.JPG?QcuINtpFf23LdmnKP52ZFkPPOM_8CIEI&itok=sVzEEbt- "The Good Class Bungalow at Jalan Sampurna occupies a land area of 14,982 sq ft (Picture: Savills Singapore)")
A Good Class Bungalow (GCB) on Jalan Sampurna, located within the Oei Tiong Ham Park GCB area, is up for sale through an expression of interest (EOI) exercise. The property has a guide price of $42.8 million, according to exclusive marketing agent Savills Singapore in a March 6 press release.
The freehold property occupies a plot measuring 14,982 sq ft. The site has a regular shape, with a street frontage of 37m and a depth of around 32m. Based on the land area, the guide price works out to $2,857 psf.
The plot is ideal for redevelopment, says Nick Chan, Savills Singapore’s associate director for investment sales and capital markets. With its strategic location, prime land size and unparalleled privacy, he adds that his site offers an “ideal canvas for an ultra-luxurious residence”.
The plot has a regular shape (Picture: Savills Singapore)
The property is situated on a street in the Oei Tiong Ham Park GCB area, just off Holland Road in prime District 10. It is enveloped by other GCB neighbourhoods, including Queen Astrid Park, Leedon Park and Ford Avenue.
The last caveated deal for a landed property in Oei Tiong Ham Park was the sale of a detached house in November 2024. Spanning a land area of 10,849 sq ft, the freehold property changed hands for $23 million ($2,120 psf).
Chan expects “significant interest” for the Jalan Sampurna property, owing to the limited supply of GCBs. There are currently fewer than 3,000 GCBs islandwide, located across 39 gazetted GCB areas.
Alan Cheong, executive director of research and consultancy at Savills Singapore, adds that increasing demand for GCBs, supported by the growth of high net-worth individuals (HNWI), has helped reignite momentum in the GCB market.
Based on Savills’ research, GCB sales volume doubled in 2024 compared to the previous year to reach 26 deals, while total transaction value shot up 231.6% to $1.15 billion. The figures account for detached properties in GCB areas with a land area of at least 10,764 sq ft. The pick-up in activity also bolstered GCB prices, with the average transacted land rate clocking in at $2,482 psf last year, 31.9% higher than the $1,882 psf logged the year before.
Source: Savills Research
The growing cohort of local ultra HNWI are turning to the GCB market to “self-actualise”, says Cheong. “As the prime class of real estate here, GCBs represent the pinnacle of wealth and confidence in Singapore.”
In addition, rising global economic and political uncertainties are compelling the ultra-wealthy to buy real estate in Singapore, which is viewed as a safe haven asset, adds Cheong. He anticipates GCBs remaining attractive as an asset class, with prices continuing to rise “for the foreseeable future.”
The EOI for the Jalan Sampurna GCB will close on April 10.
