Tanglin Hill GCB sets new record price of nearly $6,200 psf

A Good Class Bungalow (GCB) located at the Tanglin Hill area has broken the GCB market's land rate record as it is set to be sold at $6,197 psf for a land area of 15,150 sq ft.

The transaction is supposedly at the option-grant stage and the deal was entered into in March, reported The Business Times (BT).

The two-storey property, which is still under construction, has a built-up area of nearly 30,000 sq ft, with a high-ceiling attic and large basement with multiple entertainment areas, a wine cellar and space for over a dozen cars. 

The bungalow will also house six bedrooms and a swimming pool upon the completion of its construction, according to BT.

The land rate for this Tanglin Hill property surpasses the previous record of $4,500 psf set in 2023, when three Nassim Road bungalows were sold for a total of $206.7 million, reported EdgeProp that year.

The identity of the Tanglin Hill buyer remains unknown, but one generally has to be a Singapore citizen in order to purchase a GCB.

An industry player told BT that a new record land area price will likely raise GCB owners' expectations of their properties' value despite variations in the properties' attributes.

There are only around 2,700 GCBs in Singapore.

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bhavya.rawat@asiaone.com