Two freehold GCBs sold

Two Good Class Bungalows (GCBs) have been transacted recently - one at Ridout Road, which is said to have fetched about $60.6 million, or $1,490 per square foot (psf), on a land area of 40,679 sq ft, and another at Binjai Park, which has sold for $31 million, or $1,550 psf. Both bungalows are freehold.

In absolute price quantum, the $60.6 million for the Ridout property, which is near Holland Road, is the highest fetched for a GCB since December 2010, when 3 Leedon Park changed hands at $61.4 million.

Outside the GCB areas, a detached house at Duchess Road was recently sold for $16.41 million or about $1,600 psf on its 999-year-leasehold site's land area of 10,254 sq ft. It is near the future Tan Kah Kee MRT Station. The 21/2-storey bungalow, which has a swimming pool, is about 25 years old and said to be in good condition. The deal was brokered by Coldwell Banker Realtors.

The site is zoned for residential use with a 1.4 plot ratio (ratio of maximum gross floor area to land area), which means it can be potentially redeveloped into a five-storey apartment block. However, the new owner is likely to keep it as a bungalow given its nice, quiet location off a cul de sac, say market watchers.

Source: Business Times – 13 April 2012