{"id":115288,"date":"2020-03-31T11:32:59","date_gmt":"2020-03-31T04:32:59","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/cluny-park-gcb-sold-for-40mil\/"},"modified":"2020-03-31T12:12:15","modified_gmt":"2020-03-31T05:12:15","slug":"cluny-park-gcb-sold-for-40mil","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cluny-park-gcb-sold-for-40mil\/","title":{"rendered":"Cluny Park GCB sold for $40mil"},"content":{"rendered":"


\n\u00a0
\nA bungalow in Cluny Park is being sold for $40 million or nearly $1,964 per sq ft based on the freehold property\u2019s 20,369 sq ft area, reported The Business Times.
\nLocated within the Cluny Hill Good Class Bungalow (GCB) Area, near the Singapore Botanic Gardens, the bungalow was completed over two decades ago.
\nThe buyer, who is expected to redevelop the property, is understood to be Lobb Heng Group director Han Xiaoli. She co-owns the firm with Guan Zhishan. The two are both Singapore citizens.
\nFounded within the city-state in 1993 to trade base metals, the group is a leading supplier of non-ferrous metals for export to China.
\nThe firm established a warehousing and logistics business in 2005 to capture e-commerce\u2019s rapid growth in China.
\nA seasoned market watcher noted that the $1,964 psf price is a bit high for GCB development land within the area.
\nHowever, the parties may have agreed on the price in the first half of January, prior to the Covid-19 outbreak and when the sentiment was still positive.
\nThe option to purchase was granted earlier in the month, with the buyer exercising it about two weeks later.
\nThe two-level house comes with a basement, five bedrooms, a gym and a swimming pool.
\nThe property is one of 12 bungalows developed in the 1990s by Straits Steamship Land (SSL), now Keppel Land.
\nEarlier media articles showed that SSL sold the 12 bungalows within two weeks of its 1994 private launch for between $8 million and $9.5 million.
\nBungalows within Singapore\u2019s 39 gazetted GCB Areas are considered the most prestigious form of landed housing in the city-state. These properties come with strict planning conditions by the Urban Redevelopment Authority in a bid to preserve their low-rise character and exclusivity.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Cluny Park GCB sold for mil<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 A bungalow in Cluny Park is being sold for $40 million or nearly $1,964...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-115288","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-tZu","jetpack-related-posts":[{"id":120527,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/grab-ceos-wife-acquires-gcb-in-bin-tong-park-for-40mil\/","url_meta":{"origin":115288,"position":0},"title":"Grab CEO\u2019s wife acquires GCB in Bin Tong Park for $40mil","date":"July 12, 2021","format":false,"excerpt":"\r The 21,6327 sq ft Bin Tong Park property, bought for $40 million, is expected to be redeveloped by the couple. Source: Google Maps The wife of Grab Co-founder and CEO Anthony Tan has acquired a property within the Bin Tong Park Good Class Bungalow (GCB) area for $40 million,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/GOOD-CLASS-BUNGALOW.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":111658,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nassim-road-gcb-for-sale-for-175m\/","url_meta":{"origin":115288,"position":1},"title":"Nassim Road GCB for sale for $175m","date":"October 17, 2019","format":false,"excerpt":"\r The two-storey bungalow has a total floor area of about 13,839 sq ft and\u00a0is a mere five-minute walk to the Botanic Gardens, and is a 10 minutes\u2019 drive to the CBD. Image source: CBRE A two-storey conservation good class bungalow (GCB) at 40 Nassim Road has been put up\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":109518,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/is-this-the-most-expensive-property-transaction-in-singapore-ever\/","url_meta":{"origin":115288,"position":2},"title":"Is this the most expensive property transaction in Singapore ever?","date":"July 31, 2019","format":false,"excerpt":"\r A sprawling Good Class Bungalow (GCB) at 33 Nassim Road has been sold for $230 million, marking a new record in absolute price terms, reported The Business Times. A privately-owned firm controlled by Cheng Wai Keung, chairman of Wing Tai Holdings, and his wife, Helen, sold the 84,543 sq\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":113823,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sino-group-chairmans-son-acquires-gcb-for-37m\/","url_meta":{"origin":115288,"position":3},"title":"Sino Group chairman\u2019s son acquires GCB for $37m","date":"January 23, 2020","format":false,"excerpt":"\r The East Sussex Lane GCB is acquired by Alexander Ng \u2013 the son of Hong Kong-based Sino Group chairman Robert Ng. Image:\u00a0ntfcf.org.hk The sale of two good class bungalows (GCB) in District 10 for over $30 million last month boosted the total tally of GCB deals for 2019, reported\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":110693,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/jervois-road-good-class-bungalow-for-sale-at-38-8m\/","url_meta":{"origin":115288,"position":4},"title":"Jervois Road Good Class Bungalow for sale at $38.8m","date":"September 12, 2019","format":false,"excerpt":"\r This District 10 property is situated within the Chatsworth Park Good Class Bungalow area. It is also within the embassy enclave, and is minutes from the central business district A good class bungalow (GCB) along Jervois Road has been put up for sale via tender, carrying a guide price\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":109702,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ultra-rich-foreigners-turn-to-singapore-luxury-homes\/","url_meta":{"origin":115288,"position":5},"title":"Ultra-rich foreigners turn to Singapore luxury homes","date":"August 7, 2019","format":false,"excerpt":"\r Luxury residential brokerage firm Sotheby\u2019s International expects foreign ultra-high-net-worth (UHNW) investors to drive sales activity within Singapore\u2019s luxury residential segment. This comes as the geopolitical tensions in the UK and Hong Kong are enhancing the attractiveness of luxury homes within the city-state, reported Singapore Business Review. British billionaire James\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/115288"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=115288"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/115288\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=115288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=115288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=115288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}