reporter2
27-08-14, 17:39
http://www.businesstimes.com.sg/archive/saturday/premium/wealth/others/gcb-market-stirring-slumber-20140823
Published August 23, 2014
GCB market stirring from slumber
Deals worth S$125.5 million so far this quarter is a marked improvement from the S$82 million in Q2 this year
AFTER a quiet second quarter, the Good Class Bungalow (GCB) market has been stirring this quarter, with at least five transactions so far.
The biggest of them, amounting to S$35 million, is for an old bungalow along Ridout Road near Swettenham Road. The price works out to almost S$1,040 psf based on the land area of nearly 33,700 sq ft.
The buyer is understood to be the managing director of homegrown supermarket chain Sheng Siong, Lim Hock Leng. The freehold property sits on a conservation area within the Ridout Park GCB Area.
Industry observers say that while at least part of the existing house at the front of the site will have to be conserved, there should be scope for the new owner to build an annexe on empty land behind.
Along Dalvey Road, a seasoned property investor is understood to have picked up a bungalow for S$30.8 million. This translates to about S$1,666 psf based on the nearly 18,500 sq ft of land. The property is understood to have had a major spruce-up around six years ago.
Spread over two levels and a spacious attic, the house has six ensuite bedrooms in addition to a guest room. The living room is double volume and there is also a large pool.
Along Oriole Crescent (near Linden Drive) in the Raffles Park GCB Area, a bungalow recently changed hands at S$15.7 million. This reflects around S$1,566 psf based on slightly over 10,000 sq ft of land.
The property boasts a wide frontage, and includes two annexes separated by a pool. The bungalow has seven ensuite bedrooms and is said to feature a lot of chengai wood and teakwood.
RealStar Premier is understood to have brokered the transaction.
Earlier this month, BT reported two other GCB transactions this quarter - one in Gallop Park at S$25.2 million and another along Jervois Road at S$18.8 million.
The S$125.5 million worth of deals in GCB Areas so far this quarter is a marked improvement from the S$82 million transacted in Q2 this year. CBRE Research figures show that year to date, 20 transactions in GCB Areas have been sealed for nearly S$470 million.
Douglas Wong, head of luxury homes at CBRE Realty Associates, said: "Viewing activity seems to have picked up in recent months and may lead to more deals going forward. We expect the total number of GCB transactions for the whole of 2014 to be in the region of 25-30."
Last year, 29 bungalows in GCB Areas were sold for a total of S$682 million.
Newsman Realty managing director KH Tan too noted a pick-up in viewings over the past couple of months. "A lot of buyers are coming back to the market to look again. We've been receiving more offers on behalf of the owners whom we represent, and price gaps are narrowing, as reflected in the pick-up in transactions.
"I expect the activity to continue into the fourth quarter, with more deals being sealed," he added.
Published August 23, 2014
GCB market stirring from slumber
Deals worth S$125.5 million so far this quarter is a marked improvement from the S$82 million in Q2 this year
AFTER a quiet second quarter, the Good Class Bungalow (GCB) market has been stirring this quarter, with at least five transactions so far.
The biggest of them, amounting to S$35 million, is for an old bungalow along Ridout Road near Swettenham Road. The price works out to almost S$1,040 psf based on the land area of nearly 33,700 sq ft.
The buyer is understood to be the managing director of homegrown supermarket chain Sheng Siong, Lim Hock Leng. The freehold property sits on a conservation area within the Ridout Park GCB Area.
Industry observers say that while at least part of the existing house at the front of the site will have to be conserved, there should be scope for the new owner to build an annexe on empty land behind.
Along Dalvey Road, a seasoned property investor is understood to have picked up a bungalow for S$30.8 million. This translates to about S$1,666 psf based on the nearly 18,500 sq ft of land. The property is understood to have had a major spruce-up around six years ago.
Spread over two levels and a spacious attic, the house has six ensuite bedrooms in addition to a guest room. The living room is double volume and there is also a large pool.
Along Oriole Crescent (near Linden Drive) in the Raffles Park GCB Area, a bungalow recently changed hands at S$15.7 million. This reflects around S$1,566 psf based on slightly over 10,000 sq ft of land.
The property boasts a wide frontage, and includes two annexes separated by a pool. The bungalow has seven ensuite bedrooms and is said to feature a lot of chengai wood and teakwood.
RealStar Premier is understood to have brokered the transaction.
Earlier this month, BT reported two other GCB transactions this quarter - one in Gallop Park at S$25.2 million and another along Jervois Road at S$18.8 million.
The S$125.5 million worth of deals in GCB Areas so far this quarter is a marked improvement from the S$82 million transacted in Q2 this year. CBRE Research figures show that year to date, 20 transactions in GCB Areas have been sealed for nearly S$470 million.
Douglas Wong, head of luxury homes at CBRE Realty Associates, said: "Viewing activity seems to have picked up in recent months and may lead to more deals going forward. We expect the total number of GCB transactions for the whole of 2014 to be in the region of 25-30."
Last year, 29 bungalows in GCB Areas were sold for a total of S$682 million.
Newsman Realty managing director KH Tan too noted a pick-up in viewings over the past couple of months. "A lot of buyers are coming back to the market to look again. We've been receiving more offers on behalf of the owners whom we represent, and price gaps are narrowing, as reflected in the pick-up in transactions.
"I expect the activity to continue into the fourth quarter, with more deals being sealed," he added.