Cluny Hill bungalow sets record psf price for GCB area

It went for S$2,350 psf on land area, beating the previous record of S$2,190 psf set in 2015 for a Bishopsgate property

Sat, Dec 02, 2017

Kalpana Rashiwala

A BUNGALOW along Cluny Hill has been sold for S$35.5 million, which works out to S$2,350 per square foot based on the freehold land area of 15,105 sq ft.

This is believed to be a record price in terms of psf on land area for a Good Class Bungalow (GCB) area.

It topples the previous record of S$2,190 psf on land area set in 2015 for a luxuriously furnished bungalow in Bishopsgate. That deal, for S$33 million, was for a property with 15,070 sq ft of land area.

The Cluny Hill bungalow sold recently is near the Singapore Botanic Gardens. Rebuilt and completed in 2012, it is perched on an elevated spot, spans two levels and has a basement and an attic.

It is nicely done up and in good condition, with about 10,500 sq ft built-up area. It has 10 rooms, including three Japanese-styled tatami rooms in the attic and a pool.

Realstar Premier Group founder William Wong, who was not involved with the transaction, said: "After Nassim Road, Cluny Hill is the next most sought-after GCB location."

The property is being bought by a Singaporean in his mid-twenties.

Other recent deals in GCB areas include a bungalow in Cluny Road, which was picked up Far East Organization, helmed by Philip Ng. It went for S$34.5 million or S$1,705 psf on land area of 20,238 sq ft.

Also sold recently was a property on Swettenham Road, which fetched S$19.28 million or S$1,268 psf on land area.

Going by CBRE Research's latest analysis of caveats information, there have been 37 transactions in GCB areas in the year to date, totalling S$767 million, close to last year's S$789 million.

The most active year was 2010, with 132 deals totalling S$2.37 billion; that was prior to the rollout out of the additional buyer's stamp duty and total debt servicing ratio framework which cooled the market.

Mr Wong of Realstar said that in general, prices in GCB areas bottomed and then began inching up in Q3. "We could see a 5 to 8 per cent appreciation next year."

He is confident that pent-up demand will continue to manifest. "Those on the hunt for a bungalow in a GCB area comprise Singaporeans upgrading from smaller bungalows, as well as well-heeled foreigners who have become Singapore citizens in recent years and hence qualify to buy in this segment."

Under a policy change that took effect in the second half of 2012, only Singapore citizens are allowed to buy landed residential properties in GCB areas.

Bungalows in GCB areas are the most prestigious form of landed housing in Singapore, with planning conditions to preserve their exclusivity and low-rise character.