Singapore bungalow price setters

When luxury property developer Simon Cheong of SC Global Developments sets benchmark prices for his properties, it is a clear sign that the property market is on the cusp of another property boom. In the ultra-luxury condominium segment, Cheong recently sold a super penthouse at Sculptura Ardmore for over S$60 million (RM186.5 million), or S$6,000 psf, a feat unsurpassed in the Ardmore Park neighbourhood. 

He has likewise scaled new heights in the luxury bungalow segment, where he develops houses under the SC Homes brand. At Windsor Park Estate, SC Homes developed and sold a new Good Class Bungalow (GCB) that sits on a freehold site of 19,278 sq ft for S$27 million (S$1,400 psf) in January 2013. The price is still a record for Windsor Park Estate today — both in absolute and psf terms.

At King Albert Park, another GCB enclave, Cheong developed and sold a bungalow on a freehold site of 16,749 sq ft for S$25 million (S$1,493 psf) in January 2016. The price is still the highest in psf terms in the King ­Albert Park enclave.

Benchmark prices

“The benchmark prices achieved by our properties for Windsor Park and King Albert Park are testament to the SC Global brand and our reputation for excellence as a developer,” says Cheong in an email. “Over the last five years, SC Homes has developed and sold a number of landed properties in exclusive residential enclaves and GCB areas of Singapore and we are always looking out for new and interesting sites within these coveted residential areas.”

Matlock Rise

SC Homes recently put another new bungalow on the market for sale at Matlock Rise. The house was designed by renowned ­architect RT+Q Architects. A standout feature is the sculptural spiral staircase leading from the basement car park to the first level of the house. The car park is big enough for 10 cars, and has concealed storage space as well as a rest area and washroom for the chauffeur.

The double-storey house bears all the hallmarks of an SC Home: high ceiling and finishes of the highest quality — from travertine walls to walnut panelling. More importantly, the houses exude a sense of space, with the living, dining and entertainment rooms featuring full-height glass doors that open out to an expansive manicured lawn and an infinity swimming pool. The house has five en-suite bedrooms.

The property at Matlock Rise sits on a freehold land area of 10,224 sq ft and has a built-up area of 8,100 sq ft. The site is located within Braddell Heights Estate, which is an established landed housing enclave. Matlock Rise is located on an elevated site, and all the houses along the street are sizeable bungalows.

Cheong purchased the site at Matlock Rise six years ago. “We were immediately attracted to the site as it provided us with a unique opportunity to design a large, open-plan living space elevated above street level,” he says. “This, in turn, provides privacy and accentuates the sense of space through the sprawling landscaped grounds.”

Completed just last year, the property has recently been put up for sale by bungalow specialist K H Tan of Newsman Realty, who has been appointed the exclusive marketing agent. The price tag of the house is S$19.8 million (S$1,937 psf).

Tan believes it is a good time to put the property for sale. “Market sentiment has turned positive, [as a result of] the number of successful collective sale deals and strong sales at new launches,” he says.

Peirce Road GCBs

SC Global’s Cheong has also placed two adjacent GCBs at 26A and 26B Peirce Road on the market for sale. The houses sit on a combined land area of 32,478 sq ft and are to be sold jointly. The price tag is S$65 million (S$2,001 psf). The expression of interest exercise conducted by Cushman & Wakefield will close on Sept 27.

The two houses are among six at 26, 26A to 26E Peirce Road purchased by Cheong in December 2005 for S$35 million. Just four months later, one of the GCBs, purchased for S$4.3 million was sold for more than double the price — S$9 million — according to a caveat lodged in March 2006. Meanwhile, another GCB, purchased for S$4.9 million, fetched S$17.6 million five years later, according to a caveat lodged in December 2010.

According to Cheong, the release of the Peirce Road and Matlock Rise houses was “in response to growing interest in the market from high-net-worth individuals who are looking to invest in larger, well-designed landed property within respected residential and GCB enclaves”.

Pickup in transactions across the board

William Wong, managing director of landed housing marketing agency Realstar Premier Group, says the firm sold 20 detached ­houses worth hundreds of millions last month. “It was the highest monthly sales achieved since 2010,” he adds.

The pickup in transactions has been across the board, notes Wong. In the Bukit Timah area, the deals brokered by RealStar included a detached house at Vanda Crescent, off Eng Neo Avenue, which was sold for S$8.38 million (S$1,659 psf). A house at Namly Crescent fetched S$9.5 million (S$1,210 psf). In the East, a house at Goodman Road was sold for S$8.2 million (S$1,901 psf) and another on Walton Road, off Mountbatten Road, went for S$13.5 million (S$1,556 psf).

Wong predicts that the volume of transactions this year is likely to be 20% ­higher y-o-y. Prices, meanwhile, are likely to be “only 10% to 15% below the last peak in 2013”, he reckons.

Rikki Tikki House sold for S$20.5 million

In the recent sale of a GCB at Ewart Park for S$20.5 million (S$1,348 psf), Realstar Premier represented the buyer, while Steve Tay, vice-president (resale) of CBRE Realty Associates, represented the seller, a British Indian couple with two grown-up children. The family became Singapore citizens 15 years ago.

The house was designed by acclaimed ­architect Guz Wilkinson, who called it Rikki Tikki House, inspired by the house set amid a forest in Rudyard Kipling’s The Jungle Book. The GCB at ­Ewart Park is a reinterpretation of a traditional courtyard house, with a centrally landscaped courtyard, and living spaces designed around it. The verandahs and roof gardens have views of the jungle beyond.

The house was originally part of a bigger land plot of 48,000 sq ft that was carved into three smaller GCBs. Rikki Tikki House sits on a freehold land area of 15,190 sq ft, with a built-up area of 10,000 sq ft. Completed in 2006, it has five en-suite bedrooms, an entertainment area, a basement and a private swimming pool.

The GCB next door, which was completed at the same time in 2006, was sold 12 months ago for S$19 million (S$1,161 psf), according to a caveat lodged in September 2016. “The ­[Rikki Tikki House] fetched a premium because it’s the only one of the three sites to have a wide frontage and direct views of the greenery,” says CBRE’s Tay. “It’s also on road level, unlike the two neighbouring properties, which are below street level, and can only be accessed via a long driveway.”

Yarwood Villa for S$27.5 million

In the quiet GCB enclave of Yarwood Avenue in District 21 are Yarwood Villas, three bungalows developed by listed property developer Ho Bee Land. The houses were designed by Axis Architects & Planners, along the lines of  the colonial-era black and white bungalows. They were completed in 2001, and sold to individual owners.

One of the bungalows has changed hands five times since the first buyer purchased it in November 2001 for S$6.6 million (S$405 psf).

Its current owner is the sixth, having purchased the property five years ago with the intention of moving in. However, after renovating the house, the owner decided to put it up for lease instead. Jane Ang, senior group sales director at Savills Residential, who represented the owner then, secured a tenant at S$23,000 a month over a three-year period.

The owner has now decided to put the property up for sale, with Ang as the exclusive agent. The double-storey house has a basement level, five en-suite bedrooms, and a 14.5m in-ground swimming pool. It has a built-up area of 8,859 sq ft and sits on a 999-year leasehold land area of 16,278 sq ft.

Although the house was built 16 years ago, it has been well maintained, says Ang. “The new owners need not spend too much money on additions and alterations.”

The house was recently valued at S$25 million. Although it carries a price tag of S$27.5 million, Ang says, “the owners are serious sellers”. 

Meanwhile, CBRE’s Tay is in the midst of negotiating the sale of a GCB in the vicinity of Holland Road. He is confident that he will be able to secure a buyer soon. “Compared with a year ago, sellers are willing to set a more realistic price in order to achieve a sale,” Tay says. “Meanwhile, buyers are ready to step in and commit to a property, especially if they see that the price is reasonable and at fair market value.” 

Newsman’s Tan concurs. He expects GCB prices to stabilise this year, with a possible 5% uplift next year. “After all, prices [have fallen] about 20% over the past four years,” he points out. “The gap between buyers’ and sellers’ price expectations has narrowed, facilitating more transactions.”

This article first appeared in EdgeProp Singapore, a pullout of The Edge Singapore, on Sept 25, 2017.

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