The private property market has remained resilient amidst the COVID-19 pandemic. While sale transactions slowed during the 2-month circuit breaker when property viewing was prohibited, things turned around in Q3 2020 with sales volume gaining pace. The price index has also been edging upwards. As the year comes to a close, we look back to see some of the biggest real estate transactions in the categories of Good Class Bungalow, Sentosa Cove Bungalow, Luxury Apartment, Commercial Building, Strata Office Sale as well as Government Land Sales.
Good Class Bungalow
Given its rarified status, demand for Good Class Bungalows (GCBs) remains. The house at Leedon Park sits on a sprawling 44,435 sq ft freehold site. As it is relatively old, the new owner is likely to tear it down and rebuild. The large land area allows either a palatial bungalow to be built or it can be subdivided for two smaller bungalows.
Separately, it was reported in the media in Sep 2020 that a bigger bungalow at Garlick Avenue* was sold for about $93 mil. It was sold by members of the family from the Thye Hong group to the family of billionaire Goh Cheng Liang. The 101,550 sq ft plot is large enough to be subdivided for redevelopment into five or six bungalows, or it may also be redeveloped into a single grand mansion. No caveat was lodged for this deal.
Setting the highest psf for 2020 is the bungalow at Dalvey Estate. Sitting on a land area of 18,219 sq ft, the property was sold for $36 mil in January 2020.
Sentosa Cove Bungalow
There have already been 11 bungalow transactions in Sentosa Cove till date, close to tripling the 4 transactions in 2019. The most expensive villa sold in the year is on Pearl Island. Located on the south-western part of the island with a view of the waterway, the 6-bedroom villa has a land area of 12,486 sq ft. One of the five man-made islands within Sentosa Cove, Pearl Island is also known as an island within an island, giving the vibes of a private island. 19 luxurious two-storey villas with private pool and berth are situated on Pearl Island.
The villas on Cove Drive had seen a few record transactions in the past years. This year, the property on 133 Cove Drive set a record of $2,863 psf. The two-storey bungalow with a basement sits on a land area of 7,965 sq ft. It has huge glass panels that stretch from floor-to-ceiling for the enjoyment of the gorgeous view around the property, particularly the view of the southern seas.
Making news yet again, the triplex penthouse located on the 62nd to 64th levels of the Wallich Residence changed hands this year. Sitting on top of the tallest building in Singapore at 290m above sea level, the 21,108 sq ft super penthouse comes with five bedrooms, cabana, bar jacuzzi, entertainment areas, swimming pool and a private lift lobby from the basement carpark. It was reported that the buyer is Indonesia-born tycoon Leo Koguan, who is a United States citizen and Texas resident and co-founder and chairman of IT provider SHI International.
Also at Wallich Residence, a penthouse located on the 61st storey fetched the highest psf at $4,987. With a floor area of 3,509 sq ft, the property has four ensuite bedrooms, a wet and dry kitchen and private lift access. It was
bought by a Taiwanese businesswoman.
Robinson Point is a freehold 21-storey office building located in the central business district. It has a gross floor area of 15,700 sqm which includes retail units on the ground floor, carpark bays on levels three to five, and office units on the remaining floors.
Robinson Point was valued at $374.4m by Colliers International Consultancy & Valuation at end-2019. The price of $500 mil works out to $3,736 psf of the net lettable area. The buyer is One South Bay Group, a British Virgin Islands-incorporated entity that is not related to Tuan Sing Holdings who sold the building.
Strata Office Sale
Samsung Hub is a 30-storey office building with a 999-year tenure. The office floor on the 11th storey comprises four strata units adding up to 13,100 sq ft. The psf price of $3,800 is the highest for a single strata office floor within the CBD in the last five years.
Good quality and well-located office space of such scale is becoming an increasingly attractive investment option for institutional investors. Moreover, investors are willing to pay a premium for space in Samsung Hub in view of its 999-year tenure.
Government Land Sale Site (Residential)
This site is located in River Valley area, near the junction of River Valley Road and Kim Seng Road. It is about 10 minutes’ walk to Great World city shopping mall and the soon-to-complete Great World City MRT station. The land parcel of 137,634 can accommodate a new 445-unit residential project of 36 storeys, subject to the government’s approval. Seven bids were submitted for the site and City Developments Ltd emerged the top bidder with $583.89 mil ($1,515 psf/GFA).
Note: The above transactions are based on caveats lodged. Record deals with no caveats lodged that were reported in the media are marked with an asterisk*.