Good Class Bungalow News

Lim Kim San estate sells Dalvey Rd GCB site for S$93.9m

GCB on Jervois Hill sold for close to $31 mil

– Adapted from BT, by Kalpana Rashiwala kalpana@sph.com.sg

–  Adapted from Timothy Tay/ EdgeProp Singapore|February 1, 2019 7:02 PM SGT

A Good Class Bungalow (GCB) located on Jervois Hill in the Chatsworth GCB area has been sold for $30.88 million this month. The GCB sits on a freehold land area of 15,194 sq ft, hence the sale price translates to about $2,038 psf.
The GCB was built nine years ago, and has a built-up area of 10,000 sq ft. The double-storey property comes with six en suite bedrooms, a home theatre, a gym and has a private lift.The seller of the Jervois Hill GCB is a Singaporean couple originally from Hong Kong who lived there with their children. As the children have grown up and moved out of the family home, the parents have decided to sell the house as it has become too big for them, says  List Sotherby’s International Realty (List SIR), who represented the sellers in the sale. The parents are also spending less time in Singapore due to their business overseas, he adds. Meanwhile, the buyers were represented by an agent from Realstar Premier in the deal. The buyer is said to be a young Singaporean couple with young children who intend to move in with their parents. “The buyers found the house to be an ideal multi-generational home in terms of space and functionality,” says List SIR’s Tay.This latest GCB transaction at Jervois Hill is the second highest in terms of price psf ($2,038 psf) in the estate. The highest was achieved for another GCB at the other end of Jervois Hill, which was sold for $41.2 million, or $2,728 psf in June last year. The price of $2,728 psf was a record high, not just in the Jervois area but for a GCB to date.

GCB in Jervois Hill changes hands for S$30.88mil 

–  Adapted from BT 31 Jan 2019

A Good Class Bungalow (GCB) within the Chatsworth Park GCB Area was sold for S$30.88 million by a Singaporean couple who were originally from Hong Kong. The price works out to S$2,032 psf on freehold land area of 15,194 sq ft. According to the Business Times, the buyer is a Singaporean businessman with a multi-generation family, hence making the property ideal for their occupation.

Constructed around nine to 10 years ago, the property has two levels and an attic which are all connected via a private lift. There is also a basement, which houses a theatre, gym and wine cellar. The bungalow has a total of seven bedrooms – six of which are ensuite – and a swimming pool.

Yongnam CEO selling Binjai Park GCB for S$40m. 

–  Adapted from BT 24th Jan 2019 ANNABETH LEOW

YONGNAM Holdings boss Seow Soon Yong is selling his good class bungalow (GCB) in Binjai Park enclave; the property has hit the market with a guide price of S$40 million, in a public tender launched on Wednesday.

The price tag, which works out to S$1,464 per square foot (sq ft) on a land area of 27,320 sq ft, “will certainly pique buyers’ interest”, said Sammi Lim, director of capital markets at marketing agent CBRE.

Tax records for valuation year 2019 show that 98, Binjai Park had an annual value of S$258,000, with the owners listed as Mr Seow and Chong Chiew Mei. Mr Seow has been chief executive and managing director of mainboard-listed structural steel and specialist civil engineering firm Yongnam since 1994.

When contacted, CBRE’s Ms Lim told The Business Times over the phone that the family has decided to sell as the house, which was built in 2012, is “no longer big enough for their needs”. The owners have also received enquiries from the market for a while, she added.
It is being sold on a vacant possession basis.
Buyers have the option of renovating or redeveloping the freehold bungalow, which now has a floor area of 13,986 sq ft spread across two floors, including seven bedrooms, two study rooms, an entertainment room, a gym and servants’ quarters. The porch and garage can fit about 20 cars, according to CBRE.

Ms Lim also said that CBRE expects keen interest from both owner occupiers and GCB investors.

The tender closes on March 1 at 3pm.

House of food and wine connoisseurs on the market for $25.5 mil

–  Adapted from  Cecilia Chow & Charlene Chin / EdgeProp | January 12, 2019 12:00 PM SGT

Melina Yong, an accomplished cook, and her husband, retired heart surgeon turned wine connoisseur Dr N K Yong, have made entertaining an art form. One could say they are veterans, as they have been doing this for more than three decades.
The couple is famous for their home parties, whose guests include Michelin-starred chefs and wine enthusiasts, as well as for hosting glitzy charity events at luxury hotels that consist of a gala dinner and wine auction and tasting over a weekend. The events are usually held in January to coincide with Dr Yong’s milestone birthdays — the most recent was his 90th in 2017.
The couple’s home for the past 21 years has been a double-storey Good Class Bungalow (GCB) that occupies a 16,000 sq ft freehold site on Swettenham Road. Today, the  Good Class Bungalow (GCB) is up for sale at $25.5 million. The couple purchased the  Good Class Bungalow (GCB) at the beginning of the Asian financial crisis in August 1997. Prior to that, they were living in a walk-up apartment located on Draycott Drive, just off Ardmore Park, that was sold en bloc. “I believe it was the last en bloc sale just before the Asian financial crisis struck,” recounts Melina.
When they were house-hunting at the time, they wanted a place in the vicinity of the Botanic Gardens, as Dr Yong was still in private practice at Mount Elizabeth Medical Centre and subsequently, Gleneagles Medical Centre. He retired in 2004. Dr Yong performed the first hole-in-heart surgery in Singapore in 1965.A  Good Class Bungalow (GCB) designed for entertaining
The GCB on Swettenham Road has a driveway that is wide enough for two cars to pass through, and long enough to park 10 cars. The previous owners had built the Good Class Bungalow (GCB)  but never lived in it. Instead, they lived next door and only used the garage and driveway of the Good Class Bungalow (GCB)  to park their son’s supercars. They then decided to put the Good Class Bungalow (GCB)  up for sale. “They thought it would be difficult to sell the Good Class Bungalow (GCB) because of the long driveway, but we liked it precisely because of that,” says Melina. “A wide driveway that allows two cars to come in and out easily, with parking for 10 cars, was ideal for us because we entertain at home a lot.”
After purchasing the GCB on Swettenham Road, the Yongs spent $1 million converting the 50m Olympic-sized swimming pool into a temperature-controlled wine cellar that contains more than 10,000 bottles of wine today. Even that is not large enough for their extensive wine collection, with more being stored in commercial wine storage facilities.
The Good Class Bungalow (GCB)  was also extended to accommodate a conservatory, a bigger dining room and a second kitchen as well as a barbecue area in the garden. The open space outside the conservatory is ideal for al fresco dining. “I have friends from overseas and they like to sit out there to have their breakfast in the morning or to have drinks in the evening,” says Melina.The dining room is spacious enough to accommodate a dining table that can seat 20.
Melina’s paintings adorn the walls of the house. One of them is a painting of the driveway and exterior of the house.
The painting was done 12 years ago and printed on the cover of invitation cards. “At that time, we were organising a charity event for my husband’s 80th birthday,” says Melina. “All our friends were coming for the event, many of them from overseas, and we wanted to give them something they would recognise right away as they entered the driveway.”
After 21 years, the Good Class Bungalow (GCB) is in need of a renovation. Melina had considered installing a home lift. “We’re getting on in years, and my husband is now using a walking aid,” she says. “I thought it was quite a challenge for him to go up and down the stairs every day, and when we entertain, he has to walk up the stairs from the living room to the dining area, and then down again.”After consulting an architect friend about installing a lift, it dawned on Melina that they would have to move out of the house during the renovation. “Moving once is bad enough, but moving twice — that is going to be a challenge,” she says. “I was advised by my family members that it is better to just move once.”
That led to the decision to look for a new and smaller house more suited for their needs today.
The Yongs have decided to put the Good Class Bungalow (GCB)  on the market for sale.
“The Good Class Bungalow (GCB)  sits on a rectangular-shaped, freehold site of 16,000 sq ft,” says Sim. The existing building has a built-up area of 6,000 sq ft. Those who want a bigger house can tear down the building and build a new home of 10,000 to 12,000 sq ft, he adds.
The $25.5 million price tag for the GCB translates into a land rate of $1,594 psf.
The Peirce Road-Swettenham Road-Ridout Road enclave, located off Holland Road, is one of the most prestigious GCB estates. Neighbours on Swettenham Road include property tycoon Simon Cheong of SC Global Developments, well-known plastic surgeon Woffles Wu and former deputy prime minister Wong Kan Seng, now chairman of Ascendas-Singbridge.
George Quek, founder and chairman of BreadTalk Group, lives on Ridout Road. Other residents in the Swettenham Road neighbourhood include Patrick Ngiam, CEO of listed IPC Corp, which is involved in property development and investments; as well as the Tan family of logistics and property company Cogent Holdings, who paid $91.7 million for a house on Ridout Road in 2015.
The most recent transaction on Swettenham Road was the sale of the Good Class Bungalow (GCB)  of Jean Yip, founder of the eponymous chain of hair and beauty salons. The GCB, which sits on a land area of 15,145 sq ft, fetched $23.8 million ($1,571 psf) in May last year, according to a caveat lodged with URA Realis.Renewal
The GCB adjacent to the Yongs’ home occupies a land area of 15,199 sq ft; it was sold for $19.28 million ($1,268 psf) in November 2017.
Another GCB in the Swettenham Road area is also on the market for sale. However, it sits on a larger site of 18,000 sq ft and has a higher price tag of $31 million.
Sim says the Yongs’ GCB is “a great plot”. The Swettenham Road area is a sought-after location for GCB house hunters and the property is attractively priced, he adds.
Having lived in the Good Class Bungalow (GCB)  for more than two decades, Melina feels it is time to move on. “We cherish the old, of course, even as we look forward to something new,” she says. “I’m sure the new owners will want to make extensive changes to the house to suit their needs, just like what we did when we first bought the Good Class Bungalow (GCB) 21 years ago.”

Homes for the wealthy — larger plots and higher prices for GCBs

–  Adapted from  Timothy Tay / EdgeProp | January 3, 2019 8:00 AM SGT

The total number of Good Class Bungalow transactions in 2018 stood at 39 as at end-November. Leong Boon Hoe, chief operating officer of List Sotheby’s International Realty Singapore (List SIR), expects the full-year figure to match the 42 deals last year.
GCB sales surged from 25 deals in 2014 to 32 in 2015. While the sales dipped slightly in 2016 to 29, they rose sharply to 42 last year. Leong attributes the strength of the GCB market to the profile of the owners and buyers: ultra-high-net-worth (UHNW) individuals with strong financial backing who are also long-term property investors.While the property cooling measures implemented in July have brought about a “wait-and-see approach” among most property buyers, the niche group of GCB buyers is less affected, says Leong. Their buying decisions are not limited to affordability but are instead based on whether “the property fits their needs, objectives and fancy”, he says.
Of the top 10 GCB sales by absolute prices this year, at least five changed hands in the months following the July cooling measures, according to data from URA and List SIR.
A prominent sale is that of a GCB on Dalvey Road in the White House Park GCB area. It is the most expensive GCB transacted this year, according to caveats lodged with URA Realis. The GCB was sold for $93.9 million ($1,804 psf) in September, just two months after the latest property cooling measures. The house sits on an elevated land area of 52,055 sq ft at one of the highest points in the estate, and was home to one of Singapore’s founding fathers, the late Lim Kim San. The GCB belonged to the estate of Lim, who was also the first chairman of the HDB and oversaw the early development of public housing in Singapore.On July 20, a 30,419 sq ft GCB on Belmont Road in the Belmont Park GCB area was sold for $43.5 million ($1,430 psf). A 15,070 sq ft GCB in the same area changed hands a month later, fetching $33.8 million ($2,243 psf) when it was sold on Aug 28.
Among the top 10 GCBs sold this year were a 29,149 sq ft Good Class Bungalow (GCB) on Camden Park in the Camden Park GCB area, which fetched $40 million ($1,373 psf) on Sept 22; and a 16,200 sq ft Good Class Bungalow (GCB) on Cluny Road in the Cluny Park GCB area, which was sold for $30.8 million ($1,901 psf) on Nov 23 .GCBs are restricted properties and coveted by foreigners. Some of the recent purchases were by newly minted Singapore citizens from China, Taiwan and India, as well as selected permanent residents who have obtained approval to purchase from the Land Dealings Approval Unit of the Singapore Land Authority. The typical profile of GCB buyers tends to be UHNW families involved in the real estate, fashion, F&B, engineering and construction businesses, says Leong. Six of the top 10 GCB deals have either reached or exceeded $40 million in purchase price (see table TOP 10 GCB transactions 2018 vs 2017).

Last year, only four of the top 10 GCB deals managed to either hit or cross this threshold.
For the 39 GCBs sold by end-November, the average land rate translates into $1,509 psf, or 13.6% higher than the average land rate of $1,329 psf for the 42 GCBs sold last year, according to List SIR. This is because most of the GCBs sold this year either occupied larger plots or were newly built, says Leong.For instance, a newly built Good Class Bungalow (GCB) on a 15,091 sq ft site on Jervois Hill in the Chatsworth Park GCB area commanded a sale price of $41.2 million, or $2,729 psf — an all-time high psf price achieved for a GCB transacted.For next year, Leong expects more big-plot GCBs to be sold, “as there are investors who are looking to buy such trophy assets”. Owners tend to be discreet when putting up their properties for sale, and most have the holding power to wait for a suitable offer, he says.
Leong also expects the GCB segment to “maintain a similar level of performance” in terms of the number of deals as the past two years.

Inside a $29.8 mil mansion 

–  Adapted from: Cecilia Chow / EdgeProp Singapore | March 24, 2018 8:00 AM MYT

Located on Old Holland Road and partially hidden from street view is a Good Class Bungalow (GCB) with a neat picket fence. The grand proportions of the Good Class Bungalow (GCB) point to a classical design. The decorative frieze running along the border of the porte cochère was in- spired by a visit to Mauritius, while the patterned granite flooring at the entrance was inspired by a visit to St Petersburg.

The entrance hall of the Good Class Bungalow (GCB)— with its 8m ceiling and painted dome, grand staircase with brass railings, textured walls and arched doorways — reflects a Mediterranean style. The textured walls and painted dome of the Good Class Bungalow (GCB) are the work of two British artists, the limestone floor tiles are from Paris and the designer bathroom tiles from Spain.

“We love to travel,” says the home owner, a retired Singaporean lawyer who only wants to be known as Louisa. Her husband, a former CEO of a giant international retail group, travelled extensively as part of his job, and Louisa often joined him.

The couple was based in Hong Kong when they purchased the GCB (Good Class Bungalow) on Old Holland Road in the early 1990s. It was also then that Louisa’s husband’s company acquired a supermarket chain in Spain and therefore, the couple spent some time there. “I didn’t want to sit around watching television all day,” says Louisa. “So, I studied Spanish, and made use of the time purchasing things for the house.”

The GCB (Good Class Bungalow) is a reflection of its well-travelled owner, who is also a prolific art collector and passionate about interior design. “I not only designed and decorated this house, but also our home in Hong Kong as well as the homes of friends in Hong Kong, Indonesia and Singapore,” says Louisa.

The formal living room of the Good Class Bungalow (GCB) has cathedral-like proportions and the same textured walls as the entrance hall. The adjoining lounge has a tropical theme, with the walls painted by a Cambodian artist. The formal dining room of the Good Class Bungalow (GCB) is decidedly in the French château style.

Instead of separate wet and dry kitchens, Louisa opted for one big kitchen in the Good Class Bungalow (GCB). The customised kitchen cabinetry system is by top German brand Allmilmö, and Louisa had it specially ordered from Europe. The kitchen appliances are all top-end German brand Gaggenau. Even the bathroom fittings and sanitary ware are manufactured by German brand Dornbracht.

On the first level of the Good Class Bungalow (GCB) are a television room and two spacious en suite bedrooms. The second level contains two more bedrooms, including the master suite. One of the bedrooms on the second level, which is also en suite, has been turned into a study.

The palatial master suite, which features French furniture, has a hidden door leading to the balcony over- looking the formal living room. “During Christmas parties, we have the children’s choir up on the balcony,” says Louisa. “And during Chinese New Year, we have the lion dance troupe.”

The massive master bathroom comes with a European cast iron clawfoot bathtub, double-sink vanity top, a separate bidet and shower compartment.

There are not only his and hers sinks in the master bathroom but also his and hers walk-in wardrobes in the master suite. “Some couples with young children have said that my walk-in wardrobe can be turned into a nursery, while my husband’s can be turned into an adjoining bedroom for a young child or a study,” says Louisa. Within the master suite is a concealed dumb waiter that is big enough to fit four large suitcases. “It’s great, as we travelled a lot; we didn’t have to carry the suitcases upstairs or downstairs,” Louisa says. There is also a concealed storage space for linens and towels, as well as a spacious attic accessible via a pull-down staircase from the master suite. The attic has been turned into Louisa’s craft room.

The basement of the Good Class Bungalow (GCB) has been turned into an entertainment area, with a bar opening out to the swimming pool, and a bomb shelter converted into a wine cellar. It also houses the maid’s room and laundry room.

Even though the GCB (Good Class Bungalow)  was built 24 years ago, it is so well maintained that it hardly shows its age. “We bought the house 27 years ago, and didn’t rebuild it until three years later, and we have been living here very happily ever since,” says Louisa. She estimates that the total cost of rebuilding the GCB (Good Class Bungalow)  was about $1 million. Today, it is likely to cost $5 million to $6 million to build a house of a similar scale.

The purchase of the home on Old Holland Road more than 25 years ago was the result of a change in life- style, says Louisa. “My husband was thinking of retiring, and we wanted to find a location where both of us would be happy living.”

The couple was living in Hong Kong at the time, but they short-list- ed a number of locations for their next phase of life: British Columbia in Canada, Hawaii, Italy, Singapore and Tasmania, Australia. “We awarded points for each of the places we wanted to live in,” says Louisa. “After much consideration of factors such as lifestyle, convenience in terms of travel and availability of medical facilities, Singapore emerged at the top of our list.”

Now that her husband is increasingly wheelchair-dependent, the couple felt it was time to move once again. “We decided we wanted the living area to be on one level, and where we would still have a private pool and garden,” says Louisa. After visiting many penthouses, they honed in on one in a freehold, luxury condominium on Bukit Timah Road. It comes with private lift access, a private roof terrace with swimming pool and a deck that Louisa is turning into a “hanging garden”.

She is already planning how to furnish the new home. “It’s very quiet, and we’re looking forward to moving to the new place. I like the fact that we’re near Orchard Road, but still out- side the bustle of the shopping belt.”

The couple recently put the Good Class Bungalow (GCB) on Old Holland Road on the market. The Good Class Bungalow (GCB) has a built-up area of about 12,000 sq ft and sits on a freehold 25,810 sq ft plot.

What the couple liked about the GCB (Good Class Bungalow) when they first purchased it was the wide frontage and space to entertain. The space is large enough for parties of up to 250 people.

The entire main house was rebuilt. The only original structures that were retained were the standalone garage, and the maid’s quarters in the basement. “We wanted to keep some of the character of the original property, such as the original terrazzo tiles in the basement,” says Louisa.

The asking price for the GCB (Good Class Bungalow)  on Old Holland Road is $29.8 million, which translates into a land rate of $1,155 psf. “It’s a reasonable price,” says Sim, associate executive director of OrangeTee & Tie real estate agency and the marketing agent for the Good Class Bungalow (GCB).

“It is like a piece of art, a home where you would be proud to invite guests. I would keep at least 80% of the house intact, as it’s so well maintained, and just do minor alterations to suit my lifestyle.”

Most GCB buyers today are buying for their own use. According to Sim, there have been many enquiries, as GCBs (Good Class Bungalows)  in the Old Holland Road enclave are rarely put on the market.

The latest transaction in the neighbourhood was that of a house at Seven Oaks, a cluster of GCBs (Good Class Bungalows)  developed by MCL Land and located on Garlick Avenue and Old Holland Road. The GCBs (Good Class Bungalows) at Seven Oaks were fully sold and completed in 1998.

The GCB (Good Class Bungalow) at Seven Oaks that was recently sold occupies a freehold site of 18,546 sq ft and fetched $16.8 million ($906 psf) last October, according to a caveat lodged then. At the last peak in November 2010, the GCB (Good Class Bungalow)  changed hands for $20 million ($1,079 psf), according to a caveat lodged then.

Tan expects the number of GCB (Good Class Bungalow)  transactions above $30 million to double this year from 2017. Last year, seven GCBs (Good Class Bungalows)  were sold at more than $30 million, of which four were above $40 million.

So far in 1Q2018, there have been seven GCBs (Good Class Bungalows) totalling $181.56 million, with an average price of $1,385 psf, according to CBRE Research. In 2017, 41 GCBs (Good Class Bungalows) were sold for a total of $866.75 million, or an average price of $1,328 psf. This translates into a price increase of 4.3% in 1Q2018.

Newsman’s Tan expects prices in the overall (GCB) Good Class Bungalow market to increase by 5% to 10% in 2018. “Prices were soft over the last few years, but with im- proved sentiment, owing to the en bloc fever, activity has picked up and pric es are likely to bounce back,” he says.

Wong, founder of Real Star Premier Group, which focuses on land ed property, expects the (GCB) Good Class Bungalow transaction value to cross $1 billion this year.

He attributes his forecast for 2018 to several factors: the gap between buyer’s and seller’s asking prices is closing; and more detached home transactions since 2H2017, with more of these sellers looking to upgrade to a (GCB) Good Class Bungalow. He estimates that 500 buyers could enter the landed home segment over the next two years, with most being en bloc beneficiaries.

Tay, CBRE Realty Associates senior vice-president, resale division, says there is certainly a ripple effect. “Those en bloc beneficiaries with $3 million to $4 million in proceeds are upgrading to landed property in the prime districts,” he says. “Likewise, those in landed property, especially detached houses, want to upgrade to a GCB.”

Buyers in the (GCB) Good Class Bungalow market are also getting younger, notes Tay. “We’ve seen some in their 20s and early 30s entering the GCB market, some of whom could have financial support from their parents.”

Unaffected by BSD, spike in interest rate (GCB) Good Class Bungalow demand has been particularly strong in the prime areas. “Towards the end of last year, we saw (GCB) Good Class Bungalow sales in Rochalie Drive and Cluny Park,” says Real Star Premier’s Wong. “GCBs in the Tanglin and in the vicinity of Botanic Gardens are also soughtafter. “Buyers are very selective when it comes to location.”

In the luxury (GCB) Good Class Bungalow, where prices are $30 million or higher, buyers are increasingly businessmen, top executives and professionals in their early 40s or older, observes Newsman’s Tan. The additional 1% buyer’s stamp duty for properties priced above $1 million has had lit-tle impact on sentiment. “Buyers at this end of the market want a (GCB) Good Class Bungalow because their business is doing well and they are financially successful,” Tan says. “They are not affected by the BSD or a rise in interest rates.”

The Good Class Bungalows (GCBs) sellers’ profiles are more varied, observes Tan. Some are selling because their children have grown up and moved out of their home, and they want a simpler lifestyle. Some Good Class Bungalow (GCB) transactions are Good Class Bungalow (GCB) estate sales, and others are carried out by owners who want to distribute their wealth to their children.

For Louisa and her husband, the reason for selling their (GCB) Good Class Bungalow is their desire for a change in lifestyle. “We don’t entertain as much now, and we are looking forward to moving to our new place,” she says. They are pricing their property at an enticing price below $30 million “because we know Singaporeans love a good deal”, she points out. “It’s priced to sell.”

Good Class Bungalow deals start to rev up 

– Adapted from: The Business Times, 22 March 2018

A few big ticket deals in Good Class Bungalow (GCB) Areas were sealed recently.
These include a Good Class Bungalow in Dalvey Road near the Israeli Embassy that went for S$35.4 million – or S$1,757 per square foot on the freehold land area of 20,143 sq ft.
Located within the White House Park GCB Area, the property spans two storeys and a basement.
It was built about 25 years ago and refurbished a decade ago; it has five bedrooms, a guest room and and a swimming pool.
The Good Class Bungalow is being sold by a pair of low-profile Singaporean investors who bought the house for S$34 million in 2011 from Teng Ngiek Lian, founder of Target Asset Management.
The buyer in the latest deal is understood to be a Singaporean who is currently living in the US with her husband, a European national and a senior executive with a major US bank in New York.
The existing lease on the Dalvey Road Good Class Bungalow will end soon and the new owner is expected to find a replacement tenant.
In Yarwood Avenue, a two-storey Good Class Bungalow with a basement has transacted for S$19.4 million, translating to S$1,201 psf on land area of 16,148 sq ft. The Good Class Bungalow which has about 9,000 sq ft built-up area, comes with five bedrooms and a guest room, along with a pool.
Completed in 2001, the Good Class Bungalow on the site is being sold by Vincent Lee Tua Bah, a retired senior executive in the logistics business, and his wife Cecilia.
The buyer is understood to be related to Justin Goh, who owns Aligent Spring Pte Ltd, which makes precision springs and metal stamping parts that are used in products like printers, DVD recorders, refrigerators and mountain bikes.
Meanwhile, along a stretch of Oriole Crescent near Eng Neo Avenue, Chiang Dong Pheng, the managing director of Standard Chemical Corporation, is understood to have sold a bungalow for S$13.2 million or S$1,269 psf on land area of 10,404 sq ft. Market watchers expect the buyer to redevelop the old house on the site.
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.
Experts say that a lot of buyers are waiting for GCBs in prime locations like Dalvey and Cluny. When such properties are made available, they are snapped up within a few weeks as buyers are prepared to pay a premium.
This contrasts with the situation in the past – 2016 and first-half 2017 – when buyers were not prepared to match asking prices.
According to caveats data, year to date seven deals totalling S$181.6 million have been sealed in GCB Areas; this is higher than the five deals totalling S$116 milion in Q1 2017.
Full year 2017, the GCB market posted a strong performance with 41 deals amounting to S$867 million – up from the 2016 tally of 37 transactions that amounted to S$788.5 million.
Consultants are confident that the total value of sales in GCB Areas in 2018 will surpass last year’s figure. A lot of big transactions of S$30 million and upwards are expected.
GCB prices are also expected to rise by 10 per cent on average in this year from the end of last year.
The GCB market is benefiting from the overall mood improvement in the Singapore residential sector. All the positive news on en-bloc sales has led many ultra high net-worth individuals who became Singapore citizens around a year ago to think that now’s the right time for them to pick up that GCB they have been waiting to buy. The one-percentage point hike in the buyer’s stamp duty rate for residential properties announced in February will not deter these buyers.
Only Singapore citizens are allowed to buy landed residential properties within GCB Areas, under a policy change that took effect in the second half of 2012.
While some owners are starting to withdraw their properties from the market in anticipation of higher prices later on, there are also many cases of people wanting to sell their properties. These include elderly couples who no longer need a big house as their children have moved overseas and they themselves would like to spend more time travelling abroad.

Charles & Keith family buys another GCB; total of 15 sold from Jan-May

– Adapted from: The Business Times, 6 June 2017
The family of the well-known handbag and shoemaker Charles & Keith has bought another bungalow in a Good Class Bungalow (GCB) Area. Low Lay Eng, a shareholder of Charles & Keith and believed to be the mother of the eponymous group’s founders, paid S$20 million for a bungalow along Chatsworth Road. The price works out to S$1,503 per square foot based on the freehold land area of over 13,300 sq ft.
Early last year, Charles and Keith as well as younger brother Kelvin teamed up to buy a good class bungalow in Mount Echo Park for S$22.25 million or S$1,322 psf on land area of 16,826 sq ft.
Other recent deals in GCB Areas include a good class bungalow in Gentle Road in District 11 that went for S$22.5 million or S$1,211 psf on land area of over 18,570 sq ft. The property is built in black-and-white bungalow style. The house has a pool and lots of greenery.
Based on a compilation of caveats information up to June 2, the first five months of this year saw 15 deals in GCB Areas that totalled S$298.45 million, higher than the 12 deals that amounted to S$261.36 million in the same period of last year.
Among the deals that are brewing and hence not captured in caveats data yet, is the sale of two-thirds of good class bungalow at Leedon Park No. 17, for around S$43 million or S$1,380 psf on land area of 31,211 sq ft. The buyer, who was granted the option earlier this year, is expected to exercise it soon; this follows in-principal approval granted recently for the subdivision of good class bungalow at Leedon Park  No. 17, into two plots – the plot that is in the midst of being sold and 15,668 sq ft for the balance land, which is on the market for private-treaty sale with an asking price of S$25 million or about S$1,600 psf..
Separately, an old good class bungalow in Gallop Park is also being transacted, according to the grapevine.
This is because the gap between sellers’ and buyers’ expectations continues to persist. Sellers are more motivated to preserve capital and wait for market sentiment to improve. Prices are likely to be flat.
GCB prices have come down marginally between 3 and 5 per cent in the first five months of this year over the same year-ago period. This was partly due to a number of deals this year that involved bungalows with big plot sizes, which resulted in lower prices in terms of psf of land area.
Observers also note that another factor that has dragged GCB prices this year is that quite a number of the properties were bought for redevelopment; hence buyers paid purely the land price.
Most of the GCBs sold this year have been on the market for a considerable period of time – one year or longer. As such, these properties have to be priced lower than what the market commands, in order for them to stand any realistic chance of being sold.
That said GCB prices are expected to come to equilibrium and stabilise in the seond half. Transactions should also be healthy going forward.
GCBs continue to draw interest from new Singapore citizens, especially those from mainland China.
Bungalows in GCB Areas are the most prestigious form of landed housing in Singapore, with planning conditions to preserve their exclusivity and low-rise character.
Only Singapore citizens are allowed to buy landed residential properties in GCB Areas under a policy change that took effect in the second half of 2012. On Sentosa Cove, a foreigner (whether a Singapore permanent resident or not) is eligible to seek approval to buy a landed home.
A non-citizen is allowed to own just one landed residential property in Singapore and that too for owner occupation only.
Based on an analysis of caveats information, six bungalows have changed hands on Sentosa Cove this year for a total of S$86 million.
This includes the sale of a water-way facing property along Cove Grove by Ezra Holdings founder and chairman Lee Kian Soo for S$14.5 million or S$1,259 psf on land area of 11,515 sq ft. It was bought by Ong Phang Hoo, project director at Lian Beng Group, in his personal capacity.
In addition to the six Sentosa bungalows for which caveats have been lodged so far this year, a property along Cove Drive has been sold for S$16.25 million or S$2,016 psf on land area of 8,060 sq ft. Deals are also ongoing for another two properties along Cove Grove, one of which will be changing hands for more than S$16 million.
More than half of the bungalow deals done this year on Sentosa Cove involved buyers who are Singaporeans – including new citizens – who plan to live in the home while also holding it as a mid- to long-term investment property.
There were just four bungalow transactions in Sentosa Cove last year for S$64.5 million, based on caveats data.
However, there was also a bulk deal for the sale of the remaining 10 bungalows on Pearl Island, one of the five man-made islands in Sentosa Cove. This deal was structured through the sale of the entire equity of Ximeng Land (S) Pte Ltd, which developed the 19-villa project. The equity was sold by a Liu family from Beijing to SRIF Pte Ltd, fully owned by Leslie Lim and Vincent Ong, the co-founders of Evia Real Estate
The deal is said to have valued the 10 villas at about S$125 million. Landed homes in Sentosa Cove have a 99-year leasehold tenure.

Creme De La Creme: Good Class Bungalows the pinnacle of Singapore homes

Adapted from: Kalpana Rashiwala BUSINESSTIMES Sunday, Feb 26, 2017

WHAT’S SO GOOD ABOUT GOOD CLASS BUNGALOWS?

GOOD Class Bungalows (GCBs) have been dubbed the “creme de la creme” of Singapore’s landed homes and are a coveted status symbol. They are rare and outsizedly priced – the average price of Good Class Bungalows GCBs transacted last year was S$21.3 million. Today, only Singapore citizens are allowed to buy landed properties in Good Class Bungalow Areas (GCBAs). In the past 12 months, bungalow purchases in GCBAs have been buoyed by families with old money, as well as the nouveau riche and foreigners who have become Singaporeans. In Queen Astrid Park Good Class Bungalow Areas (GCBAs), a granddaughter of billionaire paint tycoon Goh Cheng Liang bought a Good Class Bungalow for S$44.5 million or S$1,271 per square foot (psf).
Yun Nam Hair Care boss Andy Chua picked up a property along Brizay Park Good Class Bungalow Areas (GCBAs), off Old Holland Road for S$33 million or S$1,108 psf – next to a property he already owns.
Zhang Yong, the founder of the popular Sichuan HaiDiLao steamboat chain from China and who is now a Singapore citizen, acquired a Good Class Bungalow on Gallop Road for S$27 million or S$1,700 psf.

For all the attention that such transactions draw, nobody seems to be able to remember how such stately homes came to be called “Good Class Bungalows“, a term coined in the early 1980s. Did the term spring from a colonial hangover from the British class-based society? Or was a more likely reason a need to differentiate these houses, with large land areas and open spaces, from denser forms of landed housing such as semi-detached and terrace houses? While one can only guess the origins of the name, there seems to be greater consensus on what makes GCBs appealing. One of the most obvious is that they are a rare breed; there are only about 2,500 of them, located in 39 designated areas. They are mostly nestled in “forested” areas, with some on hill slopes such as Cluny Hill Good Class Bungalow Areas (GCBAs) and Bukit Tunggal Good Class Bungalow Areas (GCBAs). The proximity to nature makes them an even more exclusive class of property in a small city-state like Singapore. As a veteran property consultant puts it, Good Class Bungalows GCBs are located in “rich men’s areas” and there is safety in numbers, in a sense, for the well-heeled who value their privacy. At the same time, the large price tag means that not everyone can afford to live in one – which makes them even more coveted.
That said, not all Good Class Bungalows GCBs are created equal. Some Good Class Bungalows (GCBS) are more than 100 years old (mostly conserved Good Class Bungalows (GCBS), of which there are 65 GCBS) while others are newly built. Architectural design styles also vary widely. Some have traditional vernacular styles (which include black-and-white bungalows) that might have verandas and large overhangs suited to tropical climes. Others range from the contemporary end of the scale to the ultra-modern. While some of the 2,500 Good Class Bungalows (GCBS) have been maintained in pristine condition, others are old and in need of redevelopment. It is true that most Good Class Bungalows (GCBS) are located in two of the traditional prime districts (10 and 11). Even so, some Good Class Bungalows (GCBS) may also be found in relatively far-flung places such as Binjai Park Good Class Bungalow Areas (GCBAs) and Yarwood Good Class Bungalow Areas (GCBAs), the Chestnut Good Class Bungalow Areas (GCBAs) in Bukit Panjang, and Windsor Park Good Class Bungalow Areas (GCBAs) off Upper Thomson Road.

To understand how these enclaves have come to be, it helps to poke around in the annals of urban planning. Interestingly enough, the Urban Redevelopment Authority (URA) says that it does not actually use the term “Good Class Bungalows” nor give individual bungalows such a status. Rather these properties are considered “bungalows within Good Class Bungalow Areas (GCBAs)“.
URA does not have an official figure on the number of bungalows in Good Class Bungalow Areas (GCBAs) but states that there are about 2,800 plots – or legal land lots – in the 39 gazetted Good Class Bungalow Areas (GCBAs). Also, so established are these 39 areas, that their prestige precedes the government’s gazetting of them in the 1980 Master Plan. In fact, the rationale for gazetting the 39 Good Class Bungalow Areas (GCBAs) was to protect the existing high-quality residential environment of these established bungalow areas from the intrusion of more intensive forms of residential developments such as semi-detached or terrace houses, URA explained. However, the origins of the term “Good Class Bungalow” itself seems to be lost to history. As professor Robert Powell says in his book Singapore Good Class Bungalow 1819-2015: “No one, it seems, can recall precisely how the words came to be chosen or by whom. “It is possible that they may have been called ‘Good Class’ in order to differentiate them from smaller bungalow plots . . .”
In an interview with The Straits Times last year during the book’s launch, he noted that with Singapore developing at a great pace in the late 1970s and highrise buildings sprouting, “it was probably for economic reasons that the government decided to officially recognise the bigger bungalows and their surroundings so as to attract or retain high-wealth citizens to contribute to the economy”.
Liu Thai Ker, senior director of RSP Architects Planners & Engineers and the former chief planner and CEO of the Urban Redevelopment Authority from 1989 to 1992, concurs: “As far back as 1980, we anticipated that Singapore will become a very prosperous city and given the fact that land is so short (in supply), if we don’t protect the Good Class Bungalow Areas (GCBAs) , then when people become billionaires, where can they find good-quality housing? “Despite the fact that we are pushing mainly for high density, we must retain some very low-density housing for the very rich because people in other countries, even if they are not super-rich, they still can get large tracts of land to build their homes.”

The GCB in the planning details

A glimpse of Good Class Bungalows, the biggest and rarest houses here

Trace almost 200 years of the history of Singapore bungalows and peek into those classified as Good Class Bungalows in a new book.

Good Class Bungalows are the jewels of Singapore property.

They are the biggest of all bungalows and a rarity, with only about 2,800 set on prime plots on the island. While some bungalows are historic buildings that are more than 100 years old, others have been built in a contemporary style in recent years.

A number are secluded on the slopes of the few remaining hills in Singapore

– Bukit Tunggal Good Class Bungalow Area, Caldecott Hill Good Class Bungalow Area, Cluny Hill Good Class Bungalow Area – on the sites of the country’s first plantations.
Set in lush gardens, these dwellings are the subject of a new book by British architect and academic Robert Powell, 74.

The 200-page hardcover, titled Singapore Good Class Bungalow 1819-2015, traces almost 200 years of the history of Singapore bungalows, including the origins of this class of property. The book was launched on Sept 7 at Space Furniture in Bencoolen Street.
In an interview with The Straits Times, Professor Powell says that with Singapore developing at a great pace in the late 1970s and highrises sprouting, “it was probably for economic reasons that the Government decided to officially recognise the bigger bungalows and their surroundings so as to attract or retain high-wealth citizens to contribute to the economy”.

In his book, he writes that the term Good Class Bungalow Area was first mentioned in the revised masterplan by the then Ministry of National Development in 1980, in an effort to protect the “high environment quality” of the larger bungalows from the intrusion of other intensive development.

Thirty-nine areas were designated as Good Class Bungalow Areas. “It is possible that they were called good class to differentiate them from smaller bungalow plots,” he says and adds that the term is believed to be unique to Singapore.

Bungalow developments in these areas must have a minimum plot size of 1,400 sq m – about a quarter the size of a football field – and a maximum height of two storeys.

The bungalow as a whole – or what is called the “roofed area” – cannot take up more than 35 per cent of the plot of land, to ensure that there is plenty of open space in the compound.

The creation of such a category not only led to the preservation of some of the greener areas of Singapore, but also gave a boost to the country’s architectural profession, he says.

“Many architects now at the forefront of the profession here cut their teeth on detached residential design in Good Class Bungalow Areas,” he says. Among them are Mr Mok Wei Wei from W Architects and Mr Chan Soo Khian from SCDA Architects.
Residential commissions are the first step on the ladder for most new graduates seeking to launch their careers as professional architects in private practice and these bungalows are plum prizes.

It is not known how many bungalow plots there were in the category originally. One plot can house more than one bungalow. Some bungalows may have been redeveloped and split into separate bungalows over the years.

But according to the Urban Redevelopment Authority (URA), there are now about 2,800 plots in the category. About 65 Good Class Bungalows have been gazetted for conservation.

Each plot can fetch between $15.7 million and $44.5 million, according to Knight Frank Research data for this year’s transaction prices.

The new book showcases 55 Good Class Bungalows, including five that are recipients of the URA Architectural Heritage Awards, which recognise well restored and conserved buildings here. Also featured are 12 modern tropical bungalows designed by architects in Singapore between 2010 and last year.

The design of the modern bungalows mitigates the effects of climate change with inventive solutions such as surrounding a living area with a pond (The Willow House in Cluny Hill  Good Class Bungalow Area) and using charcoal logs to clad the entrance facade (Cornwall Gardens House in Cornwall Gardens Good Class Bungalow Area). Charcoal is known to filter rain and “clean” the air.

The earliest bungalows, some of which still stand, are also mentioned in the book’s narrative about the evolution of the bungalow in Singapore. They include early plantation houses and Art Deco- inspired bungalows.

Prof Powell says it was not difficult for him to choose the bungalows to feature. When he lived in Singapore from 1984 to 2001 and taught at the School of Architecture at the National University of Singapore, he had visited about 150 houses, including Good Class Bungalows, often as part of research for his other books.

He is the author of 12 other books about the architecture of private houses in South-east Asia.

So, when Talisman Publishing approached him to write the book on Good Class Bungalows two years ago, he already had an idea of which bungalows he wanted to feature. “They have to be the best of their era,” says Prof Powell, now a professor of architecture at Taylor’s University in Selangor, Malaysia.At that time of writing the book, he was based in Brighton in England and visited Singapore thrice.

He sourced for early maps from the Royal Geographical Society in London, interviewed key architects in Singapore such as Mr Chang Yong Ter, Mr Aamer Taher and Mr Teh Joo Heng, and obtained floor plans from some of them.

The architects helped him get approval for photographer Albert Lim, 65, to take pictures of the bungalows. Mr Lim has worked with Prof Powell on his books over 25 years.

“Almost all the owners said yes,” says Prof Powell. The majority agreed to let Mr Lim photograph the interior and exterior of their house.

Most owners did not wish to be named.

One exception was Mr Ong Tze Boon, architect and son of the late Singapore president Ong Teng Cheong, who lives at 1 Dalvey Estate, which was built in 1927. The masterpiece by prominent British architect Frank Wilmin Brewer has all the classic Brewer hallmarks: flared eaves, buttressed walls and oriole windows.

The late Mr Ong, an architect by profession, lived in the house for several years, and restoration and extension to the house had been carried out by his practice Ong & Ong Architects.

Another owner is Mr Robert Kwan, founder of McDonald’s Singapore. King Albert Park House, in King Albert Park Good Class Bungalow Area was built for him in 1994 by Singaporean architect Tay Kheng Soon. It has all the attributes of a well-designed bungalow in the tropics: a water garden, wide overhanging eaves and living spaces that “open to the sky” and are orientated to catch the breeze.

As the book’s focus is on architects and the architecture of bungalows they have designed, the photos are largely devoid of people. But, occasionally, Mr Lim managed to capture what he calls the “magical moment” – for instance, the back view of the young son of the owner of 23 Gallop Park, in Cluny Hill Good Class Bungalow Area,  running in the house.

He sometimes had to return to a residence three to four times just to get the “perfect shot”. He says: “The building won’t run away, but I want to catch it in the right lighting.”

With the rapid urbanisation of Singapore and doubling of its population over the last 30 years, are Good Class Bungalows here to stay? Prof Powell believes so. He says: “There is a good case for their preservation as they are an important part of Singapore’s history.”

Dalvey Estate Good Class Bungalow: The east-facing entrance lobby (above); and the living room.PHOTO: ALBERT LIM

THE ONG RESIDENCE

Putting a modern extension in front of a 103-year-old tropical Edwardian-style bungalow is not something most architects might do.

But Mr Rene Tan and Mr Quek Tse Kwang of RT&Q Architects did just that when they were commissioned by Mr K.T. Ong, managing director of interior furnishings company Vanguard Interiors, to restore his house in 2010 and add a new extension for his two grown-up children.

The house, which is on the cover of the Singapore Good Class Bungalow book, was originally designed by Scottish architect David McLeod Craik and built for a municipal councillor of Persian origin in 1913.

A distinctive feature of the old house, which comes with a lantern roof and timbre structure, was the porch at the entrance. It was set at 45 degrees to the main body of the house, which was restored in places.

The original staircase was reconstructed with some balustrade details, for instance.

Mr Tan and Mr Quek made the “counter-intuitive” decision of putting the new extension prominently in front of the entrance porch.

It comprises accommodation arrayed symmetrically along a linear lap pool. It is intentionally modern in appearance, featuring new materials such as grey granite, white marble, plaster and paint.

The design strengths of the architects were recognised when the project won an Urban Redevelopment Authority Architectural Heritage Award in 2011.

THE WATER-COOLED HOUSE

Ewart Park Good class bungalow: The tree-lined drive to the Water-Cooled House, with its rooftop pond that surrounds a glass pavilion (above).PHOTO: ALBERT LIM

Ewart Park GCB : The tree-lined drive to the Water-Cooled House, with its rooftop pond that surrounds a glass pavilion (above).PHOTO: ALBERT LIM

THE WATER-COOLED HOUSE

With her passionate interest in botany and ecology, the owner was clear from the start about what she wanted: a house naturally cooled with as little air-conditioning as possible.

The result is the Water-Cooled House at 27A Ewart Park, in Ewart Park Good Class Bungalow Area, designed by architect Robin Tan from Wallflower Architecture + Design.

The bungalow, built in 2010, is ensconced in a valley near Holland Road and approached via a tree- lined drive.

An experiment in climate control, the bungalow has many cooling features, the most prominent of which is a large body of water on the roof.

This 40cm-deep rectangular pond, which surrounds a rooftop glass-walled pavilion, insulates the dining area, bedrooms and other rooms below, keeping them cool.

The impression one gets when looking out of the pavilion is of being in a forest canopy, with the greenery all around reflected in the calm water of the infinity pond.

Parallel to the building is a single- storey service block with a “wet” kitchen for heavy-duty cooking, a laundry and utility room and staff accommodation.

This is separated from the main block by a 30m-long koi pond which produces a cool micro-climate in the space in between.

EU HOUSE I

Holland Good class bungalow : Four pavilions are set around a water court (above) in Eu House I,

which combines different styles such as Chinese, Balinese, Thai and Malay in its interior.PHOTO: TALISMAN PUBLISHING

Holland GCB

EU HOUSE I

Possibly the seminal bungalow of the early 1990s, Eu House I in the Holland Road area is special in the way it elegantly and seamlessly combines different styles – Chinese, Balinese, Thai and Malay.

It was designed in 1993 by Argentinian architect Ernesto Bedmar, director of Bedmar & Shi.

The house consists of four pavilions set around a pond or water court in a U-shaped configuration.

One enters through a carved Chinese door with filigree panels, which gives a glimpse of the spaces that lie within. Balinese elements are seen on the legs of the pavilion columns and in the roof design.

The “openness” of the rooms evokes the banglas or bungalows of India, the Thai sala or pavilion, and the kampung houses of Malacca.

The result is a courtyard house that reflects the cultural diversity of Singapore and its location amid the multi-hued cultures of Asia.

23 GALLOP PARK

Gallop park Good class bungalow : A unique tree house is part of the development at 23 Gallop Park, which also features a west-facing rectangular bungalow (above).PHOTO: ALBERT LIM

Gallop park Good class bungalow : A  unique tree house (above) is part of the development at 23 Gallop Park, which also features a west-facing rectangular bungalow. PHOTO: ALBERT LIMGallop park Good class bungalow GCB in Gallop park

Sitting on the western-facing slope of Cluny Hill, this two-storey bungalow is a delightful assembly of interlocking “cubes” with a swimming pool projecting out to the west and, beyond this, a sculptural tour-de-force: a tree house.

The tree house is a unique vertical steel-and-timber structure with multi-level platforms that are built around a couple of trees.

It was designed by Dr Joseph Lim, an associate professor in the department of architecture at the National University of Singapore in 2002 for the previous owner, and it has been retained by the present one.

The current bungalow was designed by Mr Alan Tay of Formwerkz Architects in 2014.

He envisaged a dramatic approach to the house: a curved driveway which sweeps up to a rectangular archway beneath the pool. Visitors then ascend an external staircase to arrive at the verandah of the rectangular bungalow.

To mitigate the effects of the sun in the late afternoon, the design includes shading measures such as a deep overhang at the first storey and horizontal timbre louvres on the second storey.

•Source: Singapore Good Class Bungalow 1819-2015