SINGAPORE - There has been no dearth of bungalow transactions recently, despite signs of a slowing economy.
A Good Class Bungalow (GCB) at 27 Olive Road was sold for $26.1 million while another bungalow at 44 Faber Drive was sold for $10.38 million, revealed property consultancy group Knight Frank yesterday.
The GCB at 27 Olive Road was put up for sale by the estate of the late Khoo Oon Teik via an expression of interest exercise which closed on Sept 18, 2012.
Nestled in a GCB enclave at Caldecott Hill Estate, the bungalow has a land area of 23,423 square feet, which translates to a land rate of about $1,114 per square foot (psf).
Knight Frank, marketing agents for the property, said the buyers were hoping to redevelop the property into a luxurious new bungalow.
Transactions of properties along Andrew Road and Olive Road typically fetch prices of $1,100-$1,200 psf.
A bungalow along Olive Road is believed to have changed hands for about $30 million or $1,185 psf earlier this year.
The second bungalow at Faber Drive is located at an elevated site of 11,719 sq ft. This reflects a land rate of approximately $886 psf.
Future developments for the Faber Drive bungalow site could see the construction of two smaller detached houses.
"Landed properties as well as GCBs in exclusive locations and within easy access to urban amenities continue to attract buyers, despite the financial crisis in Europe and concerns for slower economic growth," said Mary Sai, executive director, investment (commercial sales), at Knight Frank.