Swiss Club Road GCB is on the market for S$39.9 million, or S$1,874 per square foot

Aug 18, 2022



A freehold home in Swiss Club Road's Good Class Bungalow (GCB) enclave has been listed for S$39.9 million in a private treaty sale.

At that price, the 10,600 sq ft house on 21,293 sq ft of land is worth roughly S$1,874 per square foot (psf).

A Swiss Club Lane property on 17,558 sq ft land sold for S$24.5 million a year ago, or S$1,395 psf in July 2021. Another Swiss Club Lane house sold in January 2021 for just under S$13 million, or S$1,075 psf for the 12,087 sq ft plot.

"The asking price of $39.9 million is appropriate, given the prevailing sentiments in the GCB sector and scarcity of our land," said Douglas Wong, ERA senior director of Capital Market and Investment Sales, Luxury Homes (GCBs).

The property's marketing agent is ERA. The property is a double-story cottage with an attic in the Bukit Timah district, close to local and foreign schools.

According to caveats submitted, two residences with Swiss Club Road addresses were sold in the last two months. A 13,482 sq ft property sold in July for S$27.28 million, or S$2,023 psf, while another house on a larger 19,406 sq ft site sold in June for S$26.3 million, or S$1,355 psf.

The GCB market has slowed dramatically in recent months, with transactions plummeting as the buyer-seller price differential widens, and sentiment remains dampened by dips in the stock market and cryptocurrency sectors, as well as uncertainties on macroeconomic and geopolitical fronts. According to List Sotheby's International Realty's (List SIR) examination of URA Realis caveats data from the second quarter, there were 9 deals in GCB Areas totaling S$224.20 million (with the latest deal tracked dated at Jun 10). In the previous quarter, 31 transactions totaling over S$900 million were completed.

From January to June 21, 2022, there were 24 transactions totaling S$624.54 million, which is less than half of the 55 transactions totaling approximately S$1.6 billion in the first half of previous year.

Deals are still being struck. We reported on Wednesday (Aug 16) that a house along White House Park was sold for S$45.5 million, which works out to S$3,017 psf on the freehold land size of 15,081 sq ft. Fu Wei, CEO of healthcare-focused investment business CBC Group, is purchasing the property from a Sia family-owned Singapore-incorporated company.