A 15,097 sq ft in the Cluny Hill Good Class Bungalow freehold site is being sold for S$21.52 million or S$1,425 psf on land area.
Standard Chemical Corporation is selling the property to Aston Holdings which is 90% owned by Tan Koo Chuan, who also controls developer Yi Kai Group.
Estimated cost to build and fit out a new bungalow of between 8,000-10,000 sq ft gross floor area (GFA) is around S$6-8 million.
The initial asking price is S$24 million earlier in the year.
The sole transaction in 2014 along Cluny Hill was transacted at S$1,976 psf. The freehold GCB at 33 Cluny Hill has a land area of 15,177 sq ft. It was sold for S$30M.
In total, there were only 3 Cluny Hill transactions between 2010 to 2014 - two at $30M and one at $28M. Land prices were done between $1,533 psf to $1976 psf.
Buyers are on the lookout for GCBs in the S$20-25 million range these days. The number of transactions is expected to pick up at these levels.
GCB buyers potentially come from those aspiring to upgrade from smaller bungalows and new citizens.
GCBs are the crème de la crème of landed housing in Singapore. Only 39 locations in Singapore are designated as Good Class Bungalow Areas with strict rules to preserve their exclusive identity.
Source: The Business Times