Four detached houses changed hands in prime District 10, according to caveats lodged in the week of Sept 6 to 13. Three were Good Class Bungalows, the most valued of luxury bungalows.
One was a GCB on Lady Hill Road that changed hands for $24 million ($1,423 psf), based on a caveat lodged on Sept 13. The detached house sits on a freehold site of 16,867 sq ft in the coveted Lady Hill Park enclave, off Nassim Road and Fernhill Road. The house was built in 1985, but Samuel Eyo, managing director of Singapore Christie’s International Real Estate, says it is “a fair transaction price” for both seller and buyer. “This piece of land is located in a really prime location, which is hard to come by,” he adds. According to market sources, the deal was brokered by K H Tan, managing director of Newsman Realty and a specialist in marketing luxury bungalows.
The last GCB transaction in Lady Hill Park was carried out six years ago. It was the sale of a GCB sitting on a land area of 16,060 sq ft and it fetched $23.18 million ($1,444 psf), according to a caveat lodged in April 2010.
A GCB on Lady Hill Road fetched $24 million ($1,423 psf) on Sept 13
Meanwhile, at White House Park, a GCB sitting on a freehold site of 16,469 sq ft was sold for $18 million ($1,093 psf) in June. The GCB had fetched $20 million ($1,214 psf) in November 2013.
At the GCB enclave of Ewart Park, off Holland Road, a property completed 10 years ago was sold for $19 million ($1,161 psf), according to a caveat lodged on Sept 8. Ewart Park is another sought-after GCB area. The last transaction recorded in the neighbourhood was five years ago, when a GCB sitting on a freehold site of 33,551 sq ft was sold for $38.6 million ($1,150 psf), according to a caveat lodged in May 2011.
Christie’s Eyo reckons that, given its location, the GCB at Ewart Park was sold at a slightly lower psf price than the one at Lady Hill Road, which is closer to Orchard Road and the Singapore Botanic Gardens. The property at Ewart Park also has a long driveway, which generally translates to a slight discount, he adds.
The detached house at Ewart Park was sold recently for $19 million ($1,161 psf)
The third GCB that changed hands was on Victoria Park Close, where a house sitting on a land area of 18,988 sq ft was sold for $18.2 million ($959 psf). The property was part of an estate sale.
The fourth transaction was that of a detached house on Namly Close, off Namly Avenue. The house sits on a freehold land area of 10,269 sq ft and sold for $13.5 million ($1,314 psf), according to a caveat lodged on Sept 8.
This article appeared in The Edge Property Pullout, Issue 747 (Sep 26, 2016) of The Edge Singapore.