A FREEHOLD bungalow in the Great Class Cottage (GCB) enclave of Swiss Club Roadway has actually begun the market, asking S$ 39.9 million in an exclusive treaty sale.
At that cost, the 10,600 sq ft home, remaining on 21,293 sq ft of land, is valued at about S$ 1,874 per square foot (psf) of land.
Most just recently, 2 residences with Swiss Club Roadway addresses were offered in the last 2 months, according to cautions submitted. In July, a 13,482 sq ft home was transacted at S$ 27.28 million or S$ 2,023 psf, while another home on a larger 19,406 sq ft story was sold for S$ 26.3 million or S$ 1,355 psf in June.
A year prior, a Swiss Club Lane home on 17,558 sq ft land went for S$ 24.5 million or S$ 1,395 psf in July 2021. And in January 2021, another Swiss Club Lane residence cost just under S$ 13 million or S$ 1,075 psf for the 12,087 sq ft plot.
Douglas Wong, period senior director of Capital Market and Investment Sales, Luxury Homes (GCBs) said: “The asking price of $39.9 million is reasonable, offering the current sentiments in the GCB industry and shortage of our land.”
The period is the advertising and marketing agent for the residential or commercial property. The house, a dual storey cottage with an attic room, is close to the neighborhood and also worldwide colleges in the Bukit Timah location near Leedon Green.
The GCB market has actually slowed down dramatically in recent months, with purchases diving as the buyer-seller rate gap broadens and also belief continues to be depressed by falls in the securities market as well as cryptocurrency industries and unpredictability on macroeconomic as well as geopolitical fronts. In the 2nd quarter, Checklist Sotheby’s International Real estate’s (Checklist SIR) evaluation of URA Realis caveats information showed that there have actually been 9 sell GCB Locations completing S$ 224.20 million (with the latest offer tracked dated Jun 10). In the year-ago quarter, 31 bargains totaling up to nearly S$ 900 million were shut.
From January to Jun 21, 2022, the tally stands at 24 transactions amounting to S$ 624.54 million – less than half the 55 deals amounting to almost S$ 1.6 billion in the first half of in 2015.
Deals continue to be struck. On Wednesday (Aug 16), The Business Times reported that a cottage along White House Park was being cost S$ 45.5 million, which works out to S$ 3,017 psf on the freehold land area of 15,081 sq ft. Fu Wei, chief executive of healthcare-dedicated investment company CBC Group, is acquiring the residential property from a Singapore-incorporated company owned by Sia family members.
Suggested Read: Housing Development Board owners to face higher property tax next year