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Cluny Hill bungalow sets record psf price for GCB area

04 Dec, 2017

A bungalow along Cluny Hill has been sold for S$35.5 million, which works out to S$2,350 per square foot based on the freehold land area of 15,105 sq ft.

This is believed to be a record price in terms of psf on land area for a Good Class Bungalow (GCB) area.

It topples the previous record of S$2,190 psf on land area set in 2015 for a luxuriously furnished bungalow in Bishopsgate. That deal, for S$33 million, was for a property with 15,070 sq ft of land area.

The Cluny Hill bungalow sold recently is near the Singapore Botanic Gardens. Rebuilt and completed in 2012, it is perched on an elevated spot, spans two levels and has a basement and an attic.

It is nicely done up and in good condition, with about 10,500 sq ft built-up area. It has 10 rooms, including three Japanese-styled tatami rooms in the attic and a pool.

The property is being bought by a Singaporean in his mid-twenties.

Other recent deals in GCB areas include a bungalow in Cluny Road, which was picked up Far East Organization, helmed by Philip Ng. It went for S$34.5 million or S$1,705 psf on land area of 20,238 sq ft.

Also sold recently was a property on Swettenham Road, which fetched S$19.28 million or S$1,268 psf on land area.

Going by an analysis of caveats information, there have been 37 transactions in GCB areas in the year to date, totalling S$767 million, close to last year's S$789 million.

The most active year was 2010, with 132 deals totalling S$2.37 billion; that was prior to the rollout out of the additional buyer's stamp duty and total debt servicing ratio framework which cooled the market.

In general, prices in GCB areas bottomed and then began inching up in Q3. There could be a 5 to 8 per cent appreciation next year.

Those on the hunt for a bungalow in a GCB area comprise Singaporeans upgrading from smaller bungalows, as well as well-heeled foreigners who have become Singapore citizens in recent years and hence qualify to buy in this segment.

Under a policy change that took effect in the second half of 2012, only Singapore citizens are allowed to buy landed residential properties in GCB areas.

Bungalows in GCB areas are the most prestigious form of landed housing in Singapore, with planning conditions to preserve their exclusivity and low-rise character.

Adapted from: The Business Times, 2 December 2017