A buyer has reportedly obtained an option to purchase a brand new Good Class Bungalow (GCB) by Frasers Centrepoint in Holland Park for around $30 million, according to media reports.
This translates to $1,989 psf based on the property’s land area of 15,080 sq ft, while its built-up area is 11,368 sq ft.
Notably, the bungalow has dual road frontage and is one of two freehold GCBs that the developer has recently completed. As for the other one, which has a land area of 15,070 sq ft and built-up of 10,777 sq ft, Frasers is said to be selling it at a similar price.
Originally, the developer’s asking price for the sold unit was about $38 million, while the other is around $35 million before the introduction of the Total Debt Servicing Ratio (TDSR) framework in June 2013.
Although the $30 million or $1,989 psf selling price for the sold house is significantly lower than its pre-TDSR price, it’s still a good price for Frasers in light of the subdued luxury residential market, said a veteran GCB agent.
On top of that, Holland is not a highly sought-after GCB location as compared with Cluny, Dalvey, Nassim, Leedon and Bishopsgate, he explained.
Furthermore, this price is near the record set in October 2012, when a newly-built boutique bungalow in Leedon Park was sold for S$2,110 psf.