Cuscaden Peak Investments sells Yarwood Avenue GCB for S$29.7 million

Cuscaden Peak Investments is selling a bungalow in Yarwood Avenue in the Kilburn Estate good class bungalow (GCB) Area for S$29.7 million. This works out to S$1,604 per square foot (psf) based on the 999-year leasehold property’s land area of about 18,519 square feet (sq ft).

The two-storey bungalow, with five bedrooms and a swimming pool, is currently leased. The buyer is a Singaporean involved in a range of businesses including computer hardware sales, real estate, and food and beverage.

The property is held by Cuscaden Peak Investments’ wholly-owned subsidiary Times Properties. (Cuscaden Peak Investments was formerly known as Singapore Press Holdings Private Limited before it was privatised in May.)

Word on the street is that Realstar Premier brokered the deal. The boutique property agency is also the exclusive marketing agent for Times Properties’ three freehold bungalows in Nassim Road. The expression of interest exercise for the Nassim Road properties closed on Nov 3. Last week, Realstar said the exercise had attracted at least three bids, but it could not be reached for comment by The Business Times (BT) on Tuesday (Nov 8).

Each of the three Nassim Road bungalows is on 15,000-plus sq ft of land, and has 5 bedrooms and a pool. The bungalows have built-up areas of around 6,950-7,400 sq ft and are tenanted, with the earliest lease expiry in late July 2023, BT reported In September. The asking price was a record S$5,200 psf on land area.

One generally has to be a Singapore citizen to be allowed to buy a landed property in a GCB Area.

Bungalows in the 39 gazetted GCB Areas are the most prestigious form of landed housing in Singapore, with strict planning conditions stipulated by the Urban Redevelopment Authority (URA) to preserve their exclusivity and low-rise character. Among other things, a minimum plot size of 1,400 square metres (about 15,070 sq ft) is stipulated as the planning norm for newly-created bungalows in GCB Areas. Another restriction is a 2-storey height limit, although an attic and basements are allowed.

Other recent deals in GCB Areas include a freehold bungalow in Cornwall Gardens that a wholly-owned unit of Soilbuild Group Holdings picked up for S$47 million or S$2,162 psf on a land area of 21,740 sq ft. The bungalow is being sold by the family of Lim Hock San, the former chief executive officer and president of United Industrial Corporation, now known as Singapore Land Group.

In Leedon Park, a 20-year-old bungalow in a cul de sac is changing hands at S$34 million, or S$2,229 psf on the land area of 15,256 sq ft. Word in the market is that it is being bought by the family of Balwant Jain, founder of Singapore-headquartered IT services and solutions company Optimum Solutions.

Over at Binjai Park, a cancer surgeon is understood to have been granted an option to buy an old single-storey bungalow for S$28.2 million. This works out to S$1,818 psf on the land area of 15,515 sq ft. The property is being sold by a retired doctor couple understood to have been represented by List Sotheby’s International Realty. Word on the street is that Realstar acted for the respective buyers in this transaction, as well as for the Leedon Park deal.

Giving his take on the above four deals, veteran GCB agent KH Tan of Newsman Realty said the prices are in line with their respective fair-market values. “Currently, what we are seeing is that if asking prices are way above fair-market value, potential buyers would rather wait, given the uncertain economic conditions and rising interest rates.

“The market is still moving, though transactions are lower compared with last year, which was an outstanding year for the GCB market.”

GCB Areas stand out with their large plot sizes and location in lush, green surroundings. And there is rarity value in owning one of these homes, as there are only 2,700-plus of them in Singapore.