GCBs sold at surprisingly high prices

Two good-class bungalows (GCBs), one in Tanglin Hill and the other in Victoria Park Road, have been sold for a total of S$105 million.

According to The Strait Times, both properties were acquired by Singaporeans. The two-storey Tanglin Hill bungalow was sold for S$57 million (approximately S$1,648 psf). It was completed in 1990 and is located on a 34,579 sq ft site with a built-up area of 8,000 sq ft.

Meanwhile, the bungalow at Victoria Park Road was sold for S$48 million (around S$1,496 psf).

The report said the high prices fetched for the two properties were surprising, as many had expected the property market to cool before the end of the year.

Source : PropertyGuru – 28 Nov 2011