The freehold Good Class Bungalow is still under construction in Tanglin Hill
The Good Class Bungalow (GCB) is in early stages of being sold for close to S$93.9 million, or nearly S$6,200 per square foot on the land area of 15,150 square feet – a new record land rate in the GCB market.
The two-storey bungalow with a high-ceiling attic and a large basement, will have six bedrooms and a swimming pool. The property’s built-up area is almost 30,000 sqft, including the basement which can hold the entertainment area, a wine cellar and space for over a dozen cars. The ground level features expansive separate spaces for living, dining, and cooking.
The property is being developed by the Soh family, which is behind lifestyle developer Meir Homes. The transaction is understood to be at the option-grant stage; the deal was entered into in March.
Bungalows in the 39 gazetted GCB Areas are the most prestigious form of landed housing in Singapore, with strict planning conditions to preserve their exclusivity and low-rise character. Among other things, a minimum plot size of 1,400 sqm or 15,070 sqft is mandated as the planning norm for newly created bungalows in GCB Areas. There are only around 2,700 bungalows in these areas.
This Tanglin Hill GCB sits on a regular plot in the Ridley Park GCB Area in prime District 10.
The S$6,197 psf price for the Tanglin Hill GCB surpasses the record land rate of S$4,500 psf set in 2023 by Cuscaden Peak Investment’s sale of three Nassim Road bungalows. The three bungalows were sold indvidually, to Singaporean members of the Fangiono family, which is behind Singapore-listed palm oil producer First Resources.
Before that, the highest land rate for a deal in a GCB Area was S$4,291 psf, set in 2021 when local technopreneur Tommy Ong picked up a Cluny Hill bungalow while it was under construction.
That deal, which amounted to S$63.7 million, was for a property with a land area of 14,843 sqft. The Cluny Hill GCB was also developed by the Soh family under the Meir Homes banner.
Much like that transaction, the family’s latest GCB sale in Tanglin Hill is expected to entail a long option-exercise period granted to the incoming buyer, with a substantial option fee.
Both properties were designed by Wallflower Architects. The Soh family paid S$30 million or S$1,980 psf a few years ago for the Tanglin Hill site, on which sat an old bungalow.
Source: The Business Times