Condo Ruthmillsteam

A newly constructed 15-room boutique hotel located at 739-1 Geylang Road in District 14 is now up for sale at $14 million. This freehold property, spanning across two levels, has been complemented by a newly built 4-storey rear extension, and sits on a 1,273 sq ft site with an approved gross floor area of up to 3,186 sq ft.

One of the key highlights of this hotel is its permanent ‘Hotel’ zoning and usage approval, a rare and highly coveted designation for new conservation shophouses in Singapore. This designation not only adds to the property’s long-term investment appeal but also provides operational flexibility. Situated within a 5-minute walk to Paya Lebar MRT station, the hotel boasts unparalleled connectivity as it serves both the East-West line and Circle line, making it easy for guests to travel to various parts of Singapore.

Designed with a sophisticated Japandi theme, the hotel is currently under construction and is expected to receive its Temporary Occupation Permit (TOP) in Q2 2025. The asking price is inclusive of all construction and renovation costs, making it an ideal turnkey investment for those looking to enter or expand their presence in the hospitality sector.

For investors, this property presents a particularly attractive opportunity. The current owner, an experienced hotel operator, is open to a sale and leaseback arrangement, providing immediate rental income and operational continuity. Senior Marketing Director of ERA Realty Network Pte. Ltd., Eva Lau, believes that this hotel will appeal to owner-operators who want to run the business themselves, and with major renovations already completed, they can quickly start operations.

The demand for hospitality assets in Singapore has been on the rise over the past year, with notable transactions such as LHN Group’s purchase of Pasir Panjang Inn, a 16,626 sq ft site, for $30 million. Last year, an 8-storey hotel at 12 Lorong 12 Geylang was listed for sale at $120 million, and recently, Hotel JJH, a 25-room property at 747 North Bridge Road, has also been put on the market for $38 million. These transactions reflect the strong demand for well-located, high-quality hospitality assets, making them one of the most sought-after commercial shophouse usage classes in Singapore.

For more information, interested parties can contact Eva Lau at 92785688, Senior Marketing Director of ERA Realty Network Pte. Ltd. (R062169F).…

JLL has recently announced the appointment of James Cameron as the head of energy and infrastructure for Asia Pacific in its capital markets business line. The role, which has been newly created, will be based in Singapore, as mentioned in a press release on Jan 14.

Cameron will be in charge of building a team in Asia Pacific and his appointment will complement JLL’s EMEA Energy & Infrastructure business, creating a global capital advisory capability that will better serve both local and international developers and investors.

According to JLL, Cameron’s appointment is in line with the long-term capital requirements needed to facilitate the infrastructure and renewables build-out in order to meet the challenges of decarbonisation, digitalisation, economic growth, and rapid urbanisation.

Stuart Crow, the CEO of capital markets for JLL Asia Pacific, said, “We see significant opportunity to leverage our unique expertise in mobilising multiple sources of capital and JLL’s unrivalled track record in advising renewables transactions globally to serve clients within energy and infrastructure across Asia Pacific.”

Cameron will work closely with JLL’s capital markets, investment banking, and debt advisory teams across the region, focusing on the origination of capital raising and transaction advisory opportunities for large infrastructure and renewable projects for various types of investors such as institutional investors, private equity, asset managers, strategic infrastructure and renewable operators and developers, high net-worth individuals, and family offices.

With over 25 years of experience in real asset capital markets, Cameron was previously the global head of commercial real estate at Standard Chartered Bank. He has vast experience in mobilising different forms of private and public equity and financing across the global and regional infrastructure scene.

Crow further stated, “James’ extensive experience in this exciting space is unmatched in the region, and we are extremely confident in his ability to establish JLL’s leadership position through his expertise and client relationships.”…

Two neighboring Good Class Bungalows (GCBs) situated at 52 and 54 Belmont Road in the exclusive Belmont Park GCB area are currently on the market for sale through an expression of interest (EOI). The owners of these GCBs are believed to be related.

These two freehold properties are set on a combined land area of 41,741 square feet and have an indicative price of $88.8 million, which translates to $2,128 per square foot on the land area. The combined plots boast a 44-meter frontage along Belmont Road and an average depth of 66 meters, according to Sakal Real Estate Partners, the marketing agent for the properties.

“We believe that this site will be attractive to families looking to build a new home for multigenerational living or for extended families living together,” says Lennon Koh, senior director at Sakal. “In addition to homeowners, this property is also suitable for developers looking to tap into the exclusive GCB market.”

A map provided by EdgeProp Landlens shows the location of 52 Belmont Road, shaded in grey.

Recent transactions recorded by the Urban Redevelopment Authority (URA) reveal that the most recent sale on Belmont Road took place in December when a GCB with a land area of 19,549 square feet was sold for $40 million ($2,046 per square foot).

A previous GCB transaction on Belmont Road can also be seen on the URA data, where a pair of adjacent plots were sold for $131.4 million or $3,000 per square foot in July 2024, based on a combined land area of 43,790 square feet. Another nearby GCB at Bin Tong Park with a land area of 28,111 square feet sold for $84 million ($2,988 per square foot) in April.

Steven Ming, managing director at Sakal, is confident that these GCBs on Belmont Road will attract strong interest due to their prime location and the ongoing demand for GCBs. “The estimated total value of GCB transactions in 2024 of $1.32 billion exceeded that of 2023 ($433 million) and 2022 ($1.18 billion), and we expect to see even more transactions in 2025,” he states.

The EOI exercise for these GCBs will be closing on March 13 at 3pm.…

JLL, a leading real estate consulting firm, has recently named James Cameron as the head of energy and infrastructure for Asia Pacific under its capital markets business line. In a press release issued on January 14, the company announced that Cameron will be based in Singapore, and will be responsible for building a team in the region.

This newly created role reflects JLL’s commitment to strengthening its capital advisory capabilities in both Asia Pacific and EMEA regions. With Cameron’s expertise and experience, the company aims to better serve local and international developers and investors.

The appointment of Cameron comes at a time when there is a growing demand for long-term capital to support the development and expansion of infrastructure and renewable energy projects. As the world grapples with challenges such as decarbonisation, digitalisation, economic growth, and rapid urbanisation, JLL believes that Cameron’s knowledge and insights will be invaluable in meeting these challenges.

Stuart Crow, JLL’s CEO of capital markets in Asia Pacific, notes that the company sees immense opportunities in leveraging its unique expertise in mobilising multiple sources of capital. With its unrivalled track record in advising renewables transactions globally, JLL is well-positioned to serve clients within the energy and infrastructure sector across Asia Pacific.

In his new role, Cameron will work closely with JLL’s capital markets, investment banking, and debt advisory teams across the region. His focus will be on identifying and securing capital raising and transaction advisory opportunities for large infrastructure and renewable projects. These opportunities will benefit institutional investors, private equity firms, asset managers, strategic infrastructure and renewable operators and developers, high net-worth individuals, and family offices.

With over 25 years of experience in real asset capital markets, Cameron brings a wealth of knowledge to his new role. He previously served as the global head of commercial real estate at Standard Chartered Bank, where he was responsible for mobilising various forms of private and public equity and financing for infrastructure projects on a global and regional level.

Crow expresses confidence in Cameron’s ability to establish JLL’s leadership position in the energy and infrastructure sector through his vast experience and strong client relationships. He believes that Cameron’s appointment will contribute significantly to the company’s growth and success in the years to come.…

One Bernam, a mixed-use development with 351 residential units in Tanjong Pagar, saw a successful weekend sale on Jan 11 to 12. The joint project by MCC Land and Hao Yuan Investment first launched in May 2021 and has already sold over 75% of its units at an average price of $2,585 psf according to caveats lodged as of Jan 10.

In a weekend promotion, the remaining 87 units, including one-bedroom to three-bedroom apartments and penthouses, were offered at discounted prices. For example, one-bedroom units ranging from 441 sq ft to 463 sq ft were sold at prices from $1.295 million ($2,934 psf) to $1.328 million ($2,869 psf) after discounts of $323,000 to $438,000. Similarly, the two-bedroom apartments (700 sq ft to 732 sq ft) and the two-bedroom plus study apartments (807 sq ft to 872 sq ft) saw discounts of $437,000 to $668,000 and $380,000 to $800,000 respectively.

Meanwhile, three-bedroom apartments of 1,421 sq ft had discounts ranging from $616,000 to $830,000, with units sold at $3.496 million ($2,461 psf) to $3.526 million ($2,482 psf). The strong sales performance was attributed to the project’s appeal as a stable and high-potential asset, with approximately 78% of buyers purchasing for investment purposes.

Based on EdgeProp Landlens data, existing developments in the area, such as Altez, Eon Shenton and 76 Shenton, command average monthly rents ranging from $6.90 psf to $7.40 psf. As One Bernam is expected to obtain its Temporary Occupation Permit (TOP) in March 2026, investors can look forward to potential rental income and a stable investment choice.

The reduced competition from foreign buyers due to the increased Additional Buyer’s Stamp Duty (ABSD) in 2023 has also created more opportunities for local buyers to enter the market, with local demand expected to be a key driver for Central Core Region (CCR) properties moving forward. With its competitive pricing, One Bernam is an attractive option for investors and buyers alike.…

Over the January 11 to 12 weekend, One Bernam, a mixed-use development in Tanjong Pagar, offered 87 units for sale at promotional prices. The 99-year leasehold apartment tower, a joint venture between MCC Land and Hao Yuan Investment, was first launched in May 2021. As of January 10, over 75% of the 351 residential units have been sold at an average price of $2,585 per square foot (psf).

During the weekend promotion, the discounted prices were applied to all remaining units, including one-bedroom to three-bedroom units and penthouses. Interested buyers can search for the latest New Launches to find out about transaction prices and available units.

The discounted prices for one-bedroom units, ranging from 441 sq ft to 463 sq ft, were between $323,000 to $438,000. These units were sold at $1.295 million ($2,934 psf) to $1.328 million ($2,869 psf). Similarly, two-bedroom apartments, sized at 700 sq ft to 732 sq ft, had discounts from $437,000 to $668,000 and were sold at $1.752 million ($2,394 psf) to $1.78 million ($2,544 psf). Two-bedroom plus study apartments, with sizes of 807 sq ft to 872 sq ft, saw discounts ranging from $380,000 to $800,000 and were sold at $2.139 million ($2,581 psf) to $2.158 million ($2,475 psf).

For three-bedroom apartments, which are sized at 1,421 sq ft, discounts ranged from $616,000 to $830,000. These units were sold at $3.496 million ($2,461 psf) to $3.526 million ($2,482 psf). Only three penthouses are currently available for sale after the “overwhelming response” over the weekend, bringing the total sales to 99%. These include two three-bedroom units (1,744 sq ft and 1,948 sq ft) and a five-bedroom unit (4,306 sq ft).

According to ERA Singapore CEO Marcus Chu, the strong sales performance indicates a high level of interest in the property as a long-term asset. He adds that about 78% of the buyers are looking to invest in One Bernam. An overwhelming 87% of buyers were Singaporeans, with 70% aged between 31 and 50.

With the reduced competition from foreign buyers due to the increase in Additional Buyer’s Stamp Duty (ABSD) in 2023, Chu believes this opens up more opportunities for local buyers to enter the market. Moving forward, he expects local demand to continue driving prices in the Central Core Region (CCR), with competitive pricing making developments in this area a desirable and stable investment choice.

One Bernam is expected to obtain a Temporary Occupation Permit (TOP) in March 2026, which will allow investors to start generating rental income to support their loan instalments. Based on EdgeProp Landlens data, existing apartment projects in the area, such as Altez, Eon Shenton, and 76 Shenton, command rental rates ranging from $6.90 psf to $7.40 psf.…

Over the weekend of January 11 to 12, One Bernam, a mixed-use development in Tanjong Pagar with 351 residential units, offered a total of 87 units for sale at discounted prices. The project, which has a leasehold of 99 years, is a joint effort by MCC Land and Hao Yuan Investment and was initially launched in May 2021. Over 75% of the units were sold based on caveats lodged as at January 10, at an average price of $2,585 per square foot.The promotional prices over the weekend were applicable to all 87 remaining units, including one-bedroom to three-bedroom units and penthouses. Interested buyers can check the latest New Launches for available units and transaction prices.AdvertisementThe one-bedroom units, which range from 441 sq ft to 463 sq ft, were sold at prices ranging from $1.295 million ($2,934 psf) to $1.328 million ($2,869 psf) with discounts of $323,000 to $438,000. Similarly, the two-bedroom apartments, which cover 700 sq ft to 732 sq ft, were sold at prices ranging from $1.752 million ($2,394 psf) to $1.78 million ($2,544 psf) with discounts of $437,000 to $668,000. Two-bedroom plus study units, which range from 807 sq ft to 872 sq ft, were sold at prices ranging from $2.139 million ($2,581 psf) to $2.158 million ($2,475 psf) with discounts of $380,000 to $800,000. The three-bedroom apartments, measuring 1,421 sq ft, were sold at prices ranging from $3.496 million ($2,461 psf) to $3.526 million ($2,482 psf) with discounts of $616,000 to $830,000.Only three penthouses, a 1,744 sq ft and a 1,948 sq ft, each with three bedrooms, and a 5-bedroom 4,306 sq ft penthouse remain available for sale after the “overwhelming response” of the weekend sale. This brings total sales to 99%.Marcus Chu, CEO of ERA Singapore, says the strong sales performance highlights the property’s desirability as a stable and high-potential asset. Additionally, about 78% of the purchasers have invested in the property, with 87% being Singaporeans and 70% aged between 31 and 50.Chu notes that following the “overwhelming response” over the weekend, only three penthouses are currently available for sale, bringing total sales to 99%. It includes two units of three-bedroom penthouses with sizes of 1,744 sq ft and 1,948 sq ft, while the remaining unit is 4,306 sq ft in size and comprises five bedrooms.Read also: Skysuites@Anson vs. Altez: How unit layout affects prices over the long runAdvertisementAdvertisementAs the project is scheduled to obtain a Temporary Occupation Permit (TOP) in March 2026, investors are expected to start generating rental income, which could support their loan instalments, Chu reckons.Existing condos in the area, Altez, 76 Shenton and EON Shenton, are fetching monthly rents in the range of $6.90 psf to $7.40 psf (Source: EdgeProp Landlens)Based on EdgeProp Landlens data, average monthly rents of existing apartment projects in the area, such as Altez, Eon Shenton and 76 Shenton, command rental rates ranging from $6.90 psf to $7.40 psf.Looking ahead, Chu says the reduced competition from foreign buyers due to the hike in Additional Buyer’s Stamp Duty (ABSD) imposed in 2023 has opened up more opportunities for local buyers to enter the market.”Local demand is expected to continue being the key driver for Central Core Region (CCR) properties moving forward, with competitive pricing making these developments a desirable and stable investment choice,” adds Chu. Interested buyers can also check out the latest listings for One Bernam properties, ask a buddy, compare price trends of HDBs, condos, and landed properties, and find out the transaction prices and available units for recently launched projects and those that have obtained their TOP. The properties in One Bernam have a tenure of 99 years. The majority of buyers for One Bernam are Singaporeans, making up 87% of the total number of buyers, with 70% aged between 31 and 50 years old. The reduced competition from foreign buyers, due to a hike in Additional Buyer’s Stamp Duty (ABSD) that will be implemented in 2023, is expected to open up more opportunities for local buyers to enter the market. Local demand is expected to continue being the driving force for properties in the Central Core Region (CCR), with competitive prices making these developments an attractive and stable investment option. Overall, One Bernam has received a positive response, and it continues to be a highly sought-after property in the area.

Over the weekend of January 11 to 12, One Bernam, a mixed-use development in Tanjong Pagar with 351 residential units, offered a total of 87 units for sale at discounted prices. The project, which has a leasehold of 99 years, is a joint development by MCC Land and Hao Yuan Investment and was first launched in May 2021. Based on caveats lodged as of January 10, over 75% of the units have been sold at an average price of $2,585 per square foot.

The promotional prices over the weekend were applicable to all remaining 87 units, including one-bedroom to three-bedroom units, as well as penthouses. Interested buyers can find out the latest New Launches to check for available units and transaction prices.

One-bedroom units, ranging from 441 sq ft to 463 sq ft, were sold at prices ranging from $1.295 million ($2,934 psf) to $1.328 million ($2,869 psf) with discounts of $323,000 to $438,000. Similarly, two-bedroom apartments, with sizes of 700 sq ft to 732 sq ft, were sold at prices ranging from $1.752 million ($2,394 psf) to $1.78 million ($2,544 psf) with discounts of $437,000 to $668,000. Two-bedroom plus study units, ranging from 807 sq ft to 872 sq ft, were sold at prices ranging from $2.139 million ($2,581 psf) to $2.158 million ($2,475 psf) with discounts of $380,000 to $800,000. Three-bedroom units, measuring 1,421 sq ft, were sold at prices ranging from $3.496 million ($2,461 psf) to $3.526 million ($2,482 psf) with discounts of $616,000 to $830,000.

After the “overwhelming response” over the weekend, only three penthouses remain available for sale, bringing total sales to 99%. These include two units of three-bedroom penthouses, with sizes of 1,744 sq ft and 1,948 sq ft, and a 5-bedroom 4,306 sq ft penthouse.

According to Marcus Chu, CEO of ERA Singapore, the strong sales performance highlights the property’s desirability as a stable and high-potential asset. He also mentioned that about 78% of the purchasers have invested in the property, with 87% being Singaporeans and 70% aged between 31 and 50.

Chu predicts that with the project scheduled to obtain a Temporary Occupation Permit (TOP) in March 2026, investors can expect to start generating rental income, which can support their loan instalments. Existing condos in the area, such as Altez, Eon Shenton, and 76 Shenton, are fetching monthly rents in the range of $6.90 psf to $7.40 psf (Source: EdgeProp Landlens).

Based on EdgeProp Landlens data, the average monthly rents of existing apartment projects in the area are $6.90 psf to $7.40 psf. Looking ahead, Chu believes that the reduced competition from foreign buyers due to the increase in Additional Buyer’s Stamp Duty (ABSD) in 2023 will open up more opportunities for local buyers to enter the market. He also expects local demand to continue being the driving force for properties in the Central Core Region (CCR), with competitive pricing making these developments an attractive and stable investment option.

In summary, One Bernam has received a positive response, and it continues to be a highly sought-after property in the area. Interested buyers can also check out the latest listings for One Bernam properties, ask a buddy for advice, compare price trends of HDBs, condos, and landed properties, and find out the transaction prices and available units for recently launched projects and those that have obtained their TOP. The properties in One Bernam have a tenure of 99 years, and the majority of buyers are Singaporeans, making up 87% of the total number of buyers, with 70% aged between 31 and 50 years old. The reduced competition from foreign buyers, due to the upcoming increase in Additional Buyer’s Stamp Duty (ABSD), is expected to create opportunities for local buyers. Overall, One Bernam is a desirable and stable investment choice.…

Redas has recently elected its management committee for a new two-year term, during its Annual General Meeting on Jan 9. Tan Swee Yiow, Chairman of Keppel Reit Management, has been unanimously re-elected as President for the second consecutive term.

Expressing his gratitude for the re-election, Tan says that he is honored to continue serving as President and that the new management committee brings together a diverse representation of expertise, sector, and scale within the real estate industry.

The new management committee comprises of Chia Ngiang Hong as Immediate Past President, Kwee Ker Wei as First Vice President, Marc Boey as Second Vice President, Chong Hock Chang as Honorary Secretary, Neo Soon Hup as Honorary Treasurer, Chew Peet Mun as Honorary Assistant Secretary, and Tho Leong Chye as Honorary Assistant Treasurer.

Chia Ngiang Hong, the Immediate Past President of Redas, congratulated the new management committee and praised Tan’s exemplary leadership and the trust placed in him by the Redas community.

Tan further added that the diverse composition of the new management committee will enable the association to effectively drive initiatives that will have a meaningful impact on the broader built environment ecosystem.

RELATED NEWS

During the RICS-REDAS conference, topics like the implementation of the Environmental Sustainability Framework (ESF) and green premiums were discussed. The Land Transport Authority (LTA) also announced the launch of an AI chatbot and streamlined road approval processes for developers. Furthermore, developers have suggested separate land zoning to meet the projected demand for senior accommodation in Singapore.…

A lucrative transaction took place at The Arcadia in the final weeks of 2024, with a 3,767 sq ft unit selling for a record profit of $3.25 million. Located in prime District 11, the four-bedroom unit on the seventh floor was sold for $4.75 million on Dec 10, resulting in a profit of 217%. According to caveats, the unit was purchased for $1.5 million in 1998, which translates to a resale transaction with an annualised profit of 4.5% over a span of 26 years.

Last year, there were five profitable transactions at The Arcadia, ranging from 3,714 sq ft to 3,821 sq ft, with profits ranging from $60,000 to $3.25 million. The second most profitable transaction was the sale of a 3,778 sq ft unit on the fourth floor, which was sold for $4.6 million ($1,218 psf) on Oct 10, bringing the seller a profit of $60,000.

The most profitable transaction recorded at The Arcadia to date was the sale of a 7,503 sq ft penthouse on the 10th floor for $10 million ($1,333 psf) in 2010. The penthouse was bought for $5.5 million ($733 psf) in 2007, resulting in a profit of $4.5 million (81%) for the seller. This translates to an annualised profit of about 19% over three years.

The Arcadia, a 99-year leasehold condo located in prime District 11, was completed in 1983 and has approximately 54 years left on its land tenure. Surrounded by landed estates and Good Class Bungalows, as well as top schools such as Raffles Girls Primary School, Hwa Chong Institution and National Junior College, it remains a highly sought-after location.

The second most profitable resale in the last three weeks of 2024 was a 2,077 sq ft unit at Tanglin Hill Meadows, which was sold for $4.5 million ($2,166 psf) on Dec 10. The three-bedroom unit was purchased for $1.8 million ($866 psf) in 1999, resulting in a profit of $2.7 million (150%) for the seller. This also makes it the most profitable transaction to date at Tanglin Hill Meadows, surpassing the previous record of $2.28 million (157%) when a 2,002 sq ft unit was sold for $3.73 million ($1,863 psf) in 2010. That unit was bought for $1.45 million ($724 psf) in 2005, resulting in an annualised profit of 21% over a period of five years.

Tanglin Hill Meadows, a freehold condo located along Tanglin Hill in prime District 10, was completed in 1997 and is nestled within the Ridley Park Good Class Bungalow Area.

However, for some properties, losses have continued to mount. At Seascape, a 99-year leasehold condo in Sentosa Cove, the seller of a 2,174 sq ft unit on the seventh floor incurred a loss of $1.97 million (33%) when the unit was sold on Dec 18. The three-bedroom unit was sold for $3.98 million ($1,830 psf) after being bought for $5.95 million ($2,736 psf) in 2011. This results in an annualised loss of 2.5% over 13 years.

This sale marks the third resale transaction at Seascape last year, all of which recorded losses ranging from $1.75 million to $2.53 million. The transaction that resulted in the $2.53 million loss was also the second-largest loss-incurring resale transaction for the year. It involved a 2,680 sq ft unit that was sold for $4.5 million ($1,679 psf) on Aug 14.

The completed in 2012, Seascape is a 151-unit condo that fronts the South China Sea. It offers three-bedroom and four-bedroom units ranging from 2,164 sq ft to 4,069 sq ft. Penthouses range from 3,380 to 4,252 sq ft, while sky villas range from 6.631 to 9,666 sq ft.…

A luxurious Good Class Bungalow (GCB) located in the prestigious Victoria Park area is now on the market for sale at a whopping price of $61 million. The lavish seven-bedroom bungalow was completed just three years ago and is situated at the end of the exclusive Victoria Close, a cul-de-sac that houses only 10 bungalows.

According to Jervis Ng, associate group district director at PropNex Realty and the agent marketing the sale of this GCB, the area in which the bungalow is located is a gazetted GCB area in Singapore. This means that the number of houses in the enclave cannot be increased unless a larger plot of land measuring more than 30,000 sq ft is subdivided, in accordance with planning guidelines.

Ng, who is also the founder of JNA Real Estate, a property team under PropNex, states that this exclusivity and privacy enjoyed by the GCBs along Victoria Park Close is highly sought after by ultra-high-net-worth individuals and their families, who are willing to pay a premium to live in such a secluded and prestigious location. He further explains that in recent times, there has been a surge in interest from newly naturalised Singaporeans in the GCB market, which has led to an improvement in buying sentiment. This includes individuals who have grown up in countries like China, India, or Indonesia, and are now looking for a luxury home in Singapore.

The Victoria Park GCB area has several well-known residents, including Jack Ma, the Chinese business magnate and co-founder of Alibaba Group, and Tang Wee Kit, a member of the Tang family known for founding the iconic Tangs departmental store. This adds to the allure of the area and makes it attractive to potential buyers.

Ng points out that the bungalow for sale has been extremely well-maintained, which gives it the appearance of a brand new house. In addition, it boasts a contemporary interior design with high-quality materials and finishes. He also adds that the property utilises its 18,988 sq ft plot of land efficiently, thanks to the close collaboration between the owners and the architect.

The total built-up area of the GCB spans over 25,300 sq ft and includes seven en suite bedrooms, three helpers’ rooms, and a basement carpark that can accommodate up to seven cars. The basement level also houses an entertainment room, which is fitted out as a home cinema and has the flexibility to be used as a guest room if required. There is also a private gym and a 20m lap pool, adding to the luxuriousness of the property.

Situated on a hilltop, most of the rooms in the bungalow overlook the serene and low-rise neighbourhood, creating a peaceful and tranquil environment for residents.

Ng notes that there have been relatively few resale transactions in the Victoria Park GCB area in recent years. According to caveats, the plot of land on which the GCB for sale stands was purchased for $18.2 million in September 2016, which translates to a land rate of $959 per sq ft. The last recorded transaction in Victoria Park Close was for a 15,253 sq ft plot that was sold for $28.33 million in May 2021, at a land rate of $1,857 per sq ft. Prior to that, a 29,956 sq ft plot was sold for $40 million ($1,335 per sq ft) in April 2017. Along Victoria Park Road, the last recorded GCB sale was for a 32,077 sq ft site that changed hands for $48 million ($1,496 per sq ft) in November 2011.

According to Ng, there are several stabilising factors such as anticipated lower interest rates, sustained demand from ultra-high-net-worth buyers, and the limited supply of GCBs that are expected to drive transaction activity in the GCB market this year. He predicts that GCB transaction volume will increase by 10% to 15% from last year, barring any major external economic disruptions. In 2020, there were 35 GCB transactions that raked in a total transaction volume of $1.32 billion, significantly higher than the previous record of $1.186 billion set in 2019.…