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GCB for sale, price tag: S$106m
Aug 17, 2012
PropertyGuru.com.sg : By Romesh Navaratnarajah: A Good Class Bungalow (GCB) at Nassim Road is on the market for a staggering S$106 million. If sold for that amount, it would be the most expensive home sold on mainland Singapore to date. Listed on PropertyGuru, the asking price for the GCB beats all previous records. The eight-bedroom house sits on a sprawling 42,500 sq ft freehold land site and is believed to be an old bungalow that has been on sale for around six months. The agent marketing the property who declined to be named added that it is being sold by a Singaporean and has received a few enquiries from potential buyers. Tejaswi Chunduri, Regional Analyst at PropertyGuru, said the fact that GCBs are in limited supply but see strong demand could be a contributing factor to the eye-popping price tag. "Until now, we have only seen such high asking prices for landed homes on Sentosa Cove. The highest price attained for a GCB on mainland Singapore was S$68 million for a bungalow at Ridout Road." She added that "prices are expected to rise, although at different rates for different districts". According to Chunduri, many genuine buyers prefer landed homes on freehold or 999-year leasehold sites as they can have almost full-ownership of the land. Meanwhile, there are 11 bungalows currently listed on PropertyGuru with an asking price of S$70 million and above, with the second priciest being an S$88 million GCB along Victoria Park Road.