The 21,6327 sq ft Bin Tong Park property, bought for $40 million, is expected to be redeveloped by the couple. Source: Google Maps
The wife of Grab Co-founder and CEO Anthony Tan has acquired a property within the Bin Tong Park Good Class Bungalow (GCB) area for $40 million, reported The Business Times (BT).
Chloe Tong—the daughter of The Edge Media Group owner Tong Kooi Ong—purchased the freehold property from a doctor. The $40 million price works out to $1,849 per sq ft (psf) based on the 21,637 sq ft site area.
BT noted that the property, which features a bungalow built in the 1990s, is expected to be redeveloped.
And with the deal entered into a few months ago, market watchers considered the $1,850 psf paid for the property as a “fair price”.
“If the property were to be sold today, the price would be higher, maybe $2,000 psf,” stated a veteran bungalow market watcher as quoted by BT.
In March, an old house located at Nassim Road was sold for $4,005 psf, a record price for bungalow redevelopment land within a GCB area. The sale was considered “the catalyst that emboldened sellers to be firm about their asking prices”, said BT. Wealthy Singapore citizens looking to acquire a home within GCB areas have also been willing to pay higher asking prices.
The price hike has rippled from ultra-prime locations like Nassim Road and Cluny Road, situated near the Singapore Botanic Gardens to further away areas.
URA Realis caveats data showed that there had been 53 transactions in GCB areas worth nearly $1.5 billion during the first half of 2021, exceeding the 46 deals worth $1.1 billion registered last year.
Considered Singapore’s most prestigious form of landed housing, bungalows located within the 39 gazetted GCB areas come with strict planning conditions to preserve their low-rise character and exclusivity.
Generally, one has to be a Singapore citizen to be able to acquire a landed property within a GCB area.
Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: email@example.com