GCBs remain a draw for Singaporeans

A FEW notable personalities from the corporate world have been involved in transactions in Good Class Bungalow (GCB) Areas since the start of the year.

The Business Times understands that Simon Israel, chairman of both Singtel and Singapore Post, is buying an old single-storey bungalow that is ripe for redevelopment along Binjai Park in District 21 for S$18.26 million. This works out to S$1,300 per square foot based on the freehold site's land area of 14,047 sq ft.

The rectangular plot is at a cul de sac. Last year, Mr Israel sold a bungalow in Andrew Road, which is part of the Caldecott Hill Estate GCB Area, for S$25.6 million or S$1,152 psf on a land area of about 22,220 sq ft. The freehold house was designed by Chan Soo Khian of SCDA Architects.