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Friday, Apr 13, 2012
The Business Times
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Two Good Class Bungalows (GCBs) have been transacted recently -
one at Ridout Road, which is said to have fetched about $60.6 million,
or $1,490 per square foot (psf), on a land area of 40,679 sq ft, and
another at Binjai Park, which has sold for $31 million, or $1,550 psf.
Both bungalows are freehold.
In absolute price quantum, the $60.6 million for the Ridout property,
which is near Holland Road, is the highest fetched for a GCB since
December 2010, when 3 Leedon Park changed hands at $61.4 million.
A look around bungalows at Binjai Park and Ridout Road Click on thumbnail to view |
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The two-storey bungalow at Ridout Road is said to be more than 20
years old. It has five bedrooms, a tennis court and swimming pool. Its
seller is former Goldman Sachs banker Thomas Chan, who last year gained
control of the property following the conclusion of a long-running legal
battle between the former owner Agus Anwar and another party to whom Mr
Anwar had earlier granted an option.
Mr Chan picked up the property for $37 million based on an option granted to him in 2009.
In the latest transaction Mr Chan is understood to have sold the
property to Tecity Group, which is controlled by the family of the late
OCBC chairman Tan Chin Tuan. The site can potentially be subdivided to
accommodate redevelopment into two GCBs.
The Binjai Park bungalow, which sits on 20,001 sq ft of land,
received its Temporary Occupation Permit in June last year. It was sold
by GCB investor George Lim, who developed the property. The bungalow has
attained the Building and Construction Authority's highest eco-friendly
award, the Greenmark Platinum Award. The house features 214 solar
panels on the roof, uses recycled rain water and LED lighting.
All glass windows and doors have double glazing, which cuts down the
heat and noise. It also utilises chlorine-free pool sanitising
equipment. The bungalow was designed by Lim Hong Kian of Designshop
Architects. | It has six bedrooms, a gym, home theatre, steam room, lift, and
dehumidifiers in all rooms. The bungalow has a gross floor area of about
14,300 sq ft spread across two storeys and a basement. Mr Lim has also
developed another GCB, at 16A Leedon Park, which received its TOP in
July last year. That property, which obtained BCA's Greenmark Gold Plus
award, is on 15,635 sq ft of land. It, too, has six bedrooms, with two
storeys and a basement. The built-up area is about 10,800 sq ft.
Mr Lim indicated that he may keep 16A Leedon Park either for his
family's use or for long-term investment rather than sell it in the near
future, because of the difficulty of buying more GCB sites for
development given the 10 per cent additional buyer's stamp duty he would
have to pay on the land.
Newsman Realty is understood to have brokered both the Binjai Park and Ridout Road GCB deals.
Outside the GCB areas, a detached house at Duchess Road was recently
sold for $16.41 million or about $1,600 psf on its 999-year-leasehold
site's land area of 10,254 sq ft. It is near the future Tan Kah Kee MRT
Station. The 21/2-storey bungalow, which has a swimming pool, is about
25 years old and said to be in good condition. The deal was brokered by
Coldwell Banker Realtors.
The site is zoned for residential use with a 1.4 plot ratio (ratio of
maximum gross floor area to land area), which means it can be
potentially redeveloped into a five-storey apartment block.
However, the new owner is likely to keep it as a bungalow given its nice, quiet location off a cul de sac, say market watchers.
This article was first published in The Business Times. 2 GCBs sold for whopping S$91.6m
Apr 13, 2012 - PropertyGuru.com.sg By Romesh Navaratnarajah Two freehold Good Class Bungalows (GCBs), one at Ridout Road and the other at Binjai Park, were recently sold for a combined total of S$91.6 million.
According to The Business Times, the two-storey bungalow at Ridout Road changed hands for S$60.6 million, while the property at Binjai Park is said to have fetched around S$31 million. The prices translate to around S$1,490 psf and S$1,550 psf respectively.
The Ridout Road sale was the highest transaction recorded for a GCB since the sale of 3 Leedon Park in December 2010 at S$61.4 million, noted the report.
Located near Holland Road, the property comprises five bedrooms, a swimming pool and tennis court.
Thomas Chan, a former banker at Goldman Sachs and the owner, is believed to have sold it to Tecity Group.
Meanwhile, the Binjai Park bungalow was sold by GCB investor George Lim.
Sited on a 20,001 sq ft plot, the property received its Temporary Occupation Permit (TOP) in June 2011.
It comprises six bedrooms, a lift, home theatre, gym, steam room and dehumidifiers in all rooms. It has a gross floor area (GFA) of approximately 14,300 sq ft spread across two storeys and a basement.
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