Yarwood Avenue GCB is sold by Cuscaden Peak Investments for S$29.7 million

Other notable transactions include Soilbuild's S$47 million acquisition of a bungalow in Cornwall Gardens, as well as sales in Leedon Park and Binjai Park.

Nov 08, 2022

Cuscaden Peak Investments is asking S$29.7 million for a bungalow on Yarwood Avenue in the Kilburn Estate good class bungalow (GCB) Area. Based on the 999-year leasehold property's land area of around 18,519 square feet, this comes out to S$1,604 per square foot (psf) (sq ft).

The five-bedroom, two-story bungalow with a swimming pool is currently leased. The buyer is a Singaporean with interests in computer hardware sales, real estate, and food and beverage.

Times Properties, a wholly owned subsidiary of Cuscaden Peak Investments, owns the property. (Prior to its privatisation in May, Cuscaden Peak Investments was known as Singapore Press Holdings Private Limited.)

According to reports, Realstar Premier negotiated the agreement. Times Properties' three freehold homes on Nassim Road are also exclusively marketed by the boutique property firm. On November 3, the expression of interest period for the Nassim Road properties expired. Realstar announced last week that the auction had drawn at least three bids, but the company was unavailable for comment on Tuesday (Nov 8).

Each of the three Nassim Road bungalows includes 5 bedrooms and a pool on 15,000 square feet of ground. The bungalows have built-up areas of approximately 6,950-7,400 square feet and are tenanted, with the earliest lease expiry in late July 2023. The asking price on land area was a record S$5,200 psf.

To be able to purchase a landed property in a GCB Area, one must be a Singapore citizen.

Bungalows in the 39 gazetted GCB Areas are the most prestigious type of landed dwelling in Singapore, with the Urban Redevelopment Authority (URA) imposing rigorous planning criteria to preserve their exclusivity and low-rise character. A minimum plot size of 1,400 square metres (about 15,070 sq ft) is established as the planning rule for newly developed bungalows in GCB Areas, among other things. Another limitation is a 2-story height limit, though attics and basements are permitted.

A freehold bungalow in Cornwall Gardens was purchased by a wholly-owned unit of Soilbuild Group Holdings for S$47 million, or S$2,162 psf, on a land size of 21,740 sq ft. The family of Lim Hock San, the former CEO and President of United Industrial Corporation, now known as Singapore Land Group, is selling the villa.

A 20-year-old home in Leedon Park is on the market for S$34 million, or S$2,229 psf on a land area of 15,256 sq ft. According to market speculation, it is being purchased by the family of Balwant Jain, founder of Singapore-based IT services and solutions firm Optimum Solutions.

A cancer surgeon is said to have been awarded an option to purchase a historic single-story home in Binjai Park for S$28.2 million. This calculates out to S$1,818 psf on a 15,515 sq ft lot. The home is being sold by a retired doctor couple who are believed to be represented by List Sotheby's International Realty. According to reports, Realstar represented the respective buyers in this sale, as well as the Leedon Park transaction.

KH Tan of Newsman Realty, a seasoned GCB agent, stated the prices in the above four deals are in accordance with their individual fair-market valuations. "At the moment, we're seeing that if asking prices are significantly more than fair market value, potential purchasers would rather wait, given the uncertain economic situation and rising interest rates."

"The market is still active, though transactions are down from last year, which was a banner year for the GCB market."

The vast plot sizes and placement in lush, verdant surroundings distinguish GCB Areas. Owning one of these residences has a rarity value, considering there are only about 2,700 of them in Singapore.