Good Class Bungalows in Nassim top $4,500 psf, terraced house in Chancery hits $4,456 psf

The demand for good locations and quality landed properties remains strong, with newly minted Singapore citizens and wealthy individuals from the business community on the lookout for such properties.Recently, three Good Class Bungalows at Nassim Road were sold as a portfolio for the record price of $206.7 million (equivalent to $4,500 psf). This impressive transaction was facilitated by Alvin Choo, associate district director of investment sales and affluent markets at PropNex Realty, and saw RealStar Premier Group representing the seller.The buyers, believed to be Indonesian-turned-Singapore citizens of the same family, chose to purchase the property for the purpose of ‘legacy planning and wealth protection’. The Tier 1 GCB locations have seen considerable demand from newly minted Singapore citizens, mainly from China, Hong Kong, and Taiwan.

Demand for Good Class Bungalows (GCBs) in Tier 1 locations far outstrips supply, making these properties highly coveted – with the purchase of the three GCBs at Nassim Road setting a record in the GCB market. The price the buyers paid was an impressive $4,500 psf.

The demand for landed properties in prime Districts 11 and 15 is also skyrocketing, with an intermediate terraced house at 1B Chancery Lane being sold for a record $7.358 million (or $4,456 psf) and a detached house at Wilkinson Road changing hands for a whopping $55.5 million (or $2,161 psf).

SRI’s Bruce Lye explains that the price the buyers paid for the terraced house at 1B Chancery Lane was likely lower than what it would cost to buy a piece of land and develop it from scratch.​

With just six houses in total, a boutique freehold development known as Mount Rosie Signature Collection has also been tremendously popular. The 6-bedroom, 10-car garage bungalow on a 10,998 sq ft freehold site was snapped up, with two of the four terraced houses being sold for $12.35 million ($3,805 psf) and $9.578 million ($3,849 psf) respectively.

CDL Aries builds The Myst Condo, a 24-storey residential development with 16,620sqm plot at Bukit Panjang The Myst and Cashew.

Daniel Teo, Chairman and Managing Director of Hong How Group, and a group of investors purchased the GCB site at Mount Rosie Road for $43.8 million ($1,429 psf).

Meanwhile, when SRI launched a freehold residential site for sale at 5 Meyer Place, the response was overwhelming. The single-storey bungalow sits on the freehold site of 10,154 sq ft, with interest mainly from families looking to use the land for their personal use.

The demand for quality landed properties with good locations remain strong, with a vast majority of interest seen from newly minted Singapore citizens and wealthy individuals from the business community. These high-end purchases also serve as a testament to the strength of Singapore’s real estate market.