A good class bungalow (GCB) along White House Park has been sold for S$45.5 million this month. With a freehold land area of 15,081 sq ft, this translates to S$3,017 psf.
Pow Ying Khuan, Head of Research at 99 Group, said, “This is the highest deal per square foot in the GCB market so far this year.”
According to our 99.co Researcher data, this transaction has also set the record for the highest price psf in the White House Park GCB area for the past 10 years. Pow added that this is possibly the highest price psf ever recorded in the GCB area.
Business Times reported that the GCB was bought by Fu Wei, the chief executive of healthcare-dedicated investment firm CBC Group. The house was sold by a Singapore-incorporated company owned by a Sia family. The house was reportedly rebuilt in 2003.
GCBs are considered the most prestigious and highly-prized form of landed housing in Singapore. This is due to their scarcity as they are only found in 39 gazetted GCB areas. They generally also come with a minimum plot size of 1,400 sqm (around 15,070 sq ft).
Since 2012, only Singaporeans are allowed to purchase GCB properties. In general, non-Singaporeans, including PRs, will need to get approval from the government to buy landed property.
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Meanwhile, foreigners can only buy landed properties in Sentosa Cove, subject to approval.
The BT article also reported that a waterway-facing villa along Ocean Drive was sold for S$34.5 million. Sitting on a land area of 17,110 sq ft, this translates to a price psf of S$2,016.
Bungalows in Sentosa Cove have a land tenure of 99 years. In the case of this property, it has around 80.5 years of remaining lease as its tenure started in March 2004.
The buyer is reportedly a Chinese citizen and Singapore PR Wang Junmin, the chairman of Haisco Pharmaceutical Group, which focuses on manufacturing and selling drug formulations and active pharmaceutical ingredients.
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Do you have any property transaction stories to share? Let us know in the comments section below.
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About Virginia Tanggono
Virginia covers the property news in Singapore, from record sales to profile stories on home ownership. In her free time, she occasionally searches for spoilers of movies and TV shows.
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