The GCB on Jervois Hill was built on a vacant freehold site that was purchased for $25.8 million ($1,709 psf) in 2012 (Credit: Samuel Isaac Chua/The Edge Singapore)
A freehold bungalow in Jervois Hill on a 15,094 sq ft land plot, was sold for $41.2 million ($2,730 psf), fetching a record psf price for a Good Class Bungalow (GCB).
This transaction followed that of a bungalow in Cluny Hill, near Botanic Gardens, which fetched $2,350 psf last year. The buyer bought it for $35.5 million, on a 15,105 sq ft plot.
The Jervois Hill bungalow was sold by George Lim, an entrepreneur who has developed 11 GCBs and two semi-detached houses in the past 12 years. It was a joint collaboration between Lim and architect Pau Loh, managing partner of Tellus Design.
The entire house has three levels, including the basement. The ground floor features living and dining areas, family rooms, dry and wet kitchens, a pool and a pond. The second floor has five bedrooms - all with walk-in wardrobes - and a living room with pantry.
Prominent design features include a wall aquarium in the basement that can fit 800 fish and a floating sculptural staircase that was made by using a specially-built giant oven to mould the acrylic.
Lim purchased the vacant freehold site six years ago for $25.8 million ($1,709 psf).
His initial asking price for the bungalow was $45 million. He estimated that the land would cost $28 million, and building a house with similar specifications would cost $14 million to $15 million.
The GCB comes with sustainable features, with 300 solar panels on the roof and outdoor decks made of renewable wood. Other spaces include a wine cellar, a home theatre, a dedicated games room, and a carpark that can fit 10 cars.
The sale was brokered by Newsman Realty.