$25m home off Adam Road for sale

A freehold Good Class Bungalow (GCB) in Chee Hoon Avenue has been put up for sale via a tender exercise that closes on May 20.

The indicative value of the property is $25 million, which translates to $1,399 per square foot (psf) based on a land area of 17,868 sq ft.

“With its frontage of about 39m and an average depth of about 42m, it is suitable for additions and alterations or redevelopment to optimise the potential of this land,” CBRE said in a news release yesterday.

CBRE is the sole marketing agent for the tender exercise.

The property is located in Chee Hoon Avenue, in a cul-de-sac, off Adam Road.

It comprises a part one/part two-storey detached house, which was originally built in the 1960s and renovated in 2005.

The property’s built-up area is about 3,300 sq ft (excluding car porch and rear terrace of about 1,000 sq ft) with two bedrooms and a study.

– See more at: http://business.asiaone.com/property/news/25m-home-adam-road-sale#sthash.s3jHvSLx.dpuf

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Belmont Road GCB Bungalow sold for $33.5M

FORMER Singapore Land chairman SP Tao has sold a Good Class Bungalow (GCB) on Belmont Road for S$33.5 million or S$1,266 per square foot of land area of 26,456 sq ft. As recently as a year ago, the asking price for the freehold property was around S$50 million.

BT understands that earlier this year, the price tag was lowered to S$39 million before last month’s transaction at S$33.5 million. The existing property on the site was re-built in 2009 and comprises two levels and an attic. The main house is said to have five en suite bedrooms in addition to several function rooms; while a pool, entertainment room for guests and a maid’s room are located in the annexe.

Mr Tao, a near centenarian, redeveloped the bungalow five years ago. He is now said to have a Singapore residence in a prime-district apartment.

Agents told BT that while transacted prices of GCBs generally have softened, additional reasons for the relatively low psf price fetched for Mr Tao’s property could be due to it being located on a downslope, having a small car parking area and a layout that may not appeal to some buyers.

It would not be surprising if the new owner redevelops the property, said market watchers.

Savills Singapore director of prestige homes Samuel Eyo estimates that current market values along Belmont Road are in the S$1,300-1,400 psf range for properties on a downslope and around S$1,500-1,600 psf for upslope properties.

In January this year, Enviro-Hub Holdings boss Raymond Ng disposed of a downslope GCB on Belmont Road for S$30.5 million or S$1,392 psf on land area of about 21,900 sq ft. In July last year, an upslope property along the road was sold for S$22.88 million or S$1,525 psf by seasoned investor Thomas Chan. Each site has an existing bungalow on it.

Also noteworthy is the August 2013 sale of a 21,388 sq ft vacant piece of flat land in Leedon Park nearby for S$1,724 psf, amounting to S$36.88 million.

The Leedon Park area still holds the record psf price for GCBs. This was set in October 2012, when bungalow investor George Lim achieved S$2,110 psf when he sold a newly-built bungalow. Standing on 15,640 sq ft of land, the bungalow spans two storeys and a basement. It has six bedrooms and a pool. The property, which Mr Lim completed building in 2011, obtained Building and Construction Authority’s Greenmark Gold Plus award.

Including Mr Tao’s recent sale of his Belmont property, the tally of deals so far this year in GCB Areas stands at 21 transactions totalling S$503 million. For the whole of last year, there were 29 deals amounting to S$682 million.

Realstar Premier Group CEO William Wong said: “Prices of some GCBs have come down slightly over the past few months and those properties that are reasonably priced then tend to attract buyers. There is still a price-gap between buyers and sellers, but the difference is getting smaller and will continue to be so till end of the year.

“Some sellers’ pricing is realistic, but buyers tend to give lowball offers hoping to secure a bargain. It’s a buyer’s market now.”

A pick-up in transactions is expected in the fourth quarter, with the momentum likely to continue next year. “Owners of GCBs that have been in the market for a long while may have to adjust pricing downwards if they wish to seal a deal. There are still many buyers in the market; the only thing is most are waiting for prices to drop further.”

Mr Eyo said that most owners have the ability to hold as those who bought in the past few years are owner occupiers, while those who bought for investment in earlier years are generally not in a hurry to sell given their low entry cost and the low interest environment. “Buyers looking for a GCB on an upslope or flat land and a regular-shaped site have to be prepared to pay a premium as the supply of such bungalows is not high”.

GCBs are the most prestigious type of landed housing in Singapore, with strict planning constraints.

http://www.btinvest.com.sg/property/local/sp-tao-sells-belmont-road-bungalow-20140906/

Bukit TImah – Novena

The Bukit Timah area is a particularly prominent location with a high land value. The area of Bukit Timah has an extensive flora and fauna compared to other parts of Singapore, and contains Bukit Timah Nature Reserve, which is partially responsible for its high land value. The nature reserve was established in 1883.

The Bukit Timah Race Course, a thoroughbred horse racing facility, was opened in 1933 and operated until 1999.

The area includes educational institutions such as Anglo-Chinese School (Barker Road), Singapore Chinese Girls’ School, Methodist Girls’ School, Hwa Chong Institution, National Junior College, Raffles Girls’ Primary School, Nanyang Primary School, Nanyang Girls’ High School, Pei Hwa Presbyterian Primary School, Saint Joseph’s Institution and Ngee Ann Polytechnic amongst others.

The nearby area hosts many bungalows, typically expensive in land-scarce Singapore, as well as high rise condominiums. Many expatriates and well-heeled Singaporeans live in this region.

This region was later extended and Upper Bukit Timah (District 21) was formed. The Keretapi Tanah Melayu from Malaysia has a passing loop station here along its rail network from Johor Bahru to Tanjong Pagar.

 

Novena and its roads (Jalan Novena Barat and Novena Terrace), buildings (Novena Ville and Novena Gardens), as well as the MRT station in this area are named after the popular Saturday Novena devotion sessions held at the Church of Saint Alphonsus (Novena Church) at 300 Thomson Road. It is so popularly known as the Novena Church that many people, especially non-Catholics, are unaware that the actual name of the church is The Church of Saint Alphonsus.

The current premises of the Novena Church were owned by a wealthy Chinese businessman, Wee Kah Kiat. The premises were bought over by the Redemptorist priests in 1948 where a small church dedicated to Our Mother of Perpetual Help named the Church of Saint Alphonsus was built in May 1950. As accorded to tradition, the novenas to Our Lady of Perpetual Help began in January 1949 and were heavily publicised and instantaneously became widespread in 1951 as intended by Pope Pius XI. Unlike the traditional Wednesdays, the town of Novena celebrates their Novena prayer celebrations and services on a Saturday.

Housing in Novena tends very expensive because of its prime location and facilities. Novena has no HDB flats, but is made up of condominiums and private housing. There are many condominiums in Novena such as Birmingham Mansions, Thomson Euro-Asia and Lion Towers. Newer condominiums include Strata, Novena Suites, Novellis, Soleil at Sinaran (2010) and coming soon (2010) a 5-star serviced hotel across the street from Tan Tock Seng Hospital. These condominiums generally surround the main schools in the area, which are, Saint Joseph’s Institution Junior, formerly known as St Michael’s School at Essex Rd and San Yu Adventist School, on the corner between Thomson Road and Chancery Lane with Balestier Hill Secondary School at Novena Rise.

Serangoon Gardens

Serangoon Gardens Estate is a private residential estate in Singapore. The occupants are mostly Singaporean families and a small number of expatriates in the area.

Serangoon Gardens is one of the oldest estates on the island, and was built in the 1950s. The estate was built to house the British officers based in Singapore. The roads have British road names.

The estate was upgraded in 2001 as part of the Singapore Government’s plan to improve the older private housing estates in Singapore. Open roadside drains were covered up. It has new streetlights and road signs, and the estate’s parks were also upgraded.

Serangoon Garden Circus was used as one of the locations for the country-wide millennium celebrations.