Good class bungalows, like the one in this file photo, are considered the most exclusive residential properties in Singapore.
A good class bungalow (GCB) at Kingsmead Road in Bukit Timah is being sold for $29 million, or $1,065 psf. If the deal goes through, it would be the most expensive GCB based on the absolute selling price since July 2015, reported The Business Times.
Currently, there are two existing properties on the site, which measures 27,228 sq ft. The older house contains a hall and four bedrooms, while the newer one comes with a spacious living room, kitchen, dining area and master bedroom. There is no swimming pool, but there is a well.
It is being sold by the estate of the late Evelyn Liau, wife of the former principal of Raffles Institution, Philip Liau, who passed away before her in 1993.
The buyer is reportedly Darwin Indigo, Wilmar International’s Deputy Country Head for Indonesia. He is also the nephew of the firm’s Executive Deputy Chairman, Martua Sitorus.
According to Realstar Premier Group’s Managing Director, William Wong, the buyer is likely to redevelop the property at a cost of $7 million to $8 million. It may even reach $10 million depending on the specifications.
However, he noted that Kingsmead Road is not a commonly sought-after GCB location compared to nearby Leedon Park and Belmont Road, as land parcels there come in various sizes, with some measuring less than 10,000 sq ft.
“That said, Kingsmead Road is an attractive location for people looking to buy a bungalow. It is a more serene, private locale compared to some of the roads in the immediate neighbourhood such as Coronation and Duchess roads,” Wong said. It is also close to Nanyang Primary School.
If the transaction proceeds as planned, it would be the biggest GCB deal since a home in Queen Astrid Park changed hands for $32 million ($1,169 psf) nearly a year ago.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
