SINGAPORE (EDGEPROP) - The type of deals that do not require physical meetings or property viewings – both of which have been disallowed during this "circuit breaker" period – tends to be of old, landed properties where the owner intends to tear down and rebuild the existing structure.
This was the case for a Good Class Bungalow (GCB) at Windsor Park Estate, located off Upper Thomson Road. The GCB along Windsor Park Road sits on a 21,098 sq ft, freehold site and changed hands for $21.68 million ($1,028 psf), according to a caveat lodged with URA Realis on April 17. “There are not many properties in Windsor Park Estate that come up for sale,” says Bruce Lye, managing partner of SRI, who brokered the sale. “The transacted price is reasonable.”
The last transaction at Windsor Park Estate was for a GCB located just across the road, on Windsor Park Hill. The GCB, which sits on a 21,991 sq ft, freehold site, fetched $23.5 million ($1,068 psf) in October 2018.
The GCB at Windsor Park Road that was just sold was an old, double-storey, detached house that was built more than 30 years ago. It was previously occupied, but has been vacant in recent years.
For the buyer, a Singaporean businessman, the GCB's appeal is that it is surrounded by greenery, and its proximity to Windsor Nature Park, which is linked to three reservoirs at the Lower Peirce, Upper Peirce and MacRitchie nature reserves, says Lye.
Prior to buying the property, the buyer had driven around the neighbourhood several times to view the location. “If you’re looking to buy a property with the aim of redeveloping it, this is the best time,” adds Lye. “You don’t need to view the actual property. You can just drive by to take a look at the site, and see the shape of the land.” Lye had also provided the buyer with the site plans, sewerage plans and road line plans.
The GCB deal at Windsor Park Road could be described as “contactless”, as the go-between between all three parties – the buyer, seller and Lye -- was the courier. The courier had picked up the option-to-purchase document from Lye, and the cheque from the buyer. Both were dispatched to the seller. When the seller had signed the document, he in turn informed the courier service that the document was ready for pick-up. The signed document was then dispatched to the buyer’s address, explains Lye.
During the circuit breaker period, all property-related transactions – from leasing to sale and purchase, including delivery of keys and documents -- would be handled by the courier, adds Lye. SRI has tied up with a courier service company, and the cost will be borne by the former instead of individual agents.
Other GCB deals are brewing elsewhere, notes Lye. He is marketing another GCB at Maryland Drive in the Maryland Estate, off Holland Road. The house is an original, single-storey bungalow with a swimming pool and a sprawling lawn sitting on a 21,863 sq ft, 999-year leasehold site. The property has an asking price of $27 million ($1,235 psf).
An offer is currently on the table for the GCB at Maryland Drive, says Lye, but there is still a $1 million gap between the owner’s asking price and the prospective buyer’s price that needs to be bridged.
Ironically, during this circuit breaker period, Lye is even busier than before. “Business owners who have done well and set aside some money are using the lull during this circuit breaker to look at potential redevelopment sites.”
Check out the latest Good Class Bungalow (GCB) listings near Windsor Park Estate, Maryland Estate
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