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Aug 30, 2007

Good class bungalow sold for record $29m

By Fiona Chan, Property Reporter

A GOOD class bungalow at 15 White House Park has become mainland Singapore's most expensive, after it was sold for a record $1,308 per sq ft (psf) - eight years after the historic property was restored and put on sale.

The 22,000 sq ft conservation bungalow - called Glencaird - was sold to a Singaporean for $28.8 million, Wheelock Properties said in a statement yesterday.

Wheelock has been managing the property for Oroll, a wholly-owned unit of The Wharf (Holdings), which is also owned by Wheelock's parent, Wheelock and Company.

Glencaird is one of 12 luxury bungalows that make up The Glencaird Residences and the only conservation bungalow in the series.

Oroll developed the bungalows.

The other 11 bungalows have already been sold at an average price of $838 psf.

Before it finally found a buyer, Glencaird - a restored, 105-year- old Victorian bungalow with five bedrooms - had sat empty since its completion in 1999.

'We received several offers for Glencaird over the years,' said Mr David Lawrence, Wheelock's chief executive officer, in the statement.

'However, we felt they were not reflective of the value, given that this is a very unique conservation piece in an excellent location.'

Prior to Glencaird's sale, the record for mainland Singapore's priciest bungalow was held by 63 Dalvey Road - sold in March for $16.45 million, or $1,091 psf.

On Sentosa, the highest price fetched by a bungalow plot is $1,473 psf.

Good class bungalows, Singapore's most prestigious homes, are now enjoying astronomical asking prices amid the property boom.