In a sign of some renewed interest in Good Class Bungalows (GCBs), one in Windsor Park estate has been sold for $21.8 million, the first GCB transaction in the estate since early 2013.
The freehold property at 122 Windsor Park Road, off Upper Thomson Road, has a land size of 20,383 sq ft, which works out to a price of about $1,070 per sq ft (psf).
This is just below the two transactions in January 2013, when 2 Windsor Park Hill was sold for $25.3 million or $1,125 psf; while 55 Windsor Park Road, a new house, went for $27 million, or $1,400 psf.
According to the property's title deed, the latest buyer is from the Tng family, who runs a Singapore company in local development and construction. He is believed to be buying the place for his own use.
The house was completed in 2006 and has two storeys and a basement for parking. A roof terrace, for functions, is said to offer great estate views, as it overlooks most neighbouring plots.
The modern Balinese-style house has a swimming pool and several pond or smaller pool features over the entire ground level.
"There is interest in GCBs as potential buyers feel there has been some price decline. They are waiting on the sidelines and, if the sellers were to be a bit more flexible or reasonable in their pricing, a few more GCBs may be transacted in the next quarter," said Mr Michael Lam, director of the GCB division at Global Estate Management, who brokered the latest deal.
GCB prices fell about 5 per cent last year but are holding up better than those of luxury condos, said Mr Ong Kah Seng, R'ST Research director. Deals have been slightly fewer. There were 12 GCBs sold for a total of $394.11 million in the first three quarters, down a tad from 16 GCBs for a total of $416.2 million in the same period last year, he noted.
However, buyers are still keen on homes in GCB areas, with about 20 such homes sold for about $500.5 million in the first three quarters of this year. Buyers interested in the Windsor Park area can also consider 53 Windsor Park Road, a 21,091 sq ft freehold GCB that is up for tender sale by Colliers at an indicative price of $27 million or $1,280 psf.