The former site of the Cluny Hill bungalow, which is being built. Photo: Google Street View.
A local tech entrepreneur in his 30s has been granted the Option to Purchase (OTP) for a freehold property on Cluny Hill, in which a bungalow is being built, for $63.7 million, reported The Business Times (BT).
The price works out to a record $4,291 per sq ft (psf) based on the site’s 14,843 sq ft land area – breaking the previous high set by a Nassim Road bungalow, which was sold for $4,005 psf earlier this year.
To feature two levels plus an attic and a basement, the Cluny Hill bungalow is being developed by the Soh family, who owns development firm Mier Homes. BT noted that the property, located near the Singapore Botanic Gardens, will have a total of six bedrooms as well as a swimming pool.
According to market watchers, the record psf price achieved for the Cluny Hill bungalow was due to the lack of brand new bungalows for sale near the Botanic Gardens.
The Nassim Road bungalow was acquired by Jin Xiao Qun, the wife of Nanofilm Technologies International Founder and Executive Chairman Shi Xu, for $128.8 million in March. The couple, both Singapore citizens, became billionaires after the successful listing of Nanofilm Technologies International on Singapore Exchange’s mainboard in October 2020.
“Prior to that deal, the record price in terms of psf on land for a Good Class Bungalow (GCB) transaction was $3,311 psf set in 2019 for James Dyson’s $50 million purchase of a new bungalow in Cluny Road near the Singapore Botanic Gardens,” said BT.
Considered the most prestigious form of landed housing in the city-state, bungalows within the 39 gazetted GCB Areas come with strict planning conditions set by the Urban Redevelopment Authority to preserve their exclusivity and low-rise character.
And while Singapore has no restriction for acquiring a non-landed private home, one generally has to be a Singapore citizen to be able to purchase a landed property within a GCB Area.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: email@example.com