| Sep 1, 2011 - PropertyGuru.com.sg  The Good Class Bungalow (GCB) market is moving slowly but a new record price was set when a bungalow at No 6 Chatsworth Road changed hands for S$22 million (around S$2,038 psf).
According to The Business Times, the property was acquired by Cheong Sim Lam, whose family was behind the development of International Plaza and was involved in the Cecil Suites and Robinson Suites projects. It was acquired from Craft Print International executives Ong Kwee Cheng and Charlie Chan.
The property has a total area of 10,571 sq ft, much smaller than the typical minimum GCB plot size of around 15,069.46 sq ft. Still, its $2,081 psf price tag surpassed the previous record, set by the 16,200 sq ft 16 Cluny Road bungalow in February at S$2,038 psf.
William Wong, Managing Director of RealStar Premier Group, said he was not surprised to see a higher psf price in the latest transaction, given its comparably smaller plot size. His company recently brokered the sale of a bungalow at S$19.25 million (approximately S$1,335 psf), based on a land area of around 14,416 sq ft.
“The GCB market slowed further in August amid the turmoil in global financial markets. The buyer-seller price gap persists. Potential buyers think prices should fall, while sellers have yet to adjust their prices downwards. Surprisingly, some have even revised their asking prices upwards,” he said.
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