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Q2 likely to have seen $221m GCBAs deals

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At least $221 million worth of deals in Good Class Bungalow Areas (GCBAs) could have been transacted in the second quarter.

This would be higher than the $180.5 million of deals done in the first quarter.

One of the latest deals was a freehold property in Holland Park that sold for $28.8 million, which works out to $1,893 per square foot based on land area of 15,210 sq ft. The property comprises a conservation bungalow which has been restored, connected to a newly built house.

The combined two-storey property has four bedrooms, a study, a guest room, a swimming pool, wine cellar, entertainment room and a garage for three cars. The property's built-up area is 12,636 sq ft. There is also a roof terrace.

The seller is a seasoned bungalow trader who bought the property in late 2010 - with the old conservation bungalow and a small wing on site - for an auspicious figure of $18,888,888 and could have invested another $4-5 million restoring the conservation bungalow, and tearing down the adjacent wing and redeveloping it into the new house.

The buyers are understood to be a couple who are planning to live in the property.

Nearby, Frasers Centrepoint Homes is developing two bungalows at Nos 65 and 67 Holland Park. The two-storey properties have respective land areas of 15,070 sq ft and 15,080 sq ft and built-up areas of 10,777 sq ft and 11,368 sq ft. Each property comes with four bedrooms and a guest room.

Talk in the market is that the developer is asking for about $38 million or $2,521 psf on land area for No 65, which has dual frontage.

The next door property at No 67 is said to have an asking price of around $35 million, which reflects $2,321 psf.

Other deals in GCBAs in the second quarter include a bungalow in the Tanglin and Rochalie vicinity that was sold for $23.5 million or $1,377 psf on a land area of about 17,072 sq ft. In Coronation Road West, a bungalow fetched $28 million or $1,101 psf based on its land area of 25,425 sq ft. The buyer is understood to be Tee Yih Jia's executive chairman, Sam Goi.

Property maestro Simon Cheong also contributed to the sales volume of GCBs in the second quarter when he sold his home in Cornwall Gardens for $42.5 million or $2,051 psf. It sits on land of about 20,720 sq ft.?The sale has yet to be completed. Mr Cheong is expected to move into a brand new home in Swettenham Road which he built on a site of around 33,300 sq ft that he picked up for $29.2 million back in 2009 from George Quek, the chairman and founder of BreadTalk.

The $2,051 psf pricing is close to the $2,110 psf record price for a property in a GCBA set last October when bungalow investor George Lim sold one in Leedon Park that he completed in 2011 for $33 million.?Standing on the 15,640 sq ft site is a bungalow with six bedrooms and a pool.

Credit from Business Times - 5 July 2013
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