Demand still strong for Leedon Park GCBs

By Amy Tan / EdgeProp Singapore | September 13, 2019 11:05 AM SGT
SINGAPORE (EDGEPROP) - A Good Class Bungalow (GCB) located on the corner of Leedon Park and Bin Tong Park was sold at end-July for $28 million, or $1,476 psf based on its 18,970 sq ft land area.
“The buyers were a family specifically looking for a GCB in the Leedon Park estate,” says Charles Wong, property consultant at PropNex. He represented the buyers in the sale.
The GCB that was sold for $28 million, or $1,476 psf based on its 18,970 sq ft land area (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The way he sees it, the GCB market has slowed slightly. However, he highlights that there is still demand for GCBs priced in the range of $20 million to $30 million. He is still receiving enquiries from buyers who specifically want a GCB in Leedon Park due to its proximity to amenities.
“A lot of these GCB buyers know what they want, so it does not take them long to put in an offer when they find a house they like,” he says.
Chermaine Koh, associate group division director at PropNex, agrees. “Leedon Park is a short drive to Holland Village and the Orchard Road shopping belt area, so in terms of amenities and lifestyle options, it is well-served,” she notes. Koh represented the sellers in the sale. The sellers and buyers declined to be interviewed.
In addition, Koh says, there are buyers who are particular about districts – these buyers prefer GCBs in Leedon Park for its District 10 zoning as opposed to Binjai Park that is zoned under District 21. “These buyers want a prime District 10 address and that is why demand for Leedon Park GCB is holding up well,” she adds.
Based on URA data, the sellers had purchased the GCB in June 2002 for $7.8 million or $411 psf based on land area, thus realising a profit of $20.2 million over 17 years. In 2013, the sellers renovated the GCB, giving the house a contemporary update with reinforced concrete and steel.
Energy-conservation measures were factored into the design, with solar panels installed on the rooftop for the heating of water. In 2016, the panels were also commissioned to generate electricity for domestic use.
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