David Low Chor Hoon, holder of the overall Singapore EY Entrepreneur of the Year 2016, bought a old corner bungalow in Gallop Park from a retired developer. The price was at $22.888M. Based on a land area of 17,042 sqft, the price works out to be $1,343 psf. David Low, the chairman and CE of Futuristic Store Fixtures, intends to redevelop the site into a new 2-storey (with basement and attic) house of about 13,000 sqft.
The market for good class bungalows (GCBs) is lukewarm. However sales for smaller bungalows in GCB areas are on a upward trend. Good class bungalows (GCBs) are the most prestigious segment of landed property in Singapore.
On the GCB front, a caveat was lodged on June 12 for the most expensive one sold this year. The latest GCB sold was a $46 million bungalow in Queen Astrid Park on a 29,709 sq ft site, reportedly purchased by the family who controls oil trading group Hin Leong.
20 sales have taken place in GCB areas so far this year, worth a total of $432.2 million. These include properties with a plot size of less than 1,400 sq m. This is markedly more than the 14 transactions in the same period last year, which totalled $298.36 million.
Another upmarket landed segment, Sentosa Cove, has contrasting statistics. Sales at the exclusive waterfront precinct shot to seven this year from just four for the same period last year.
Overall, the number of landed homes sold has increased, driven by falling prices and limited supply of landed homes. 538 landed homes were sold in the second quarter – this is the highest quarterly volume since the fourth quarter of 2012. URA flash estimates released recently indicated that prices of landed residential properties fell further by 0.4 % for Q2, down from a 1.8 % drop in the previous quarter.