SINGAPORE - A Good Class Bungalow located off Tanglin Road was sold for $22.25 million in January this year, according to data on the Urban Redevelopment Authority (URA) website.
The freehold landed property at Mount Echo Park has a land area of 16,826 square feet. This translates into a unit price of $1,322 per square foot (psf).
Mount Echo Park is located off Jervois Road and close to Alexandra Road in the central area of Singapore. It is near the American Embassy, the Chinese Embassy and the British High Commission, while nearby schools include Crescent Girls School and Queenstown Secondary School.
According to real estate portal The Edge Property, the bungalow was sold at a profit of $3.75 million.
It is the second most expensive GCB sale this year, following the $25 million sale of another GCB at King Albert Park earlier in January by upmarket developer Simon Cheong.
According to The Business Times, GCBs are considered the most pretigious type of landed housing in Singapore. URA has designated 39 locations around Singapore as GCB areas.
There were at least 34 GCB transactions totalling $730 million in 2015, the best tally since 2012.