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Thread: The most expensive Good Class Bungalows sold in Singapore in 2018

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    Default The most expensive Good Class Bungalows sold in Singapore in 2018

    The most expensive Good Class Bungalows sold in Singapore in 2018

    By Fiona Ho / EdgeProp

    August 27, 2018


    Good class bungalows, more commonly known as GCBs, are considered to be the most prestigious type of residential property in Singapore.

    With a typical land size of 1,400 sq m (15,069 sq ft) and above, GCBs aren’t just super large, they’re also super rare – only about 2,800 of them exist within Singapore’s 39 gazetted GCB areas.



    A bungalow that falls within the boundaries of such GCB areas are also subject to planning constraints that include a maximum building height of only two storeys. There also has to be sufficient greenery in between plot areas.

    Since 2012, only Singaporeans are eligible to buy in GCB areas. The exclusivity and strong status symbol associated with GCBs have made them among the most sought after residential properties in Singapore.

    According to K H Tan, managing director of Newsman Realty, GCB deals have picked up in recent months due to an influx of new citizens and strong demand from local high net-worth individuals seeking “super prime GCBs”.

    Based on caveats lodged, here are the most expensive GCBS to have been sold in 2018, ranked by absolute prices. Only transactions involving non-corporate buyers were considered in our analysis:

    1) 35 Leedon Road
    Land size: 4,081 sq m (43,912 sq ft)
    Price: $57.5 million ($1,309 psf)

    A Good Class Bungalow on Leedon Road was sold at $57.5 million ($1,309 psf) in January. The seller, Madam Chong, is a veteran luxury property investor and collector of GCBs in the Leedon Road-Leedon Park neighbourhood, which has earned her the moniker “Queen of Leedon Park”.

    The GCB she sold was an investment property she had held for 21 years, having bought it for $17.7 million ($403 psf) in August 1996. Based on the sale price of $57.5 million, Madam Chong enjoyed a capital gain of $39.8 million, equivalent to the price of a luxury GCB.

    2) 65 Bin Tong Park
    Land size: 2,162 sq m (23,263 sq ft)
    Price: $48 million ($2,063 psf)

    Word on the street is that the GCB was sold by a Singaporean couple who paid $15 million for the old house that used to be on the site in 2007. The couple was also said to have invested a further $10 million into redeveloping the site into what it is today.

    In March, the property was purchased for $48 million by the family of the late Lim Kee Ming, who once served as president of the Ngee Ann Kongsi, a wealthy philanthropic foundation of the Teochew community.

    3) 82 Belmont Road
    Land size: 2,826 sq m (30,408 sq ft)
    Price: $43.5 million ($1,430 psf)

    Kuok Hui Kwong, daughter of the Malaysian tycoon Robert Kuok, is reported to have snapped up the bungalow in Belmont Road for $43.5 million in July. Ms. Kuok, who is the chairman of Shangri-La Asia, is said to be a Malaysian citizen and a Singapore permanent resident (PR).

    While non-Singaporeans are generally not allowed to purchase such landed properties, the Singapore Land Authority (SLA) has been quoted saying that a handful of PRs have been granted to buy a landed residential property in a GCB Area in the past six years due to their “exceptional economic contributions” in Singapore.

    4) 3 Jervois Hill
    Land size: 1,402 sq m (15,086 sq ft)
    Price: $41.2 million ($2,730 psf)

    The Jervois Hill bungalow was sold by George Lim, an entrepreneur who has developed 11 GCBs and two semi-detached houses in the past 12 years. It was a joint collaboration between Lim and architect Pau Loh, managing partner of Tellus Design.

    The entire house has three levels, including the basement. The ground floor features living and dining areas, family rooms, dry and wet kitchens, a pool and a pond. The second floor has five bedrooms - all with walk-in wardrobes - and a living room with pantry. Prominent design features include a wall aquarium in the basement that can fit 800 fish and a floating sculptural staircase that was made by using a specially-built giant oven to mould the acrylic.

    5) 22 Coronation Road West
    Land size: 2,362 sq m (25,415 sq ft)
    Price: $36 million ($1,416 psf)

    The seller of the property within the Oei Tiong Ham Park GCB Area is said to be the wife of Tee Yih Jia's executive chairman Sam Goi. She reportedly bought the property for $28 million in 2013.

    In June, CWT’s group chief executive Loi Pok Yen reportedly bought the two-storey freehold bungalow along Coronation Road West for $36 million.

    6) 62 Dalvey Road
    Land size: 1,871 sq m (20,132 sq ft)
    Price: $35.4 million ($1,757 psf)

    The seller of the property, located within the White House Park GCB Area, is said to be a pair of low-profile Singaporean investors who purchased the house for $34 million in 2011.

    In March, the bungalow was reportedly snapped up by a Singaporean who is currently residing in the US with her husband, said to be a European national who works as a senior executive at a major US bank in New York.

  2. #2
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    JERVOIS HILL Should be on the list!! At $45 million sold.

    https://www.edgeprop.sg/property-new...-mil-2587110-0

    Jervois Hill GCB going for $45 mil

    Serial investor and entrepreneur George Lim’s latest luxury bungalow has just been put on the market. It is likely to set yet another benchmark in the Good Class Bungalow segment that he has been in for more than a decade.
    Singaporean George Lim has developed 11 Good Class Bungalows (GCBs) in the past 12 years, starting with a series of three on Belmont Road in 2006, followed by two on Leedon Road, three on Leedon Park, one on Second Avenue, another on Binjai Park and the latest on Jervois Hill.
    Along the way, he has also developed and designed a semi-detached house on a 10,000 sq ft land area in Serangoon Gardens for his wife’s cousin and a small detached house at Sunset Place for his brother-in-law. In total, Lim has developed 13 houses.
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    Lim: I always look for something new and try to create something different for each house (Credit: Samuel Isaac Chua/EdgeProp Singapore)
    Yet, he does not see himself as a developer, but a GCB investor instead. He regards the GCB on Jervois Hill as his “sole investment property” in Singapore today.
    As it is the last of his GCB creations, it is his swan song. He has taken his time to develop the house, which has even broken new ground in terms of materials used. “I always look for something new and try to create something different for each house that I build,” he says. “I try not to repeat what I’ve done in my earlier houses. Each new house is an improvement on the last. That’s the benefit of having developed so many bungalows.”

    Source: https://www.edgeprop.sg/property-new...-mil-2587110-0

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