2 Good Class Bungalows At Camden Park Up For Tender

TWO adjacent bungalow plots in the Camden Park Good Class Bungalow (GCB) Area near the Botanic Gardens put up for sale by tender by a church will close on April 12. 

An old single-storey house sits on each plot. Indicative price is S$35 million for both properties with a total land area of 27,176 sq ft or S$1,288 psf. Both sites may be amalgamated.

The GCB at Camden Road was bequeathed to the Kampong Kapor Methodist Church by the late Anglo-Chinese School (ACS) principal Earnest Lau who died in March 2011.

Plot Details

• 15 Camden Park has a land area of 13,115.81 sq ft and a S$16.9 million guide price. 
• 15A Camden Park carries a land area of 14,059.81 sq ft and a guide price of S$18.1 million

The properties are close to Hollandse Club and the Japanese Association, Singapore.

GCBs are a prestigious type of landed housing in Singapore with specific constraints to preserve their exclusivity and low-rise character.
Typically, GCBs have a minimum land area of 1,400 sq m (15,069 sq ft). However, some smaller existing sites were included during the gazetting of GCB Areas in 1980. These are still considered GCBs since they are bounded by other GCB planning rules if they were to be redeveloped. 

As an illustration, such plots cannot be sub-divided and they cannot built more than two storeys high (plus an attic and a basement).

Cluny Hill GCB Goes For S$21.52M

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