Recently, an Indonesian-turned-Singapore family paid a record-breaking $206.7 million for a portfolio of three Good Class Bungalows (GCB’s) located on Nassim road – an impressive price tag of $4,500psf (calculated as per square feet). The buyer, who wishes to keep their identity concealed due to a non-disclose agreement, was represented by Alvin Choo of PropNex Realty, while RealStar Premier Group was the seller’s representative.

HDB’s public auction of Altura EC project Altura EC Bukit Batok at Bukit Batok West Avenue 8, offering 375 residential units with a 99-year lease and near the MRT station, closes at 12 noon 8 March 2022.

Choo claims that mostly new Singaporeans from countries like China, Hong Kong and Taiwan are on the hunt for these Tier-1 GCB locations, with the intention of creating a legacy and preserving wealth. The portfolio was put out for sale last September itself and the initial price was $238.88 million (or $5,200psf) – a noteworthy amount.

Conveniently, this isn’t the only GCB deal to shatter records recently. In April 2021 at Cluny Hill, a newly built GCB sold for $4,291psf, quite close to Nassim’s mark. Tommy Ong, founder of shopify review app Stamped.io bought the property, situated on a 14,844 sq ft freehold site, for $63.7 million from Sebestian Soh.

PropNex’s Choo speculates that deals like these will boost the market, adding that supply for these Tier 1 locations is extremely low, thus causing a high demand for them.

Moving on, in a boutique freehold development filled with six houses (two bungalows at the ends and four terraced houses in-between) located at Chancery Lane-Mount Rosie neighbourhood in District 11, an intermediate terraced house at 1B Chancery Lane was sold at an incredible $7.358 million (or $4,456psf).

In comparison to land and development costs, Bruce Lye of SRI who brokered this deal suggests that buying the off-plan house was a much more cost-effective option. The terrace house (which spans over 1,615 sq. ft of a 999-year leasehold site) will be completed in 2024 and have five en-suite bedrooms, VZUG kitchen appliances, private lift access, top-end finishes and a 10m lap pool. The immediate next door is Anglo-Chines School (Primary) on Barker Road.

SRI’s Lye also further went on to divulge that the second corner house of this development, 1C Chancery Lane, was sold for an amount of $8.45 million (at $3,237psf). The property sits on a 999-year leasehold site of 2,610 sq ft, with a built-up area of 5,000 sq ft and five en suite bedrooms. The developer has “reserved” the smaller of the two bungalows, flanking the two halves of the terraces, and the larger one has already been sold (but not lodged in records yet). Spanning almost 11,000 sq ft of freehold land, the bungalow has a total built-up area of 24,958 sq ft, six bedrooms and a parking garage for 10 cars.

The interest in landed property has also been high in District 15 lately. This phenomenon was exemplified when a detached house on Wilkinson Road changed hands for $55.5 million (or $2,161psf), and the buyer turned out to be Pang Sze Khai – executive director of Octava and chairman of Octava Foundation. He is speculated to be redeveloping the property for personal use.

Lastly, Hong How and Fraxtor’s Mount Rosie Signature Collection, another neighbourhood with six houses (two bungalows and four terraced houses), the second terraced house was sold for $9.578 million (at $3,849psf). This was brokered by Daniel Ling of SRI. Alls that’s left over there is one terraced house (with a price tag of $11.8 million or $3,381psf), situated on 3,490 sq ft of a 999-year leasehold site.

Clearly, GCB’s and landed properties have stirred up an incredible amount of interest lately – with the buyers being affluent and looking to create a legacy. Prices of these properties have shattered records, with little sign of prices stalling in the near future.