Market watchers believe the price has crossed S$1,600 psf based on the land area of 35,290 sq ft
A FREEHOLD bungalow in White House Park, near the Singapore Botanic Gardens, is being transacted for close to S$60 million.
Market watchers believe the price has crossed S$1,600 per square foot (psf) based on the land area of 35,290 sq ft.
The District 10 property is within the White House Park Good Class Bungalow (GCB) Area.
On the site is a two-storey house; the original villa was built in the 1970s, with an extension constructed later.
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The buyer, a Singaporean, is expected to redevelop the site. The regular-shaped plot with a frontage of 54 metres may be redeveloped into a single mansion, or subdivided into two GCB parcels.
The seller, who is in his early 20s, inherited the property from his grandfather, Pang Leong Siang, whose sister was wife to the late Lim Kim San.
In 2018, the estate of Mr Lim – who was the first Housing Board chairman and a former executive chairman of Singapore Press Holdings – sold a bungalow in Dalvey Road for S$93.9 million.
The two bungalows are back-to-back, and used to be connected via a small gate.
The price for the Dalvey Road bungalow worked out to S$1,804 psf on the 52,059 sq ft land area. It is large enough to be redeveloped into three bungalows.
JLL initially marketed the White House Park property through a tender which was launched last August and closed in September.
That exercise did not result in any bids, but JLL continued to market the property and eventually clinched the buyer via private treaty, said industry sources.
The White House Park bungalow is situated at one of the highest points in the locality.
On one side of the property is a large plot of state land, and on its other side is the Australian High Commissioner’s residence.
Bungalows in the 39 gazetted GCB Areas are the most prestigious form of landed housing in Singapore, with strict planning conditions stipulated by the Urban Redevelopment Authority to preserve their exclusivity and low-rise character.
A planning norm of 1,400 square metres – or about 15,070 sq ft – has been adopted as the minimum plot size for any newly-created bungalows within GCB Areas.
Bungalows in GCB Areas may be built up to only two storeys high, although an attic and basements are allowed.