Saturday, April 14, 2012

2 GCBs sold for whopping S$91.6m

Two freehold Good Class Bungalows (GCBs), one at Ridout Road and the other at Binjai Park, were recently sold for a combined total of S$91.6 million.

According to The Business Times, the two-storey bungalow at Ridout Road changed hands for S$60.6 million, while the property at Binjai Park is said to have fetched around S$31 million. The prices translate to around S$1,490 psf and S$1,550 psf respectively.

The Ridout Road sale was the highest transaction recorded for a GCB since the sale of 3 Leedon Park in December 2010 at S$61.4 million, noted the report.

Located near Holland Road, the property comprises five bedrooms, a swimming pool and tennis court.

Thomas Chan, a former banker at Goldman Sachs and the owner, is believed to have sold it to Tecity Group.

Meanwhile, the Binjai Park bungalow was sold by GCB investor George Lim.

Sited on a 20,001 sq ft plot, the property received its Temporary Occupation Permit (TOP) in June 2011.

It comprises six bedrooms, a lift, home theatre, gym, steam room and dehumidifiers in all rooms. It has a gross floor area (GFA) of approximately 14,300 sq ft spread across two storeys and a basement.

View the original article here

Source From Property Guru

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