SINGAPORE: A Good Class Bungalow (GCB) in the Tanglin Hill area is about to be sold for $6,197 psf for a land area of 15,150 sq ft, which would mean a total sale of almost S$93.9 million.
The Business Times noted this earlier this week as a new record land rate in the GCB market, with the transaction reportedly entered into last March. It is now said to be at the option-grant stage.
The identity of the individual who is buying this GCB has not been made public, as yet.
The property, still under construction, will have six bedrooms within two floors, an attic with a high ceiling, and a sizable basement with a number of entertainment areas. It will also have a wine cellar and a swimming pool, as well as a car port that can fit more than one dozen vehicles.
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The previous record price had been set in 2023 for three Nassim Road bungalows that sold for $4,500 psf.
A GCB is widely regarded to be the most prestigious type of property that a person can own in space-challenged Singapore. To date, there are only about 2,700 of them in the Little Red Dot.
Two factors mark GCBs, which are size and location. GCBs are said to have a land size of more than 1,400 sqm, and can only be found in the 39 designated enclaves in prime residential areas near Singapore’s city centre.
There were nine Good Class Bungalow transactions in the first half of 2024, for a total of S$202 million. While there had been the same number of transactions in the second half of 2023, H1 2024’s total was up by eight per cent.
Last month, Singapore Business Review quoted real estate portal PropNex as saying that the actual volume of GCB units sold in the first half of the year may be “a tad higher” because a number of deals may not have been caveated.
A GCB on Gallop Road, which went for S$42.5 million, and another at Bin Tong Park, with a price tag of S$84 million, are among these.
SBR further said that a GCB on Ford Avenue was the top deal for the quarter, as it was sold in March for S$39.5 million, or $2,020 per square foot of land area. /TISG
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