A GOOD class bungalow (GCB) in District 21 has been put on the market in an owner’s sale via private treaty, with a guide price of S$20.8 million, marketing agent Knight Frank told The Business Times (BT).

That works out to about S$1,287 per square foot (psf), based on 16,163 square feet (sq ft) in land area.

Located in Yarwood Avenue, off Dunearn Road, the six-bedroom property has two storeys plus a basement. Its gross floor area amounts to about 9,800 sq ft.

The detached house sits on a site with a 999-year leasehold tenure starting from March 26, 1885.

It has a gym and entertainment room, a swimming pool and parking space for seven vehicles.

The house was built by mainboard-listed Ho Bee Land in 2002, before undergoing extensive renovations in 2016. The current owner is a lawyer, and the bungalow is tenanted, Knight Frank told BT on Friday.

The property is near the King Albert Park MRT station, and is a 10-minute drive from the Grandstand, Bukit Timah Plaza and Coronation Plaza.

Schools in the vicinity include Methodist Girls’ School, Pei Hwa Presbyterian Primary School, Nanyang Girls’ High School and Hwa Chong Institution.

Another GCB in the same area was relaunched for sale last October, also by Knight Frank. The two-storey, five-bedroom bungalow at 18A Yarwood Avenue was auctioned with a guide price of S$23 million, which translated to S$1,216 psf based on a land area of 18,911 sq ft.

“The prices of landed properties in choice locations in Singapore are resilient against economic headwinds,” said Linda Chern, head of residential prime sales and leasing at Knight Frank Singapore.

“These properties are sought after by well-heeled individuals, due to their limited supply and exclusivity.”

Singapore’s GCB market saw sales increase by 12.9 per cent to S$239.2 million in the second half of last year, from S$211.9 million in the first half of 2019, she said.

“These landed homes are most suitable for discerning buyers with a middle to long-term (investment) horizon, in view of the expected growth of high net worth individuals in Singapore,” she added.

Knight Frank’s latest wealth report released this week showed that Singapore’s population of ultra-wealthy individuals – those with at least US$30 million net worth – is one of the fastest-growing in the world. The Republic ranked eighth globally with a growth rate of 10 per cent in the 2018-2019 period.

Adapted from The Business Times, 7 Mar 2020