SINGAPORE (EDGEPROP) - In light of recent outsized Good Class Bungalow (GCB) purchases by Singaporean entrepreneurs, the owners of the corner GCB at 1 Coronation Road West have decided to offer their property for sale by private treaty instead. (See also: Behind the scenes of a record-breaking GCB deal at Cluny Hill)
When the GCB was put up for tender on July 10, interest was keen, says Steve Tay, senior vice-president of List Sotheby’s International, who is marketing the property.
The GCB sits on a freehold site of 28,474 sq ft, with a 60m frontage and 55m depth — big enough for an Olympic-sized pool. The existing 15,000 sq ft house has eight bedrooms, two floors and a spacious attic.
The house was designed in a U-shape, around a 20m swimming pool. The main entrance hall has a view of the swimming pool. One wing is for the private quarters, with four rooms on the first level. There are sliding glass doors that lead to the pool from this wing. The other wing is for the kitchen and back-of-house, with the utility area, yard and helpers’ rooms as well as storage room.
Built in the 1990s, the house “has good bones”, says Tay. Most of the potential buyers who have viewed the property are interested in retaining the existing structure. Any façade change, additions and alternations including renovation of the kitchen and bathrooms as well as upgrading of the air-conditioning, mechanical & electrical and plumbing systems, is estimated to cost about $1 million to $2 million, Tay reckons.
Tay points to a string of recent GCB deals, such as the sale of the GCB at Cluny Hill for $63.7 million (record price of $4,291 psf) to Tommy Ong, founder of Stamped.io, Shopify review app; the purchase of a GCB at Olive Road for $36 million ($1,537 psf) by Ian Ang, co-founder of Secretlab gaming chairs; the reported purchase of a GCB at Bin Tong Park by Grab CEO Anthony Tan for $40 million ($1,849 psf); and a GCB at Third Avenue sold to Tan Min-Liang, co-founder of gaming company Razer, for $52.8 million ($1,706 psf).
In light of the recent deals, the GCB at 1 Coronation Road West was recently valued at $54 million ($1,896 psf). As such, the asking price is likely to be adjusted to reflect the latest valuation, says Tay.
He adds: "Activity levels in the GCB segment are healthy. GCB with land sizes above 25,000 sqft are in short supply; there will be demand for such big sized plots among multi-generational families looking for a home to call their own."