Good Class Bungalow in King Albert Park on the market for $30 mil

March 24, 2023

A Good Class Bungalow (GCB) at King Albert Park will be launched for sale by an expression of interest exercise on March 31. The guide price for the property is $30 million ($1,846 psf). The two-storey house sits on a freehold site of 16,251 sq ft. It has nine bedrooms, a swimming pool and basement parking for six cars. The house has a total floor area of 12,500 sq ft.

The site was originally part of a wider plot that belonged to a family member of Benjamin Sheares, Singapore’s second President who served three terms between January 1971 and May 1981. The Sheares family sold the plot to a buyer who subsequently subdivided it into three smaller plots.

The current owners, who purchased the property in 1996, have decided to put it on the market after living in it for 27 years. “The owners are a little older now and so they’re looking to offload the property,” says Jervis Isaiah Ng, founder of JNA Real Estate and executive director of JNA Capital Markets, the exclusive marketing agency for the property. According to Ng, JNA Capital Markets is a division of his firm JNA Real Estate, and handles property for ultra-high-net-worth clients. JNA Real Estate, in turn, is a team under PropNex Realty.

The land rate of $1,846 psf is deemed attractive by Ng. “It is one of the few GCBs on the market with an asking price below $2,000 psf,” he shares.

Gateway into GCB market

The current owners have kept the house largely unchanged from its original design. Ng notes that despite its age, the property’s condition is “still very good”, as the owners have meticulously maintained the home over the years.

The house was positioned so that the main living areas are north-south facing, avoiding harsh direct sunlight. A U-shaped layout was chosen, with communal areas such as the living room and family area located at the centre of the home, while bedrooms are tucked at either end. All the rooms in the house look towards the central courtyard, which has a pool. “It’s a great space for those who like to entertain at home,” says Ng.

Given the asking price, Ng believes the property is suitable for new entrants into the GCB market. These include those who want to upgrade from a smaller detached house to “full-fledged GCB” and younger entry-level GCB buyers whose budgets do not yet permit them to make that leap into the terrain of GCBs in the $40 million to $50 million price bracket, he adds.

Alvin Tan, team lead at JNA Capital Markets, adds that the house will appeal to buyers seeking the exclusivity of a GCB area, while still having easy access to amenities in the vicinity. King Albert Park MRT Station is a 10-minute walk away, while Bukit Timah Plaza and Beauty World Plaza are within a five-minute drive. Adding to the area’s appeal for families is its proximity to schools — Pei Hwa Presbyterian Primary School and Methodist Girls’ School (Primary and Secondary) are located within a 1km radius.

https://www.edgeprop.sg/property-new...-market-30-mil