Good Class Bungalows in Nassim exceed $4,500 psf, while a terraced house in Chancery exceeds $4,456 psf

Novo Place showroom

Cuscaden Peak recently sold a portfolio of three Good Class Bungalows (GCBs) located at Nassim Road for $206.7 million. The cost is an all-time high of $4,500 per sq ft.

Alvin Choo, associate district director of Affluent and investment sales in PropNex Realty, represented the buyer in the transaction, as RealStar Premier Group represented the seller.

Novo Place showroom is situated in the tightly held neighbourhood of Bukit Batok (Outside Central Region), Novo Place EC residence is easily accessible through the established transport system.

The buyers are said to be Indonesian-turned-Singapore citizens and members of the same family.

Choo isn’t willing to discuss the identity of the buyer and cites a non-disclosure contract. “The buyers are extremely high net worth and knowledgeable buyers,” he says. “They only required to purchase a Tier 1 GBC location, which includes Nassim, Cluny, Bishopsgate, Chatsworth, Rochalie Drive or Tanglin Hill.” The acquisition was “for future planning and wealth security”, Choo adds.

The interest within the Tier 1 GCB places has been predominantly newly-minted Singapore citizens who came originally from China, Hong Kong and Taiwan According to Choo.

The three GCBs located on Nassim Road were put up for sale in September of last year, along with RealStar Premier Group as the sole agency. The asking price was $238.88 million, or $5,200 per square foot. Each GCB is located on a freehold parcel that ranges from 15,131 to 15,542 square feet, and has the built-up area ranging of 6,942.7 sq ft up to 7,384 sq feet.

The most recent price for purchase of $4,500 per square foot in Nassim Road tops the previous record of $4,291 for a psf in a newly constructed GCB located at Cluny Hill in April 2021. The property, which is 14,844 square feet freehold site was bought at $63.7 million from Tommy Ong, founder of Shopify review application The buyer of the property was Sebestian Soh, the founder as director at the firm’s development advisory company Meir Homes, which completed the building process last year.

The demand for GCBs in Tier 1 locations is much higher than the supply that can be “very very tightly held” according To PropNex’s Choo. “This record deal will certainly not become the final of these deals,” he adds. “If something, it will help the market tremendously.”

Record price psf for an the intermediate terraced house
It’s not only the GCB segment that has set new records for prices. The Chancery Lane-Mount Rossie neighborhood in the District 11 district, which is a prime area, a terraced intermediate house located at 1B Chancery Lane was purchased for $7.358 million, or $4,456 per square foot as per an agreement filed in March. “It’s the highest ever in terms of psf for terraced homes,” says Bruce Lye who is the director of SRI who brokered the deal.

A land purchase and then developing it from scratch will cost more than you paid the seller for the intermediary terraced home purchased off-plan, Lye writes. Lye.

The terraced home is located on a 1,615 square foot leasehold site with a frontage on Chancery Lane and just one street away from the Anglo-Chinese School (Primary) located on Barker Road. When it is completed in 2024, the property will come with five en-suite bedrooms, as well as an area of 6,500 square feet. The house will have an exclusive lift as well as V-Zug kitchen equipment, high-end finishes, and a 10m lap pool.

The house with a terraced intermediate is the third house in 1A B as well as C Chancery Lane that was designed through Silver Edge Group, a firm that was founded in 2017 to serve to serve as an property opportunity vehicle to a small group of people.

Each house is comprised of four levels: the first mezzanine, second, and attic. The two houses on the corner can accommodate up to three vehicles, the middle terraced house can accommodate two cars. The architect is aKTaArchitects, an architectural firm in Singapore founded in 2001, which combines many of the projects previously executed by Kevin Tan.

According to a caveat that was filed in March one of the corners houses at 1C Chancery Lane was sold for $8.45 million ($3,237 per square foot). The property is situated on a leasehold for 999 years site that covers 2,610 square feet which includes a built-up space of 5,000 sq feet. The house has five bedrooms with en-suite bathrooms with private access to lifts and the pool. SRI also assisted in the sale of the property.

One terraced home is currently available for sale 1A Chancery Lane. It’s located on a 999 year leasehold area of 3,490 square feet comprising a 7,000 sq ft built-up area as well as six bedrooms that have en suites. The asking price for the property is $11.8 million ($3,381 per sq ft).

Mount Rosie terraced home at $3,849 per square foot
In District 11’s prime area in District 11 is Mount Rosie Signature Collection, which is a private freehold development featuring only six homes. Six of them are terraced homes, and two bungalows at either end each with a separate entryway.

Mount Rosie Signature Collection is the renovation of an old GCB located at Mount Rosie Road located on a freehold parcel of 30,650 sq feet. Daniel Teo, chairman and managing director of Hong How Group, and investors bought the GCB site for $43.8 million ($1,429 per sq ft) at the end of May in 2021. Teo is also the director at Tong Eng Group.

Based on caveats that were lodged in the caveats, the developer has sold two terraced homes at Mount Rosie Signature Collection. The first property, which was that was sold in August last year, was on freehold site that was 3,245 square feet and sold for $12.35 million ($3,805 per square foot). The second, which was which was sold in February to a buyer in February for $9.578 million ($3,849 per sq ft) is situated on a 2,489 square foot freehold site as per the caveat that was filed. The transaction is expected to be mediated through Daniel Ling of SRI.

Based on the developer that the larger one of two homes on Mount Rosie has been sold and a caveat is yet to be filed. The bungalow is located on freehold site that covers 10,998 square feet and has a built-up area of 24,958 square feet. It is home to six bedrooms as well as an underground parking garage that can accommodate 10 cars. The smaller one of the two bungalows located on a land size of 7,636 square feet with an area built up of 16,031 sq ft is “reserved” according to the developer.

“GCB area to the east’
The demand for land-based property has grown substantially in District 15’s prime area particularly because a detached house located situated on Wilkinson Road changed ownership to a buyer for $55.5 million ($2,161 per square foot). The property is situated on the freehold site with a total area of 25,681 square feet. RealStar Premier brokered the deal.

According to the results of a property title investigation the property buyer of Wilkinson Road is Pang Sze Khai the Executive Director of Octava the Singapore-based single-family office with investments in different industries, with a focus on the real estate, financial biopharma and technology. Khai is also chairperson and also one of the founders of the Octava Foundation, which provides grants to organisations and programs that help youngsters and children. It is believed that he is renovating the property located at Wilkinson Road for his use.

When SRI released a freehold residence site available for sale on 5 Meyer Place on April 12th, there was a lot of excitement, according to SRI’s Lye. A single-storey home is situated within the freehold site with a total area of 10,154 square feet. The site is reserved for residential use as per the 2018 Master Plan with an allowable plot ratio of 2.1 and the maximum gross total floor space of 22.817 sq. ft. A developer could construct a 19-unit residence on the site according to the latest URA guidelines.

Instead of developers the interest has mostly been from families and individuals who are looking to buy this site located at Meyer Place for their use according to Lye. “Most of people are thinking of renovating this property,” he says. “Some residents like the Bukit Timah area, while others prefer the Mountbatten Road-Meyer Road neighborhood that they see as to be the GCB area that is located in the East’.”

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