At least four properties in Good-Class Bungalow (GCB) areas have been transacted so far this year.
Among the latest is a bungalow along Peirce Road that has changed hands for almost S$24 million. The price works out to S$1,479 per square foot (psf) based on the freehold land area of 16,224 square feet.
Located in the Ridout Park GCB area, the two-storey property is understood to have been bought by Tan See Leng, managing director and chief executive officer of IHH Healthcare Bhd. It was previously transacted a decade ago, in April 2006, for S$9.5 million, according to SISV REALink caveats information.
Other recent transactions in GCB areas include a property at Mount Echo Park in the Chatsworth Park GCB area, sold at S$22.25 million or S$1,322 psf on 16,826 sq ft of freehold land.
Along Yarwood Avenue, a GCB on a 16,163 sq ft plot has fetched S$15.7 million – translating to S$971.35 psf.
Last month, upscale property developer Simon Cheong sold a King Albert Park bungalow that he built a few years ago. The price was S$25 million (S$1,493 psf on a land area of 16,750 sq ft).
The property of around 10,000 sq ft in built-up area was bought by Fang Koh Look, the founder of Absolute Kinetics Consultancy, which provides workplace safety training and medical services in addition to distributing mobile pre-paid cards.
More than S$700 million of deals were transacted in GCB areas last year, exceeding the S$626 million in 2014.
Realstar Premier Group managing director William Wong estimates that GCB prices declined about 10 to 15 per cent last year. He expects prices to continue trending down in the first half of this year in the absence of any positive stimulus, before stabilising in the second half.
“The silver lining is that the volume of transactions will improve in 2016 amid a better matching of price expectations between buyers and sellers,” he added.