Oei Tiong Ham Park’s bungalow on Jalan Harum achieves a new high of $2,613 psf

Read related post: First decrease in three years, private house prices in 2Q2023 decline by 0.4% on a quarterly basis

The Good Class Bungalow Area (GCBA) of Oei Tiong Ham Park situated just off Holland Road in prime District 10 is a cluster consisting of 10 bungalows situated on Jalan Harum. Since May of last year three bungalows located on the street have been sold to new owners.

The latest one, with an exception lodged on July 4 was for a house located on a freehold site with an area of 8,726 square feet which was sold to the value of $22.8 million. The price paid equates to $2,613 psf on the land area. “It is the most expensive price per square foot of an apartment within Oei Tiong Ham Park so far,” says William Wong who is the director of Realstar Premier Group, which is a specialist in landed property deals.

Realstar representatives represented buyers and sellers in the transaction. Martin Goh, associate marketing director at Realstar is believed to represent the seller, but is unable to speak about the deal.

According to the results of a property title search, the purchaser has been identified as Irving Tan Yew who is executive vice-president for worldwide operations for Western Digital. A graduate from Nanyang Technological University Singapore, Tan was honored during the Nanyang Alumni Awards 2022 which took place on November 11, 2022, in Nanyang Auditorium. Nanyang Auditorium.

The bungalow Tan purchased was built in the 70s. It is currently rented. The new owner will remove the old structure and transform the property to create a new home.

Three months before, another home in the same area was purchased to a buyer for $32.8 million, in accordance with a caveat issued on April 11 2023. The double-storey home was built in 1977. It is situated on land of 14,211 square feet. The cost of purchase equates to a land value of $2,308 per square foot.

Up until the latest deal in the beginning of July, which was $2,613, this deal was the record-holder for the most expensive psf value for a bungalow within the GCBA Oei Tiong Ham Park. Realstar is the seller in this transaction. According to an property Title Search, Singaporean professional Ong Iong Sheunn was the buyer.

On May 20, 2022 a neighboring house was sold for $18.18 million, or $2,106 per square foot which is based on an area of 8,633 sq feet. The property is believed to have been constructed fifty years ago. Realstar is believed to represent both the seller and buyer in this transaction.

With the Good Class Bungalow (GCB) prices have risen dramatically and are the most sought-after address in District 10 Nassim Road, which is now at $4,500 per sq ft, “those with a budget of $20-$30 million are no longer able to have the money to buy the expense of a GCB” according to Realstar’s Wong.

Another option, Wong adds, is to purchase smaller bungalows that have dimensions of around 10,000 to 8,000 sq feet within the GCBAs in Oei Tiong Ham Park or in Raffles Park located in District 11. Bukit Timah enclave located in District 11.

In Raffles Park GCBA, a bungalow located at Linden Drive sitting on a freehold site with 11,314 square feet was sold to a buyer for $24million ($2,121 per square foot) in accordance with the caveat filed in June of this year.