THE supply of good-class bungalows may be strictly limited but strong demand has meant more of Singapore's most coveted homes are going on the market.
This week alone, four such bungalows, each about 15,000 sq ft, were put up for sale by tender - three at White House Park and another off Holland Road.
The White House Park properties are part of Glencaird Residences, developed by Wheelock Properties about seven years ago, and carry a price tag of $15.8 million each.
This works out to about $1,053 per sq ft (psf) - almost 35 per cent more than the $783 psf fetched for a 16,598 sq ft White House Park bungalow in April.
This unit price also ranks them among the most expensive good-class bungalows in Singapore to date.
Jones Lang LaSalle (JLL) is handling the tender for the three bungalows, which closes on Dec 6.
The fourth bungalow, at East Sussex Lane, is being marketed by Colliers International in a tender that closes on Nov 30.
Colliers associate director of residential sales Vincent Chong said that while no fixed asking price has been set for the property, it will probably fetch 'over $11 million', or at least $733 psf.
The good-class bungalow market here has been soaring this year amid skyrocketing demand for luxury residences from both foreigners and locals.
To date, 74 such properties have changed hands this year to the tune of $763.4 million, and this figure is likely to reach $850 million by the end of the year, according to new estimates by property consultancy CB Richard Ellis (CBRE).
This is compared with 86 bungalow deals for a total of $725.7 million last year, and 66 transactions amounting to $539.5 million in 2004, said CBRE.
JLL's regional director and head of investments, Mr Lui Seng Fatt, also expects 'new records' for the good-class bungalow market to be set in the coming year.
These are likely to be in ultra-posh locations such as Nassim, White House Park and Chatsworth.
Bungalows in these areas have risen more in value than those in other areas based on transactions in the last two years, added Mr Lui.
Data from CBRE shows that an 18,493 sq ft bungalow in Dalvey Road near White House Park was transacted for $8.3 million in February and resold for $10 million in July - up 20 per cent.
Another in nearby Margoliouth Road was 'flipped' for a 27 per cent profit between January and September.
In contrast, a 15,898 sq ft bungalow in Ford Avenue off Holland Road was bought in April for $10.6 million and changed hands the following month for $10.8 million.
Prices even seem to be dipping in the Gallop Road and Ridout Road areas.
A 15,780 sq ft bungalow at Gallop Road fetched $9 million, or $569 psf, in April while its slightly larger neighbour was sold for $8 million, or $504 psf, in September.
At Ridout Road, a 40,677 sq ft property fetched $25 million in April for $615 psf, but a 18,762 sq ft bungalow down the road sold for only $8 million, or $426 psf, in September.
In general, however, property consultants say good-class bungalows are still hot property, with the market seeing a spectacular rise in prices on a per square foot basis in the last 10 months.
The average per square foot price for bungalows transacted so far this year is about $515 psf, almost 30 per cent higher than the average $399 psf last year, according to figures from CBRE.
Good-class bungalows generally command a premium because of their scarcity. There are only about 2,500 of them in Singapore due to restrictions such as allocated locations and a minimum size.
Such properties, which are allowed only in selected prime locations, must sit on at least 15,000 sq ft of land.
fiochan@sph.com.sg
