Good Class Bungalows in Nassim top $4,500 psf, terraced house in Chancery hits $4,456 psf

April 25, 2023

Cuscaden Peak recently sold a portfolio of three Good Class Bungalows (GCBs) at Nassim Road for $206.7 million. The price works out to a record of $4,500 psf.

Alvin Choo, associate district director of investment sales and affluent markets at PropNex Realty, represented the buyer in the deal, while RealStar Premier Group represented the seller.

The buyers are said to be Indonesian-turned-Singapore citizens and members of the same family.

Choo declines to comment on the buyer's identity, citing a non-disclosure agreement. "The buyers are super-high net worth and savvy purchasers," he says. "They only wanted a Tier 1 GCB location –Nassim, Cluny, Bishopsgate, Chatsworth, Rochalie Drive or Tanglin Hill." The purchase was "for legacy planning and wealth protection", Choo adds.

Interest in the Tier 1 GCB locations has predominantly been newly minted Singapore citizens formerly from China, Hong Kong and Taiwan, according to Choo.

The three GCBs on Nassim Road were put up for sale last September, with RealStar Premier Group as the exclusive agency. The price tag was $238.88 million or $5,200 psf. Each GCB sits on a freehold plot ranging from 15,131 to 15,542 sq ft, with a built-up area from 6,942.7 sq ft to 7,384 sq ft.

The latest purchase price of $4,500 psf for Nassim Road tops the previous record of $4,291 psf achieved for a newly built GCB at Cluny Hill in April 2021. The house on a 14,844 sq ft, freehold site was purchased for $63.7 million by Tommy Ong, founder of Shopify review app Stamped.io. The seller was Sebestian Soh, founder and director of the development advisory firm Meir Homes, which completed the home's construction last year.

Demand for GCBs in the Tier 1 locations far outstrips supply, which is "very tightly held", according to PropNex's Choo. "This record deal certainly won't be the last of such transactions," he adds. "If anything, it will boost the market dramatically."

More at: https://www.edgeprop.sg/property-new...-hits-4456-psf