A Good Class Bungalow (GCB) on 5E Tanglin Hill was transacted at S$31.5 million, translating to S$1,915 psf. The rare GCB land plot in Tanglin Hill is located within the Ridley Park GCB area. Occupying the land area of 16,446 sq ft, the GCB sits on a regularly shaped freehold site with a wide frontage. The land is elevated above street levels, allowing for a basement garage and two storeys above ground.
The current family has outgrew the property and decided to move to a bigger GCB. This was their first home, having purchased the property in 1984. Since the property on site is more than 30 years old, the price paid is mainly for the land. The land value fetched by the property is likely to be the highest in the Ridley Park GCB area.
"The buyer appreciates the environment. Tanglin Hill vicinity is in an exclusive enclave with proximity to the Botanic Gardens UNESCO Heritage site as well as a short drive to Dempsey Hill and Orchard Road. Re-building the property will allow him to configure the house to his liking." shares Steve Tay, Senior Associate Vice President from List Sotheby's International Realty, who is representing the seller.
Han Huan Mei, Director of Research at List Sotheby's International Realty added, "There is still a healthy demand for GCBs. Based on our research, 32 bungalows in GCBAs have been sold up till end of October for a total investment value of S$605 million, of which 15 bungalow deals were in prime district 10. This shows a strong, steady interest in bungalows in district 10."
A GCB plot with good attributes is very rare to come by as they are hardly available for sale in Tanglin Hill vicinity as well as neighbouring Chatsworth Park GCB area. There is always demand for well located GCB properties located near to the city central and this trend will continue as GCBs for sale in these areas become rarer and more sought after. Based on caveats lodged, the last GCB that changed hands in Tanglin Hill was three years ago. Located one street away, the 17,728 sq ft freehold site fetch S$27.5 million (S$1,551 psf) in March 2016.
Further reporting on The Business Times.