A newly built freehold bungalow in Jervois Hill is being sold for S$41.2 million, which works out to about S$2,729.52 per square foot on land area of 15,094 sq ft.
This is a record price in terms of psf on land area for a transaction in a Good Class Bungalow Area – busting the previous high of S$2,350 psf set last year for a bungalow in Cluny Hill near the Botanic Gardens. That deal, which amounted to an absolute price of S$35.5 million, was for a bungalow on freehold land area of 15,105 sq ft.
The Jervois Hill Bungalow transacted recently is being sold by seasoned bungalow investor George Lim, who developed the property on a plot that he bought for S$25.8 million or S$1,709 psf in 2012.
Mr Lim estimates he has spent S$10 million-plus building the bungalow on-site. This includes the lighting, a floating sculptural staircase at the entrance hall, and the cost of fitting out the wet and dry kitchens – mostly with Gaggenau kitchen appliances (ovens, warming drawers, fridges, freezers, a wine fridge, and a dishwasher), as well as Miele stoves. Bathroom and toilet fittings are from Villeroy & Boch.
The Business Times Weekend understands that the property, which has two levels and a basement, is being bought by the daughter of Wah Loon Engineering founder Alan Chong. Mr Chong recently sold most of his stake in the company to Vinci Energies Asia Pacific, a subsidiary of Euronext Paris-listed infrastructure and construction giant Vinci SA. The deal is said to have valued the company at about S$300 million, going by a back-of-the-envelope calculation by brokers.
Mr Chong and his family are understood to reside currently in the Chatsworth Road area and the avid car-collector is said to have been drawn by the Jervois Hill bungalow’s basement carpark, which can accommodate nine to 10 cars. The basement also has a room set aside for a wine cellar, an aquarium, a home theatre, a gym and a guest bedroom with en suite bathroom.
On the ground level are the living, dining and family rooms, dry and wet kitchens, a swimming pool and a pond (which continues as the aquarium in the basement). The second level of the bungalow has five bedrooms, including the master and junior master suites. All five bedrooms have walk-in wardrobes. There is also a living room with a pantry on this floor.
The house, which comes with a lift, has a total built-up area of about 12,000 sq ft. It received Temporary Occupation Permit in December last year.
Including this property, Mr Lim has built 13 landed homes in Singapore, all in GCB Areas, in the past 15 years. “As of now, I have no more land for development here,” the 66-year-old told BT Weekend.
In the Gold Coast in Australia, he also built two bungalows and is currently developing another two.
Year to date, about S$383 million of deals have been done in GCB Areas. The figure for the whole of last year was S$888 million.
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.
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.
Adapted from: The Business Times, 9 June 2018