At least four properties in Good-Class Bungalow (GCB) areas have been transacted so far this year.
Among the latest is a bungalow along Peirce Road that has changed hands for almost S$24 million. The price works out to S$1, 479 per square foot (psf) based on the freehold land area of 16, 224 square feet.
Located in the Ridout Park GCB area, the two-storey property is understood to have been bought by Tan See Leng, managing director and chief executive officer of IHH Healthcare Bhd. It was previously transacted a decade ago, in April 2006, for S$9. 5 million, according to SISV REALink caveats information.
Other recent transactions in GCB areas include a property at Mount Echo Park in the Chatsworth Park GCB area, sold at S$22. 25 million or S$1, 322 psf on 16, 826 sq ft of freehold land.
Along Yarwood Avenue, a GCB on a 16, 163 sq ft plot has fetched S$15. 7 million – translating to S$971. 35 psf.
Last month, The Business Times reported that upscale property developer Simon Cheong sold a King Albert Park bungalow that he built a few years ago. The value was S$25 million (S$1, 493 psf on a area area of 12, 750 sq ft).
The home or property of about 10, 000 sq toes in built-up area was bought by means of Fang Koh Look, the founder of Absolute Kinetics Consultancy, gives workplace safe practices training and medical products and services in addition to distributing mobile phone pre-paid memory cards.
More than S$700 million of deals had been transacted on GCB areas last year, exceeding beyond the S$626 million on 2014.
GCB prices are actually estimated to obtain declined regarding 10 to fifteen per cent not too long ago. Prices are anticipated to continue styling down during the first 50 % of this year during the absence of virtually any positive government, before stabilizing in the second half.
The silver blackout lining is that the level of transactions will be better in 2016 amid an even better matching of price objectives between sellers and buyers.