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SG Bungalow market thaws

Property Here - Wednesday, June 05, 2013

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By Nikki De Guzman:

The freezing Good Class Bungalow (GCB) market seems to be thawing with a few sizeable deals done lately, reported The Business Times.
 
For instance, SC Global founder Simon Cheong is selling his mansion at Cornwall Gardens for S$42.5 million or S$2,051 psf based on the 20,719 sq ft site area. 
 
The two-storey bungalow comprises five bedrooms including a master bedroom and guest room, each with their own bathrooms. The 9,000 sq ft house also has a pool and grand staircase.  
 
Cheong is set to move to a new property at Swettenham Road. Located on a 33,300 sq ft land site, the new house was purchased in 2009 for S$29.2 million from BreadTalk Chairman and Founder George Quek.
 
The selling price of Cheong’s mansion in Cornwall Gardens is near the record price of S$2,110 psf recorded last October. The benchmark price was set when bungalow investor George Lim sold his Leedon Park property for S$33 million. The house is situated on a 15,640 sq ft land parcel with a pool and six bedrooms.



Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@allproperty.com.sg