Jervois Hill GCB sold for $58m to grandson of late Indonesian billionaire

A Good Class Bungalow (GCB) in Jervois Hill has been sold for a handsome profit to the grandson of an Indonesian billionaire.

The 15,094 sq ft property in the Chatsworth Park GCB area was transacted at $58 million in February, and the title was transferred in May, reported The Business Times (BT).

Eileen Chong, the seller of the bungalow, had reportedly paid $41.2 million ($2,729.52 psf), for the newly-built house in June 2018 and made a profit of of $17 million, about 41 per cent, from this transaction.

Chong is the daughter of Alan Chong, founder of local materials and electrical provider Wah Loon Engineering.

The two-storey GCB reportedly features a floating sculptural staircase at the entrance hall, five bedrooms with walk-in wardrobes and a guest bedroom with an en-suite bathroom.

It also boasts a basement car park big enough for 10 cars, a swimming pool with a clear acrylic wall, a home theatre and a wine cellar.

The house has a built-up area of about 12,000 sq ft. 

The Jervois Hill bungalow was developed in 2018 by local entrepreneur and seasoned bungalow investor George Lim and was his final project, reported EdgeProp then.

The property's new owner, Fuganto Widjaja, is the grandson of the late Indonesian business magnate Eka Tjipta Widjaja.

The Widjaja family had a net worth of about US$10.8b (S$14.6b) in 2023, reported Forbes then. 

Fuganto is also the executive chairman of Indonesian coal producer Golden Energy and Resources, which was delisted from the Singapore Exchange last September following an exit offer from the Widjaja family, reported BT.

GCB sales at historic low

GCBs are the most prestigious form of landed housing in Singapore and have strict planning conditions to preserve their exclusivity.

There are only around 2,700 such properties on the island, with a minimum plot size of 1,400 sq m stipulated as the norm for newly created bungalows in the 39 GCB Areas gazetted by the Urban Redevelopment Authority.

Moreover, one generally has to be a Singapore citizen in order to purchase a GCB.

According to real estate company CBRE, nine GCBs worth $202.05 million were transacted in the second half of 2023, a 64.9 per cent decline from the $575.27 million across 14 GCBs sold in the first half of the same year.

This brought 2023's full-year tally to 23 GCBs sold, a historic low since 1996, with the total transaction value for the year at $777.32 million, reported BT in March.

Additionally, the first half of 2024 is expected to see slow sales for GCBs, with room for some moderation in prices, reported BT in February.

With the recent increase in property taxes for high-end properties, some owners may be inclined to sell their bungalows and some potential buyers intending to acquire a GCB to enjoy high rental income may decide that it is no longer attractive to do so, added BT.

ALSO READ: Any takers? Son of late CK Tang selling his Victoria Park GCB for $83m

bhavya.rawat@asiaone.com