Redevelopment potential puts ageing GCBs back in the spotlight
The GCB at Oei Tiong Ham Park is on the market for $35 million, down 18.2% from the asking price of $42.8 million last year (Photo: Samuel Isaac Chua/EdgeProp Singapore)
A Good Class Bungalow (GCB) at Oei Tiong Ham Park has returned to the market at $35 million, representing an 18.2% deduction from the previous asking price of $42.8 million last year. The revised asking price translates to a land rate of $2,336 psf, down from $2,857 psf previously.
Behind its gates sits a house that reflects the grandeur of the 1980s: a curved grand staircase with a well-worn red carpet, double-volume ceiling, full-height glass windows and a cascading chandelier hanging above the foyer.
The grand curved staircase at the double-volume foyer of the house at Oei Tiong Ham Park (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Though vacant for the past four years, the living and dining rooms still contain ornate furniture, vintage chandeliers and lamps, offering a glimpse of the home’s former heyday.
The existing house has a built-up area of about 9,000 sq ft. It sits on a freehold site of 14,983 sq ft, with a frontage of 37m and a depth of up to 32m.
“The owner has recalibrated the pricing to present a compelling value proposition,” says Dickson Neo, senior consultant at Realstar Premier Group, one of the marketing agents for the property.
The existing house at Oei Tiong Ham Park, with a built-up area of about 9,000 sq ft, was built sometime in the 1980s (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Turning a relic of the 1980s into the next trophy home
Neo expects a future owner to redevelop the site into “a bespoke GCB”. Based on the prevailing construction costs, he estimates that building a new GCB of around 10,000 sq ft could cost between $7 million and $10 million, depending on the design specifications, level of finishes, and materials selected.
Including the land acquisition cost, a buyer may ultimately invest $42 million to $45 million to create a distinguished trophy residence tailored to their lifestyle and preferences.
Recent transactions suggest continued demand for bungalows in the Oei Tiong Ham Park GCB Area off Holland Road, in prime District 10. Last September, a detached house on an 8,989 sq ft freehold site on Jalan Pelangi changed hands for $23.88 million ($2,657 psf), while another on a 9,280 sq ft freehold site in the neighbouring Jalan Harum fetched $23.59 million ($2,542 psf).
The property at Oei Tiong Ham Park sits on a freehold site of 14,983 sq ft, with a frontage of 37m and depth of 32m (Photo: Savills Singapore)
Nick Chan, associate director, investment sales & capital markets at Savills Singapore, recently appointed exclusive agent for the GCB, notes that buyers remain price-sensitive. “Pricing realism remains an important factor in driving transactions,” he says.
A glimpse of the redevelopment potential can be seen just one street away on Jalan Harum. There, a newly completed bungalow designed by aKTa-rchitects occupies a freehold site of 8,633 sq ft. Behind its contemporary façade is a sprawling 3½-storey home with about 19,000 sq ft of living space, a lap pool and a basement garage for five cars.
The residence includes five en suite bedrooms, a private lift, a statement spiral staircase, premium wet and dry kitchens, a chauffeur’s room, helpers’ quarters and generous storage spaces.
The property on Jalan Harum is going for $39 million, or $4,518 psf based on the land area, marketed by Steve Tay, executive director and co-founder of Steve Tay Real Estate.
A GCB built in the 1970s sits in the coveted GCB area of White House Park, off Stevens Road, and is on the market for $48 million (Photo: Samuel Isaac Chua/EdgeProp Singapore)
White House Park’s enduring appeal
Another coveted GCB area is White House Park, off Stevens Road, in prime District 10. A GCB sitting on a freehold plot of 14,619 sq ft is up for sale at $48 million ($3,283 psf).
The existing house, built in the 1970s, is split-level and has a built-up area of about 7,000 sq ft. It has four bedrooms, with living and dining spaces opening to a verandah overlooking the garden.
Read also: Jervois Hill GCB for sale at $80 mil
The covered car porch of the GCB at White House Park (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The GCB at White House Park sits on a freehold site of 14,619 sq ft (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The new owner can rebuild the house into a new double-storey property with a built-up area of up to 12,000 sq ft and a footprint of about 5,848 sq ft — 40% of the site area, estimates James Ng, principal consultant at Realstar Premier Group.
The house is tenanted by an expatriate family that has been living there for several years. “As the property is old, the rental yield may not be as attractive compared to what the land is worth,” says Ng.
The verandah of the White House Park GCB overlooks the garden (Photo: Samuel Isaac Chua/EdgeProp Singapore)
“White House Park is a very sought-after location,” he adds. “While $48 million may seem high, for this location, it’s a reasonable price.”
At the neighbouring Dalvey Estate, construction of a GCB sitting on a freehold site of just over 15,000 sq ft is underway by boutique luxury developer Meir Homes. When completed, the house will have a built-up area of about 40,000 sq ft, including two basements. It is expected to set a new per-sq-ft price benchmark for the GCB market.
The swimming pool on the side of the property at White House Park (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The last transaction at White House Park was in August 2022, when the GCB two doors away changed hands for $45.5 million ($3,017 psf). The property sits on a freehold site of 15,081 sq ft and was built in 2003, according to a caveat lodged at the time.
The White House Park garden is surrounded by mature trees (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Based on caveats lodged, two neighbouring GCBs at Dalvey Estate changed hands last year. One was a GCB on a 15,555 sq ft site, which fetched $41.6 million ($2,674 psf) in December 2025, while the GCB directly opposite was sold for $32 million ($2,089 psf) in October 2025. Both these bungalows are part of Dalvey Villas, a collection of 11 GCBs developed by YTC Corp and completed in 1987.
A 2½-storey GCB at Swiss Club Road is on the market for $43 million (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Swiss Club Road — betting on Turf City’s transformation
In the quiet enclave of Swiss Club Road, off Dunearn Road in prime District 11, Ng of Realstar is marketing another GCB. The 2½-storey bungalow was built sometime in the 1990s. Over the years, it has been renovated.
The house was designed for a family that enjoys entertaining at home. The living room with a double-volume ceiling opens onto a patio that overlooks the garden and the swimming pool.
The living room of the Swiss Club Road property has a double-volume ceiling, with glass sliding doors leading to the veranda overlooking the swimming pool and the garden (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The split-level home has a short flight of steps leading to the dining area and the dry kitchen, with a separate wet kitchen. A separate formal dining room overlooks the garden. On the second level is a family room, five en suite bedrooms and a study.
“The owners are empty-nesters, and are looking to rightsize,” says Realstar’s Ng. Hence, the property is on the market for $43 million.
The formal entertaining room of the house at Swiss Club Road enjoys views of the surrounding greenery (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The existing house has a built-up area of 9,500 sq ft. The freehold land plot is 22,615 sq ft, which means the asking price translates to a land rate of $1,901 psf.
The property has a wide frontage of about 44m, with a depth of 74m. If a new owner wants to redevelop the property, the construction cost is likely to be around $1,000 to $1,500 psf, depending on the quality of materials used. A new bungalow of 10,000 sq ft would cost between $10 million and $15 million, estimates Ng.
The GCB at Swiss Club Road has a wide frontage of 44m and a depth of 74m (Photo: Samuel Isaac Chua/EdgeProp Singapore)
He notes that Singaporeans tend to be more pragmatic and, given today’s higher construction costs, may prefer to refurbish the property rather than redevelop it if it is less than 10 years old. “If it’s more than 10 years old, they would rather tear down and redevelop,” he adds.
The future owner at Swiss Club Road will benefit from the upcoming amenities at the neighbouring Bukit Timah Turf City, which URA intends to transform into a new car-lite residential precinct with 15,000 to 20,000 new public and private homes. The iconic Grandstand and the Art Deco-style Dunearn Water Depot will be turned into community, lifestyle or commercial spaces.
The GCB at Lornie Road is on the market for $55.88 million (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Hilltop perch in
Another GCB on the market is perched atop a hill along Lornie Road in the Caldecott Hill Estate in prime District 11. The property occupies a sprawling freehold site of 32,824 sq ft.
The existing property has a built-up area of about 5,000 sq ft, and occupies less than 15% of the site. The 2½-storey house is also split-level, with the entrance featuring a staircase leading down to the living, dining, dry and wet kitchens, and a guest room. The staircase upstairs leads to two en suite bedrooms.
Main entrance of the GCB at Lornie Road (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The property owner is Timothy Chia, founding executive chairman of Hup Soon Global, an industrial equipment and automotive products distributor, whose family has owned the property since the 1950s. Chia engaged Darren Yio, the founder of Archetype Studio and now a director of DP Architects, to design the interiors.
In 2018, the house underwent a major refurbishment, which was completed in 2019 — in time to mark the 80th anniversary of its 1939 completion. While the interiors were completely rebuilt, the original Art Deco exterior was retained.
However, the house has not been lived in since refurbishments were completed, except for the occasional family gathering. Still, Chia engaged a full-time caretaker-cum-helper to clean and maintain the house, while a gardener maintains the grounds.
The family room of the GCB at Leonie Road (Photo: Samuel Isaac Chua/EdgeProp Singapore)
GCB can be subdivided into two smaller ones
“It is one of the last few plots in the Caldecott Hill Estate that is above 30,000 sq ft,” says Jessica Lim, principal consultant at Realstar Premier Group, the exclusive marketing agent for the property.
Many prospective buyers, especially developers, see the potential of redeveloping the site into two smaller GCBs, notes Lim.
She sees the possibility of the GCB attracting families purchasing for their own use, as the existing property has not been lived in since its refurbishment. Those who want a bigger home can build a new wing or an extension with an attic level.
The master bedroom with the curved windows, an architectural feature of the 1930s Art Deco-style houses (Photo: Samuel Isaac Chua/EdgeProp Singapore)
After all, the property has been designed for a family to enjoy the space and greenery. The living and dining areas have full-height glass doors opening out to the patio and the garden.
The asking price for the property is $55.88 million, or $1,702 psf based on the land area. “The owner is seeking a buyer who really appreciates the plot size and the views from the elevated location,” says Lim.
Based on caveats lodged, the last transaction of a GCB of over 30,000 sq ft in Caldecott Hill Estate was in April 2025, when a freehold plot of 39,277 sq ft was sold for $58 million ($1,477 psf). On it was a house built in 1992. Meanwhile, a GCB sitting on a freehold site of 14,499 sq ft fetched $30 million ($2,069 psf) in June 2025. The house was built in 2012.
The living room of the property at Lornie Road has views overlooking the garden (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Testament of generational wealth
The GCBs currently on the market — from Oei Tiong Ham Park and White House Park to Swiss Club Road and Lornie Road — highlight a recurring theme in Singapore’s most exclusive housing segment: while many of these homes were built decades ago, their underlying value increasingly lies in the land they sit on.
They are also a testament to generational wealth, as these properties are passed from one generation to the next.
For buyers, the appeal is not just ownership of a rare freehold estate in a coveted GCB enclave, but the opportunity to create a bespoke trophy home that can eventually be passed on to future generations.
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