Tag Archives: Holland Park

Frasers sold Holland Park GCB for $30 million

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.

Q2 GCB deals worth $221m

The second quarter of this year could have seen at least S$221 million worth of deals in Good Class Bungalow Areas (GCBAs), according to The Business Times.

Based on CBRE’s analysis of caveats data, the figure would be higher than the previous quarter’s S$180.5 million worth of deals.

A freehold property in Holland Park comprising a restored conservation bungalow connected to a newly built house is one of the latest deals transacted at S$28.8 million or S$1,893 psf.

The combined two-storey property has a land area of 15,210 sq ft and features four bedrooms, a guest room, study room, wine cellar, swimming pool and entertainment room, and a garage for three cars.
Source – PropertyGuru – 5 Jul 2013