THE freeze in the Good Class Bungalow (GCB) market appears to be thawing, with a few sizeable transactions done lately.
Simon Cheong, the boss of high-end developer SC Global, is selling his home in Cornwall Gardens for $42.5 million.
This works out to $2,051 per square foot (psf) based on the land area of 20,719 square feet. On the elevated site is the luxurious bungalow that Mr Cheong developed and which is understood to have five bedrooms (including a sprawling master bedroom) and a guest room - all ensuite.
The two-storey house - which also has a grand staircase and a pool - is said to have a built-up area of about 9,000 sq ft.
Mr Cheong is expected to move into a brand new house on Swettenham Road, which be has built on a site of about 33,300 sq ft that he bought for $29.2 million in 2009 from BreadTalk founder and chairman George Quek.
Market watchers note that the $2,051 psf on land area fetched for Mr Cheong's Cornwall Gardens property is not far off the record $2,110 psf set last October for a transaction in a GCB Area.
That was set when bungalow investor George Lim sold a Leedon Park property that he completed in 2011 for $33 million. Standing on 15,640 sq ft of land, the bungalow has six bedrooms and a pool. The two properties are a short distance from each other.
The buyer of Mr Cheong's Cornwall Gardens house is thought to be involved with a fund management outfit.
Other recent transactions in GCB Areas include a property in Chancery Lane, which changed hands for $28.5 million or $1,378 psf on its land area of about 20,688 sq ft, and a nearby bungalow in Bukit Tunggal Road. The latter fetched $17.5 million, which works out to $1,664 psf based on its land area of 10,516 sq ft.