The Singapore property market has recently seen a surge in activity within the luxury landed segment, with notable transactions setting new benchmarks for both bungalows and semi-detached houses.
Good Class Bungalows (GCBs): The GCB market, catering to the ultra-wealthy, remains resilient despite global uncertainties. Noteworthy transactions include the sale of a GCB on Jervois Hill for a record $41.2 million, translating to $2,730 per square foot (psf). This property, developed by a prominent Singaporean investor, features luxurious amenities such as an 800-fish aquarium and a home theatre. Another high-profile GCB sale occurred at Cluny Hill, where a property fetched $52 million, or $3,432 psf, highlighting the continued demand for these exclusive residences.
Semi-Detached Houses: The momentum in the GCB market has had a ripple effect on the prices of smaller landed properties, particularly semi-detached houses. A newly completed semi-detached house at Jalan Arnap in the One Tree Hill estate set a new record by selling for $17.2 million, or approximately $5,469 psf. This sale underscores the robust demand for high-quality, well-located landed homes, which continue to attract premium prices. Another semi-detached house in the same area, albeit older and likely to be redeveloped, was sold for $10.2 million, reflecting the strong interest in properties with redevelopment potential.
East Coast Properties: The East Coast region, particularly areas like Broadrick Road and Wiltshire Road, is also witnessing significant activity in the landed property segment. A newly developed bungalow on Broadrick Road was sold for $18 million, or $2,731 psf, setting a new price benchmark in the area. This property, located in the prime District 15 neighborhood, features modern amenities and a spacious layout. Additionally, a bungalow at Wiltshire Road with sea views and luxurious facilities is currently on the market for $30 million, reflecting the growing appeal of the East Coast as a desirable residential enclave.
Overall, the luxury landed property market in Singapore is thriving, driven by strong demand from high-net-worth individuals seeking exclusive, well-located homes. The record-setting transactions in both GCBs and semi-detached houses indicate that this trend is likely to continue, with buyers willing to pay premium prices for properties that meet their high standards of luxury and exclusivity.
