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mr funny
22-11-10, 17:40
http://www.businesstimes.com.sg/sub/premiumstory/0,4574,414155-1290283140,00.html?

Published November 20, 2010

The bungalow train continues to gather momentum

By KALPANA RASHIWALA


A BUNGALOW at 6 Coronation Road West, in the Oei Tiong Ham Park Good Class Bungalow (GCB) area, was sold at a Colliers International auction on Thursday for $26.6 million.

http://www.businesstimes.com.sg/mnt/media/image/launched/2010-11-20/BT_IMAGES_KRWEST20.jpg
STRONG SHOWING
Offers for No 18 Astrid Hill are believed to have crossed the $1,350 psf level, surpassing the expected pricing of $1,056-1,320 psf

The price works out to about $1,050 per square foot (psf) based on the freehold land area of 25,336 sq ft.

The site holds a one-storey bungalow with a guesthouse, an outhouse, and a swimming pool. The seller and buyer are understood to be Singapore citizens. The property is thought to be more than 30 years old.

Also on Thursday, a tender conducted by Knight Frank on behalf of the Japanese government for No 18 Astrid Hill closed, and is said to be have attracted over a dozen bids.

Offers are believed to have crossed the $1,350 psf level, surpassing the expected pricing of $1,056-1,320 psf ($20-25 million) indicated last month for the property, which has a land area of 18,939 sq ft.

Singaporeans as well as Singapore companies are believed to have submitted bids. The bids are being evaluated by the Japanese Embassy.

GCBs are an exclusive housing form on mainland Singapore governed by stringent planning requirements.

There are only about 2,400 such bungalows in Singapore's 39 gazetted GCB areas. Typically, the minimum land area of a GCB is 1,400 sq metres, or about 15,069.50 sq ft.

RealStar Premier Property managing director William Wong reports that GCB prices continue to escalate. 'Even where buyers are willing to match the sellers' asking prices, it may not necessarily mean a deal will be done.

'In a number of cases, sellers have either raised their target prices or withdrawn their properties with a view to relaunching them six to 12 months later at higher prices,' he added.

'We're also seeing a wave of new Singapore citizens hailing from mainland China who're buying GCBs. They're eyeing the bigger plots of at least 20,000 sq ft and shopping mostly in the Tanglin and Holland areas for nicely done-up bungalows in a ready- to-move-in condition.'

Mr Wong disclosed he is currently negotiating the sale of a few land parcels for development into GCBs in the Tanglin vicinity and that potential buyers' offers have already surpassed $2,000 psf.

If a deal materialises, this will set a new record for a GCB property - exceeding the $1,899 psf set in 2007 for 32H Nassim Road.

Some GCB owners in the Tanglin vicinity are understood to be targeting prices of $2,300-2,500 psf by the middle of next year, he added.

Over in Sentosa Cove, activity in bungalows has also been sizzling.

Following the recent sale of 81 Ocean Drive at a record $2,988 psf on its land area of 9,436 sq ft (amounting to $28.2 million) by Satinder Garcha's Elevation Developments to a mainland China buyer, Elevation is now seeking $3,460 psf (or $26 million) for a three-level bungalow with a basement at 29 Lakeshore View.

The house sits on a 7,513 sq ft hillside plot which slopes upwards toward the rear boundary. The property boasts views of the lake and comes with five bedrooms, a home-theatre room, a lift, and a roof-top infinity pool.

There's also parking space for six cars, says K H Tan, managing director of Newsman Realty, which is marketing the property. He also brokered the sale of 81 Ocean Drive.

rattydrama
22-11-10, 22:23
At this rate, pent houses maybe more valuable than MM units.

Localite
23-11-10, 20:55
No joke man. 2k psf for these big houses. It sounds ridiculous until you consider the fact that they are a fraction of the psf you pay for landed property in Hongkong - yes there are house there. HK and SG have similar size and similar population, and the prices of landed properties cannot be so far off. A 5000 sqft house in posh midlands can be over a billion HK$.