A FREEHOLD bungalow in the Good Class Bungalow (GCB) enclave of Swiss Club Road has come on the market, asking S$39.9 million in a private treaty sale.
At that price, the 10,600 sq ft house, sitting on 21,293 sq ft of land, is valued at about S$1,874 per square foot (psf) of land.
Most recently, 2 houses with Swiss Club Road addresses were sold in the last 2 months, according to caveats filed. In July, a 13,482 sq ft property was transacted at S$27.28 million or S$2,023 psf, while another house on a larger 19,406 sq ft plot was sold for S$26.3 million or S$1,355 psf in June.
A year before, a Swiss Club Lane property on 17,558 sq ft land went for S$24.5 million or S$1,395 psf in July 2021. And in January 2021, another Swiss Club Lane house sold for just under S$13 million or S$1,075 psf for the 12,087 sq ft plot.
Douglas Wong, ERA senior director of Capital Market and Investment Sales, Luxury Homes (GCBs) said: “The asking price of $39.9 million is reasonable, given the current sentiments in the GCB sector and scarcity of our land.”
ERA is the marketing agent for the property. The house, a double storey bungalow with an attic, is close to local and international schools in the Bukit Timah area.
The GCB market has slowed sharply in recent months, with transactions diving as the buyer-seller price gap widens and sentiment remains depressed by falls in the stock market and cryptocurrency sectors, and uncertainty on macroeconomic and geopolitical fronts. At the second quarter, List Sotheby’s International Realty’s (List SIR) analysis of URA Realis caveats data showed that there have been 9 deals in GCB Areas totalling S$224.20 million (with the latest deal tracked dated at Jun 10). In the year-ago quarter, 31 deals amounting to nearly S$900 million were closed.
From January to Jun 21, 2022, the tally stands at 24 transactions adding up to S$624.54 million – less than half the 55 deals totalling nearly S$1.6 billion in the first half of last year.
Deals continue to be struck. On Wednesday (Aug 16), The Business Times reported that a bungalow along White House Park was being sold for S$45.5 million, which works out to S$3,017 psf on the freehold land area of 15,081 sq ft. Fu Wei, chief executive of healthcare-dedicated investment firm CBC Group, is buying the property from a Singapore-incorporated company owned by a Sia family.
Source : The Business Times