The Good Class Bungalow at King Albert Park occupies a 16,251 sq ft site will be launched for sale by an expression of interest exercise on March 31. The guide price for the property is $30 million . The two-storey house sits on a freehold site of 16,251 sq ft. It has nine bedrooms, a swimming pool and basement parking for six cars. The house has a total floor area of 12,500 sq ft.
The land rate of $1,846 psf is deemed attractive by Ng. “It is one of the few GCBs on the market with an asking price below $2,000 psf,” he shares.The current owners have kept the house largely unchanged from its original design. Ng notes that despite its age, the property’s condition is “still very good”, as the owners have meticulously maintained the home over the years.
Ng believes the property is suitable for new entrants into the GCB market, including landed housing upgraders and younger buyers Tan notes that the property has garnered keen interest thus far. “We’ve had some potential buyers come down for their third or fourth viewing,” he says. These additional visits are often done with their architects in tow, he adds. This is because the site’s attributes make it a strong candidate for redevelopment.
To be sure, GCB prices have continued to grow, even amid a slowdown in activity in the last year, prompted by interest rate hikes and growing macroeconomic concerns. A recent research report by CBRE states that in 2H2022, average GCB prices rose 14.3% compared to 1H2022 to reach $2,106 psf. This brings the average price for the full year to $1,952 psf, up 10.1% y-o-y.