The Good Class Bungalow Area (GCBA) of Oei Tiong Ham Park which is located just off Holland Road in prime District 10 is a group consisting of 10 bungalows located on Jalan Harum. Since May three bungalows located on the street have been sold off.
The Myst e brochure shows how good of an investment potential in a desirable location with excellent access to the city centre and Orchard Road
The latest one, with an exception lodged on July 4 will be for the purchase of a bungalow that was on a freehold site that covers 8,726 square feet that was purchased to the value of $22.8 million. The transaction price equates to $2,613 psf on the area of land. “It is the highest price per square foot for bungalows located in Oei Tiong Ham Park so far,” says William Wong who is the co-founder of Realstar Premier Group, which is a specialist in landed property deals.
Realstar representatives represented buyers and sellers in the transaction. Martin Goh, associate marketing director at Realstar is believed to represent the seller, but is unable to speak about the deal.
According to an property title lookup, the buyer has been identified as Irving Tan Yew who is executive vice-president for worldwide operations for Western Digital. A graduate from Nanyang Technological University Singapore, Tan was honored in the Nanyang Alumni Awards 2022 which took place on November 11, 2022 at Nanyang Auditorium. Nanyang Auditorium.
The bungalow Tan purchased was built in the 70s. It is currently rented. The new owner will remove the old structure and transform the property into a brand new bungalow.
Three months before, another home located on the same street bought at $32.8 million, in accordance with a caveat issued on April 11 2023. The double-storey home was constructed in 1977 and is situated on land of 14,211 square feet. The cost of purchase equates to a land cost of $2,308 per square foot.
Up until the latest deal in July of $2,613, this sale was the record-holder for the most expensive psf value for a bungalow within Oei Thong Ham Park’s GCBA. Realstar is the seller in this transaction. According to an property record search Singaporean professional Ong Iong Sheunn was the buyer.
The property was sold in May of 2022. the neighboring bungalow was sold for $18.18 million, or $2,106 per square foot Based on the area of the land, which is 8,633 square feet. The property is believed to be built in the past 50 years. Realstar is believed to represent both the seller and buyer in this transaction.
With the Good Class Bungalow (GCB) prices have risen dramatically and are the most sought-after address in District 10 Nassim Road, currently averaging $4,500 per square foot, “those with a budget of $20-$30 million cannot have the money to buy the cost of a GCB” according to Realstar’s Wong.
Another option, Wong adds, is to buy smaller bungalows with dimensions of around 10,000-10,000 sq ft located in the GBAs at Oei Tiong Ham Park or in Raffles Park located in District 11. Bukit Timah enclave of District 11.
The property is located at Raffles Park GCBA, a bungalow on Linden Drive sitting on a freehold site that covers 11,314 square feet that was purchased to a buyer for $24million ($2,121 per sq ft) in accordance with an agreement signed in June of this year.