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JUST SOLD: GCB at Peirce Road sold for $14.5 mil profit

Tan Chee Yuen

/ The Edge Property

March 3, 2016 5:42 PM SGT

propertyeditor@edgeprop.sg

propertyeditor@edgeprop.sg

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A 16,221 sq ft Good Class Bungalow (GCB) located at Peirce Road fetched a whopping $14.50 million profit after being sold for $24.00 million, or $1,480 psf in February this year. The seller bought the property for $9.50 million, or $586 psf in April 2006.

Despite an annualised return of 9.9% for the transaction, prices of GCBs have eased slightly from an average of $1,469 psf in 2014 to $1,435 psf in 2015. In addition, only four GCBs were transacted above $30 million in 2015, compared to seven in 2014. All four transactions involving GCB so far this year were concluded at prices below $30 million.

GCBs are landed detached houses that have a plot size of at least 1,400 sqm or about 15,069 sq ft, and are located within the designated Good Class Bungalow Areas. Owing to their rarity and exclusivity, they are often seen as the most luxurious and desirable type of residence in Singapore.

2016 year-to-date GCB transactions

Street name	Postal District	Planning Area	Area (sq ft)	Sold on	Sales price ($)	Bought on	Purchase price ($)	Profit ($)	Annualised return (%)
Peirce Road	10	Tanglin	16,221	11/2/2016	23,999,000	20/4/2006	9,500,000	14,499,000	9.9
King Albert Park	21	Bukit Timah	16,749	4/1/2016	25,000,000	12/5/2010	14,900,000	10,100,000	9.6
Yarwood Avenue	21	Bukit Timah	16,167	11/1/2016	15,700,000	4/2/2002	6,800,000	8,900,000	6.2
Mount Echo Park	10	Tanglin	16,824	27/1/2016	22,250,000	13/8/2010	18,500,000	3,750,000	3.4

Source: URA, The Edge Property

* Profitability computed based on caveat data matching and excludes all fees and duties, as well as any construction and renovation costs

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