Two good-class bungalows going for a total of $65m
Adjacent posh houses in Peirce Road have total land area of 32,000 sq ft
Good class bungalows (GCBs) rarely come on the market but two of the posh houses in a prime hilltop location are up for sale with a total price tag of around $65 million.
The homes in Peirce Road, which are being sold together, are owned by high-profile developer Simon Cheong.
They are among six bungalows in Peirce Road he bought in early 2006, reportedly for a total of $35 million. Three have reportedly been sold.
Separately, Mr Cheong also sold a two-storey GCB on a 16,750 sq ft plot in King Albert Park that went for $25 million in January last year.
The sale of the two adjacent bungalows at 26A and 26B Peirce Road near the Botanic Gardens is being done by expression of interest, said marketing agent Cushman & Wakefield yesterday.
The freehold homes have a total land area of 32,478 sq ft and existing gross floor area of about 8,400 sq ft each.
The GCB (good class bungalow) market is resilient as they are rarely available and there's a group of players with deep pockets.Mr Shaun Poh, Cushman & Wakefield's capital markets executive director
They are suitable for immediate occupation as the tenants have moved out or the sites can be redeveloped.
Mr Shaun Poh, Cushman & Wakefield's capital markets executive director, said in a statement: "We have often been approached by clients looking to acquire large prime GCB plots of above 30,000 sq ft, but there are very few available in the market due to scarcity."
He added that GCBs plots are usually 15,000 to 17,000 sq ft.
The firm noted that the Peirce Road properties "are expected to appeal to high-net-worth individuals or families looking to invest in a home within a coveted residential enclave with a prestigious address".
Cushman & Wakefield said the homes are zoned residential within the elite Ridout Park Good Class Bungalow Area, as it is known.
After Mr Cheong bought the six Peirce Road bungalows in 2006, he carried out renovation work and added space in some of them.
All six were originally designed by eminent architect Ettore Sottsass.
The Straits Times understands a potential buyer had approached Mr Cheong with the idea of combining the two plots to build a huge bungalow and was willing to pay a premium.
Mr Cheong's high-end SC Global is known for projects such as the Hilltops luxury condominium in Cairnhill.
Mr Poh said: "The GCB market is resilient as they are rarely available and there's a group of players with deep pockets.
"Once the property market pick ups, it tends to be ahead, while it will be one of the last few types of assets to be depressed in the doldrums."
The expression of interest exercise will close on Sept 27 at 3pm.