Year of the Boar kicks off with mega bungalow deals

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Word on the street is that a Good Class Bungalow (GCB) plot of 26,000 sq ft at Leedon Park was sold for $50 million ($1,923 psf) recently. This marks the third GCB deal done this year so far.
On Feb 5 – the first day of Chinese New Year – a GCB on Ewart Park, off Holland Road, was sold for $30 million. The GCB sits on a relatively large plot of 27,000 sq ft. The price therefore translates to $1,111 psf.
The GCB at Ewart Park which was sold for $30 million on the first day of Chinese New Year (Credit: Samuel Isaac Chua/EdgeProp Singapore)
“It’s a very fair price,” says Bruce Lye, managing partner of property brokerage firm, Singapore Realtors Inc (SRI), who brokered the sale. The GCB has an “auspicious house number” and a 60m wide frontage, he adds.
The buyer is said to be a Chinese national-turned-Singapore citizen. The last transaction done for a GCB at Ewart Park was almost two years ago: It was for a property sitting on a land area of 15,468 sq ft that changed hands for $15.93 million ($1,030 psf) in April 2017, according to a caveat lodged with URA Realis then.
As the house at Ewart Park was built about 10 years ago, Lye expects the new owners to either refurbish the property or tear it down and rebuild after completing the purchase. The GCB had been on the market for six months with negotiations ongoing for the last three months. “The buyer and seller happened to come to an agreement on the eve of Chinese New Year and concluded the deal the following day,” adds Lye.
The house at Ewart Park was built about 10 years ago (Credit: SRI)