PRICES in Good Class Bungalow (GCB) Areas continue to rise – fuelled by strong demand from well-heeled Singaporeans, low interest rates and the scarcity of properties available for sale, especially brand-new bungalows near the Botanic Gardens.
A local tech entrepreneur in his thirties, who recently sold a startup firm, is in the early stages of buying a freehold bungalow under construction along Cluny Hill for S$63.7 million, or a record S$4,291 per square foot on 14,843 sq ft land area.
Due diligence by The Business Times suggests that the buyer may be Tommy Ong, who entered into a deal in March to sell the Singapore-based e-commerce marketing platform Stamped.io to Canada-listed WeCommerce Holdings for up to US$110 million.
Founded in 2016 by Mr Ong, Stamped helps online merchants implement and manage customer reviews and loyalty programmes through Shopify and other e-commerce platforms.
The S$4,291 psf price for the Cluny Hill property exceeds the S$4,005 psf high set just in March for an existing bungalow in Nassim Road purchased by the wife of Nanofilm Technologies founder Shi Xu. That property has a much larger land area of 32,159 sq ft.