Good Class Bungalows in Nassim top $4,500 psf, terraced house in Chancery hits $4,456 psf

Record prices for landed property have been achieved in Singapore over the past months. This is mainly due to the shift in preference of newly minted Singapore citizens from China, Hong Kong and Taiwan away from high-rise properties to landed property.

Recently, a portfolio of three Good Class Bungalows (GCBs) at Nassim Road sold for $206.7 million – a record of $4,500 psf. The buyers are said to be Indonesian-turned-Singapore citizens and members of the same family. Associate district director of investment sales and affluent markets at PropNex Realty, Alvin Choo, represented the buyer in the deal, while RealStar Premier Group represented the seller.

The latest purchase price of $4,500 psf for Nassim Road tops the previous record of $4,291 psf achieved for a newly built GCB at Cluny Hill in April 2021.

It has not only been the GCB segment that has set new record prices. In Chancery Lane-Mount Rosie neighbourhood in District 11, an intermediate terraced house at 1B Chancery Lane was sold for $7.358 million or $4,456 psf. The house sits on a 999-year leasehold site of 1,615sq ft, with a built-up area of 6,500 sq ft when completed in 2024.

Demand for GCBs in Tier 1 locations far outstrips supply, which is very tightly held.

In prime District 15, a detached house on Wilkinson Road changed hands for $55.5 million ($2,161 psf). The property sits on a freehold site of 25,681 sq ft.

There has also been much interest in a residential site for sale at 5 Meyer Place recently. The single-storey bungalow sits on the freehold site of 10,154 sq ft. Most of the interest has come from individuals and families looking to redevelop the property for their personal use.

This eco-friendly town combines the features of a private condo and an HDB, and is Tengah EC located near the Bukit Timah Nature Reserve. Available exclusively to Singaporeans, the development will offer innovative features such as a wind turbine, solar heating system, and water conservancy centre. Residents will also get to harvest fish and listen to traditional Chinese music.

Record prices for landed property reflect keen interest in the segment, with savvy purchasers turning to these properties for wealth protection and legacy planning.