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Thread: Good Class Bungalow at Windsor Park bought for $21.68 mil without viewing

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    Default Good Class Bungalow at Windsor Park bought for $21.68 mil without viewing

    Good Class Bungalow at Windsor Park bought for $21.68 mil without viewing

    By Cecilia Chow / EdgeProp Singapore

    May 4, 2020 1:00 AM SGT


    The type of deals that do not require physical meetings or property viewings – both of which have been disallowed during this "circuit breaker" period – tends to be of old, landed properties where the owner intends to tear down and rebuild the existing structure.


    The Good Class Bungalow at Windsor Park Road that was sold recently for $21.68 million (Photo: SRI)

    This was the case for a Good Class Bungalow (GCB) at Windsor Park Estate, located off Upper Thomson Road. The GCB along Windsor Park Road sits on a 21,098 sq ft, freehold site and changed hands for $21.68 million ($1,028 psf), according to a caveat lodged with URA Realis on April 17. “There are not many properties in Windsor Park Estate that come up for sale,” says Bruce Lye, managing partner of SRI, who brokered the sale. “The transacted price is reasonable.”

    The last transaction at Windsor Park Estate was for a GCB located just across the road, on Windsor Park Hill. The GCB, which sits on a 21,991 sq ft, freehold site, fetched $23.5 million ($1,068 psf) in October 2018.

    The GCB at Windsor Park Road that was just sold was an old, double-storey, detached house that was built more than 30 years ago. The property had belonged to Kok Yoke Chua, a family-owned car dealership. In recent years, the property had been left vacant.

    For the buyer, a Singaporean businessman, the GCB's appeal is that it is surrounded by greenery, and its proximity to Windsor Nature Park, which is linked to three reservoirs at the Lower Peirce, Upper Peirce and MacRitchie nature reserves, says Lye.


    The GCB at Windsor Park Road is surrounded by greenery and is near Windsor Nature Park, which is linked to the Lower and Upper Peirce Nature Reserves as well as the MacRitche Nature Reserve (Photo: SRI)

    Prior to buying the property, the buyer had driven around the neighbourhood several times to view the location. “If you’re looking to buy a property with the aim of redeveloping it, this is the best time,” adds Lye. “You don’t need to view the actual property. You can just drive by to take a look at the site, and see the shape of the land.” Lye had also provided the buyer with the site plans, sewerage plans and road line plans.

    The GCB deal at Windsor Park Road could be described as “contactless”, as the go-between between all three parties – the buyer, seller and Lye -- was the courier. The courier had picked up the option-to-purchase document from Lye, and the cheque from the buyer. Both were dispatched to the seller. When the seller had signed the document, he in turn informed the courier service that the document was ready for pick-up. The signed document was then dispatched to the buyer’s explains Lye.

    During the circuit breaker period, all property-related transactions – from leasing to sale and purchase, including delivery of keys and documents -- would be handled by the courier, adds Lye. SRI has tied up with a courier service company, and the cost will be borne by the former instead of individual agents.


    This GCB at Maryland Drive sitting on a land area of 21,863 sq ft is on the market for $27 million (Photo: SRI)

    Other GCB deals are brewing elsewhere, notes Lye. He is marketing another GCB at Maryland Drive in the Maryland Estate, off Holland Road. The house is an original, single-storey bungalow with a swimming pool and a sprawling lawn sitting on a 21,863 sq ft, 999-year leasehold site. The property has an asking price of $27 million ($1,235 psf).

    An offer is currently on the table for the GCB at Maryland Drive, says Lye, but there is still a $1 million gap between the owner’s asking price and the prospective buyer’s price that needs to be bridged.

    Ironically, during this circuit breaker period, Lye is even busier than before. “Business owners who have done well and set aside some money are using the lull during this circuit breaker to look at potential redevelopment sites.”

  2. #2
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    Default Re: Good Class Bungalow at Windsor Park bought for $21.68 mil without viewing

    Wow! No need to view $21 million property? Don't understand how this rich people's mind!!!

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    Default Re: Good Class Bungalow at Windsor Park bought for $21.68 mil without viewing

    Quote Originally Posted by Majed View Post
    Wow! No need to view $21 million property? Don't understand how this rich people's mind!!!
    The buyer is paying for the land.

    The existing old house on the land is irrelevant.

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    Default Re: Good Class Bungalow at Windsor Park bought for $21.68 mil without viewing

    GCB some more and no need to do physical viewing!! Unbelievable!!!

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    Default Re: Good Class Bungalow at Windsor Park bought for $21.68 mil without viewing

    What so good about Good Class Bungalow!!!!

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    Default Re: Good Class Bungalow at Windsor Park bought for $21.68 mil without viewing

    Quote Originally Posted by Majed View Post
    What so good about Good Class Bungalow!!!!
    only the richest of the rich can answer your question lol!

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    Default Re: Good Class Bungalow at Windsor Park bought for $21.68 mil without viewing

    Richest of rich please explain to us in layman terms!!!

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    Default Re: Good Class Bungalow at Windsor Park bought for $21.68 mil without viewing

    What is $21.68m to the rich who can afford GCB? They buy for the address to match their status

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    Default Re: Good Class Bungalow at Windsor Park bought for $21.68 mil without viewing

    Still prefer to view the property physically!! Especially GCB somemore!!!!

  10. #10
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    Default Re: Good Class Bungalow at Windsor Park bought for $21.68 mil without viewing

    Let's take this period as opportunities rather than crisis. Stay safe at home! Cheers!

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    Default Re: Good Class Bungalow at Windsor Park bought for $21.68 mil without viewing

    this rich person just added another masterpiece to his collection, so no need to physically view lol

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    Default Re: Good Class Bungalow at Windsor Park bought for $21.68 mil without viewing

    a lot of rich people in Singapore!

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    Default Re: Good Class Bungalow at Windsor Park bought for $21.68 mil without viewing

    anyone got lobang for home contents insurance !

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    Default Re: Good Class Bungalow at Windsor Park bought for $21.68 mil without viewing

    Quote Originally Posted by Mary Tan View Post
    anyone got lobang for home contents insurance !
    I think right now Great Eastern giving out free home contents insurance.
    I write plenty of real estate articles and new launch condo reviews on my website http://estatemagnates.com. Come and take a look!

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