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JUST SOLD: Two GCBs sold within two days

By Tan Chee Yuen

/ The Edge Property |

April 21, 2016 3:50 PM SGT

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A 15,070 sq ft Good Class Bungalow (GCB) at Fifth Avenue was sold for $24.50 million, or $1,626 psf on March 29, 2016. This translates to a profit of $1.00 million or an annualised return of 0.9%. The seller bought the property for $23.50 million, or $1,559 psf in June 2011.

On March 30, another 16,598 sq ft GCB at Swettenham Close changed hands for $22.48 million, $1,355 psf. The seller who had been holding the property since October 2010, reaped $2.48 million profit or an annualised return of 2.2%.

A total of nine GCBs were transacted in 1Q2016, up from four in the same period last year. Total transaction value doubled from $95 million in 1Q2015 to $209 million 1Q2016. None of the transactions this year exceeded $30 million. The average transacted price of GCB eased 5% y-o-y from $1,473 psf in 1Q2015 to $1,392 psf in 1Q2016.

GCBs are landed detached houses that have a plot size of at least 1,400 sqm or about 15,069 sq ft, and are located within the designated Good Class Bungalow Areas. Owing to their rarity and exclusivity, they are often seen as the most luxurious and desirable type of residence in Singapore.

2016 year-to-date GCB transactions

Contract date	Street name	Area (sq ft)	Price ($)	Price ($ psf)	Postal District	Planning Area
30/3/2016	Swettenham Close	16,598	22,480,000	1,354	10	Tanglin
29/3/2016	Fifth Avenue	15,070	24,500,000	1,626	10	Bukit Timah
21/3/2016	Gallop Road	15,888	27,000,000	1,700	10	Tanglin
21/3/2016	Tanglin Hill	17,728	27,500,000	1,551	10	Tanglin
3/3/2016	Swiss Club Road	19,590	20,250,000	1,034	11	Bukit Timah
11/2/2016	Peirce Road	16,221	23,999,000	1,479	10	Tanglin
27/1/2016	Mount Echo Park	16,824	22,250,000	1,322	10	Tanglin
11/1/2016	Yarwood Avenue	16,167	15,700,000	971	21	Bukit Timah
4/1/2016	King Albert Park	16,749	25,000,000	1,493	21	Bukit Timah

Source: URA, The Edge Property

* Profitability computed based on caveat data matching and excludes all fees and duties, as well as any construction and renovation costs

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