GCB in Sweetheart Hill Highway sold at S$24m or S$1, 423 psf
The Good Category Bungalow (GCB) market continue to be buzz with activity. The most up-to-date transactions involve an old freehold house along Lady Hillside Road within a prime GCB location which will changed hands to S$24 , 000, 000. The price computes to S$1, 423 psf based on the land part of 16, 863 sq foot.
This appears a relatively low psf price tag for a key GCB site but which may have to do while using the property’s their age – by just looking at to be regarding 20 years ancient and the reality the piece slides down towards the back.
Compared to the last transaction in the area, the British Government’s sale of two vacant plots in Nassim Road last month for S$1, 600-plus psf, the price accomplished for the Lady Hill pavillon reflects the condition of the house as well as the irregular, fan-shaped plot. The S$1, 423 psf may perhaps be just for the land price. The buyer is definitely expected to repair the property in case it is for individual stay, or at least do main additions and alterations functions if it is to become rented out.
The buyer is definitely understood to be famous fund supervisor Teng Ngiek Lian, creator of Focus on Asset Supervision. He is considered to be buying the Sweetheart Hill real estate as a personal investment and likely to continue renting it out. It really is currently tenanted. Mr Teng also produced the statements in 2011 when he sold a bungalow in Dalvey Street at S$34 million, or S$1, 688 psf; this sits upon 20, 139 sq feet of property.
The Lady Slope bungalow that Mr Teng is obtaining is said to obtain five rooms and a pool. It is an estate sales.
Along a far-flung portion of Ewart Recreation area in the Holland/Bukit Timah region, a contemporary tropical-themed bungalow is definitely changing hands for S$19 million or S$1, 161 psf for the land area of 16, 363 sq feet.
Completed in past due 2006, the two-storey real estate has 4 bedrooms and a guest space. There is also a children’s pool, an open courtyard and roof structure gardens created for tropical managing cross setting up.
Designed by Guz Architects, the bungalow is normally on an L-shaped plot (with a long driveway).
“It was based on the idea of permeability. This is achieved by coming up with a sequence of open fresh air rooms and gardens that maximised the transparency and encouraged pure ventilation. Also this is seen with the entrance high is a water courtyard which provides for a cooling factor for house, ” explained Guz Wilkinson, principal with the firm.
The home or property is named the Rattan House due to use of a split rattan wall over the corridor relating to the upper carpet, which allows fresh air to pass through and acting to be a library and a photo gallery.
The S$1, 161 psf pricing to be in line with the prices of about S$1, 2 hundred psf to GCBs in non-prime areas.
The the prices reflects the positioning of the house and your long home garage. Typically a challenging driveway feeds on into the psf pricing as that component of the territory can only use as a highway.
GCB rates have been dropping since not too long ago and the down trend is normally expected to continue till the finale of this 2010 before any recovery.
Even though overall low property industry sentiment sent down GCB prices not too long ago, part of the motive for some discounts this year being released at comparatively low psf on territory pricing is caused by specific elements relating to the home or property such as the form of the piece, its surface (for model, if it is down sloping) or perhaps if the premises is what a few agents contact a “shy bungalow”, one which is tucked away from the street and contains a long drive, or simply the condition of the house.
Caveat data demonstrates 26 orders in Great Class Pavillon Areas had been sealed until now this year in a total of S$587 mil. The tally for a year ago was 33 deals which usually amounted to S$715 mil.
GCB prices are expected to carry on remaining vulnerable until China New Year.
A few owners who have are not in a rush to sell will hold on to the value they want. The pricing attained will depend on customers, who will have to decide whether it be worth their very own while paying the asking price designed for well-located houses with great attributes.