportedly selling a Good Class Bungalow (GCB) along Swettenham Road in District 10 for $23.52 million.
This translates to $1,543 psf based on its land area of 15,239.53 sq ft, but is a far cry from the $30 million the seller was asking for nine months ago, according to market watchers.
The two-storey freehold property comes with a swimming pool and four large bedrooms, and RealStar Premier brokered the sale.
Moreover, Low’s family is said to be looking for a buyer for another GCB along Swettenham Road that had been used by the family as an investment property.
Based on market chatter, the Low family is disposing the two GCBs at Swettenham Road, and they will relocate to a large bungalow being constructed at nearby Peirce Hill.
According to CBRE, 28 bungalows with a combined value of $626.14 million were sold in 2014. In comparison, 2013 saw 29 transactions with a collective worth of nearly $682 million, while 2012 recorded 54 deals amounting to $1.17 billion.
Consequently, average price of GCBs dipped by five percent to $22.36 million in 2014 from a high of $23.52 million a year ago.
“It is likely that the average price of GCBs with land areas of about 15,000 sq ft will hover around $22 million each this year,” said Douglas Wong, Head of Luxury Homes at CBRE Realty Associates.
“The market should clock in about 20 to 30 sales in GCB areas in 2015,” he added.
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
