Ravi Chandran
Based on recent market activities, the guide price for the Binjai Park Good Class Bungalow is S$40 million, which translates to S$1,464 per sq ft on land area.
CBRE announed on Jan 23 that it is launching the public tender sale of a prime good class bungalow (GCB) located at 98 Binjai Park, one of Singapore’s most prestigious residential enclaves in Bukit Timah.
Built in 2012, the freehold Binjai Park Good Class Bungalow sits on a regular corner land plot of approximately 27,320 sq ft that encompasses a 45-metre wide road frontage along Binjai Park and an average depth of approximately 43 metres.
With a total floor area of approximately 13,986 sq ft across two storeys, the Binjai Park Good Class Bungalow has a spacious living hall, a main dining room, seven en-suite bedrooms, two study rooms, an entertainment room, a gym and two helpers’ rooms. It also boasts a lush garden, and a large car porch and garage which can comfortably accommodate about 20 cars.
Ms Sammi Lim, Director of Capital Markets, CBRE said, “Offered for sale on a vacant possession basis, the luxurious property is beautifully designed and available for immediate occupation. The lavish communal spaces and the number of rooms, coupled with the complete privacy it enjoys due to the low-density land use in the area, also make 98 Binjai Park an optimal choice for multi-generation families. Buyers also have the option to explore alteration and addition works to tailor the property to their needs.
“Based on recent market activities, the guide price of S$40 million, which translates to S$1,464 per sq ft on land area, will certainly pique buyers’ interest, especially when GCBs remain very limited in land-scarce Singapore. Located within the GCB area of Binjai Park, an affluent residential enclave characterized by tree-lined boulevards, the property is within close proximity to well-known educational institutions and a host of amenities which are among the key attractions to living in this esteemed neighborhood.”
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Amenities including food and beverage, entertainment, retail and lifestyle establishments are located in the shophouses along Binjai Park, The Grandstand, Sime Darby Centre and Bukit Timah Plaza. Well-known educational institutions located nearby include Methodist Girls’ School (Primary), Pei Hwa Presbyterian Primary School, Hwa Chong Institution, Nanyang Girls’ High’ School, UniSIM and Ngee Ann Polytechnic.
The Binjai Park Good Class Bungalow also enjoys seamless connectivity to the rest of the island via the nearby King Albert Park MRT station. The Orchard Road shopping belt and the central business district are both a short drive away.
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Ms Lim added, “Due to its scarcity and exclusivity, the GCB market in Singapore has always been a unique asset class that is consistently sought after by high net worth individuals and prominent families who are always on the lookout for prestigious lifestyle offerings and generous private spaces in land-scarce Singapore.
“Furthermore, the GCB market has proven to be a resilient asset class through market cycles; and looking ahead, the strong underlying fundamentals of Singapore will further support GCB demand and capital appreciation. On this basis, we anticipate keen interest in 98 Binjai Park from owner occupiers in search of an ideal family home as well as investors seeking to purchase a GCB in an excellent locality.”
CBRE is the exclusive marketing agent for 98 Binjai Park. The public tender for the subject property will close on 1 March 2019 at 3.00pm.
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The Urban Redevelopment Authority (URA) has gazetted 39 good class bungalow areas, which are the pinnacle of Singapore’s landed housing segment. The URA has stipulated strict planning conditions for good class bungalows to preserve their exclusivity and low-rise character. URA also requires good class bungalows to have a minimal plot size of 1,400 sq m or 15,069 sq ft – but those with land plots smaller than the stipulated size when the 39 good class bungalows areas were gazetted in 1980 are still classified as as such.
The buyer pool for good class bungalow is small and that new citizens who were originally from China, were prominent buyers of such exclusive property. Besides the new citizens, buyers of good class bungalows also comprised of Singapore corporations, ultra-high-net-worth Singaporean families and Singaporean entrepreneurs in their 40s. Coveted address, prestige, exclusivity, wealth-preservation quality and measure of their financial success, were all reasons for such buyers to seek good class bungalows.
Despite the restricted demand pool, prospective sellers are expected to raise or be firmer on their price expectations in 2019. This is because sellers are mindful that good class bungalows will further enhance the wealth preservation quality for the buyers. But the prices of good class bungalows are expected to be tempered by Additional Buyers’ Stamp Duty (ABSD) and Total Debt Servicing Ratio (TDSR) requirements.
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