Ravi Chandran
Two adjoining freehold Good Class Bungalows at Ewart Park and Holland Road for sale at guide prices of $31 and $35 million
EDMUND TIE announced on March 8 that it is pleased to offer two adjoining freehold Good Class Bungalows (“GCB”) located at Ewart Park and Holland Road for sale via an Expression of Interest exercise.
Nestled within the tranquil and exclusive Ewart Park Good Class Bungalow Area, the offering comprises two adjoining freehold Good Class Bungalows – one located on a cul-de-sac at Ewart Park and another on a cul-de-sac at Holland Road.
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The site areas of the two adjoining freehold Good Class Bungalows are approximately 17,300 sq ft and 15,500 sq ft respectively, adding up to a total site area of 32,800 sq ft. Each site accommodates a double-storey bungalow with four en-suite bedrooms and a swimming pool. Ideally located on a cul-de-sac, the two good class bungalows enjoy the best of privacy and exclusivity.
Shopping, dining, and recreational amenities are readily available in the immediate vicinity at Holland Village, Chip Bee Gardens and King Albert Park. The two freehold good class bungalows are also located within 1 km to Methodist Girls’ School and Henry Park Primary School. Other reputable educational institutions in the vicinity include Anglo-Chinese School, Nanyang Girls’ High School, Hwa Chong Institution and National Junior College.
Executive director of investment advisory, Ms Swee Shou Fern, commented: “Good class bungalows represent the most prestigious and coveted landed housing type in Singapore. There is a limited supply of only about 2,500 good class bungalows located within 39 gazetted good class bungalow areas. Opportunities to acquire adjoining good class bungalows as such do not come by often. This is ideal for multi-generational families wanting to live close to one another.”
In recent months, demand and sales momentum for good class bungalows has been buoyant, with a number of transactions recording new highs. Some of the notable transactions include 24 Gallop Road bought by the Haidilao family at $42m or $1,940 per square foot on land area, the highest land price for a GCB in that area. 5 Swettenham Close changed hands in January 2021 for $34.8m or a land rate of $2,893 psf. In the same month, a good class bungalow at King Albert Park transacted at $43.35m, reflecting $1,222 psf.
With increasing demand coming from the ultra high-net-worth local families looking to acquire a good class bungalow for their children or grandchildren, the new rich as well as new Singapore citizens, transaction volume and prices of good class bungalows are poised for further increase in 2021.
Parties interested in the two adjoining freehold Good Class Bungalows may bid for either one or both the properties. The guide price is $35m for the good class bungalow at Ewart Park, and $31m for the one at Holland Park.
The Expression of Interest exercise for the two adjoining freehold Good Class Bungalows will close on Wednesday 14 April, 2021 at 3pm.
Mr Paul Ho, chief mortgage consultant at iCompareLoan, said, “with political stability, it is understandable why Singapore looks attractive to ultra high net worth investors. Due to its limited supply and the prestige associated with these large bungalow plots, GCBs are often sought after by well-heeled individuals.”
Mr Ho added, “Singapore’s business-friendly environment also attracts many ultra high net worth investors to park their assets here. Prices of GCBs have been on a steady increase since 2016 and so it is viewed as a good investment.”
Cushman & Wakefield executive director of capital markets, Mr Shaun Poh, said: “Opportunities to acquire large-sized adjoining GCB land plots such as this are extremely rare.” He added that good class bungalows are very appealing to investors despite the pandemic and the economic climate as they are viewed as being a highly resilient and attractive property class.
The expression of interest exercise for the Holland Rise Good Class Bungalow site closes on Feb 9 at 3pm.
GCBs have been in the spotlight since news broke recently that Sir Dyson had forked out $41 million for a hilltop GCB located along Cluny Road with views of the Botanic Gardens, Singapore’s first and only UNESCO Heritage Site.
List Sotheby’s International Realty (List SIR) which reported on the purchase of Sir Dyson, noted that what makes this GCB deal an even greater surprise is that landed properties in Singapore, including the 2,800 plots located in the 39 GCB areas gazetted by the Urban Redevelopment Authority (URA), are classified as restricted properties and are limited for purchase and ownership by Singapore Citizens only. Besides their rarity, GCBs also come with strict planning conditions stipulated by the URA to preserve their exclusivity and low-rise character.
Even ultra high net worth investors, such as the Dysons, need to get special approval from the government to purchase and own GCBs because they are permanent residents. Criteria include making exceptional economic contributions in Singapore and the buyer can only use the GCB for owner occupation.
According to the Singapore Residential Property Act, foreigners are not allowed to own landed properties, which include bungalows. However, foreigners are allowed to own the bungalows at Sentosa Cove, a planned resort island to attract high-net-worth (HNW) foreign investors. Foreigners are allowed to own apartments in Singapore.
Mr Poh highlighted that sales of Good Class Bungalows have been fairly active despite the pandemic, with a Good Class Bungalow at 1 Chatsworth Park transacting last month at $44 million, which translates to $2,082 per sq ft (psf) based on land area. He pointed out that closer to the Holland Rise Good Class Bungalow site at nearby Oei Tiong Ham Park, 17A Leedon Park was transacted in September 2020 at S$73 million, which translates to S$1,643 psf based on land area.
