SINGAPORE (EDGEPROP) - Within the Good Class Bungalow Area (GCBA) of Oei Tiong Ham Park, located off Holland Road in prime District 10, is a cluster of just 10 bungalows on Jalan Harum. Since May last year, three bungalows on that street have changed hands.

The latest, with a caveat lodged on July 4, is for a bungalow on a freehold site of 8,726 sq ft that changed hands for $22.8 million. The transacted price works out to $2,613 psf based on land area. "It is the highest psf price for a bungalow in Oei Tiong Ham Park so far," says William Wong, founder of Realstar Premier Group, which specialises in landed property deals.

Realstar agents represented both the seller and buyer in the deal. Martin Goh, associate marketing director of Realstar, is understood to have represented the seller but declines to comment on the deal.

---

---

According to a property title search, the buyer is Irving Tan Tiang Yew, executive vice president for global operations at Western Digital. An alumnus of Nanyang Technological University Singapore, Tan was recognised at the Nanyang Alumni Awards 2022, held on November 11, 2022, at the Nanyang Auditorium.

The bungalow that Tan purchased was built sometime in the 70s and is currently tenanted. The new owner is expected to tear down and redevelop the property into a new bungalow.

Three months earlier, another bungalow on the same street was sold for $32.8 million, according to a caveat on April 11, 2023. The existing double-storey bungalow was built in 1977 and sits on a land area of 14,211 sq ft. The purchase price works out to a land rate of $2,308 psf.

Until the recent deal in early July at $2,613 psf, this transaction held the record for the highest psf price for a bungalow in the Oei Tiong Ham Park GCBA. Realstar represented the buyer in this deal. According to a property title search, Singaporean businessman Ong Iong Sheunn is the buyer.

In May 2022, a neighbouring bungalow changed hands for $18.18 million or $2,106 psf, based on the land area of 8,633 sq ft. The house is also believed to have been built 50 years ago. Realstar is said to represent both the buyer and seller in this deal.

With Good Class Bungalow (GCB) prices having spiralled upwards and the most coveted address in District 10, Nassim Road, now topping $4,500 psf, "those with a budget of $20 million to $30 million can no longer afford a GCB", says Realstar's Wong.

The next best alternative, Wong adds, is to purchase smaller bungalows with land sizes of about 8,000 to 10,000 sq ft in the GCBAs of Oei Tiong Ham Park or at Raffles Park in the Bukit Timah enclave in District 11.

At Raffles Park GCBA, a bungalow at Linden Drive sitting on a freehold site of 11,314 sq ft, changed hands for $24 million ($2,121 psf), according to a caveat lodged in June this year.

Read more:

Bungalow at Linden Drive sold for $24 mil; Vanda Crescent bungalow fetches $21 mil

Check out the latest listings near Jalan Harum, Oei Tiong Ham Park, Nassim Road, Raffles Park

---