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Good Class Bungalow prices keep rising

Cluny Hill property being built sets record S$4,291 psf; buyer tipped to be Stamped.io founder Tommy Ong who sold the company. Meanwhile, in Chatsworth Rd, two vacant plots sell 40% above neighbouring deal last year

Kalpana Rashiwala,

Sharanya Pillai,

Claudia Chong

Published Mon, May 24, 2021 · 05:50 AM

Singapore property

Singapore

PRICES in Good Class Bungalow (GCB) Areas continue to rise - fuelled by strong demand from well-heeled Singaporeans, low interest rates and the scarcity of properties available for sale, especially brand-new bungalows near the Botanic Gardens.

A local tech entrepreneur in his thirties, who recently sold a startup firm, is in the early stages of buying a freehold bungalow under construction along Cluny Hill for S$63.7 million, or a record S$4,291 per square foot on 14,843 sq ft land area.

Due diligence by The Business Times sugges…