Demand still strong for Leedon Park GCBs
AGood Class Bungalow (GCB) located on the corner of Leedon Park and Bin Tong Park was sold at end-July for $28 million, or $1,476 psf based on its 18,970 sq ft land area.
“The buyers were a family specifically looking for a GCB in the Leedon Park estate,” says Charles Wong, property consultant at PropNex. He represented the buyers in the sale.
The way he sees it, the GCB market has slowed slightly. However, he highlights that there is still demand for GCBs priced in the range of $20 million to $30 million. He is still receiving enquiries from buyers who specifically want a GCB in Leedon Park due to its proximity to amenities.
“A lot of these GCB buyers know what they want, so it does not take them long to put in an offer when they find a house they like,” he says.
Chermaine Koh, associate group division director at PropNex, agrees. “Leedon Park is a short drive to Holland Village and the Orchard Road shopping belt area, so in terms of amenities and lifestyle options, it is well-served,” she notes. Koh represented the sellers in the sale. The sellers and buyers declined to be interviewed.
In addition, Koh says, there are buyers who are particular about districts – these buyers prefer GCBs in Leedon Park for its District 10 zoning as opposed to Binjai Park that is zoned under District 21. “These buyers want a prime District 10 address and that is why demand for Leedon Park GCB is holding up well,” she adds.
Based on URA data, the sellers had purchased the GCB in June 2002 for $7.8 million or $411 psf based on land area, thus realising a profit of $20.2 million over 17 years. In 2013, the sellers renovated the GCB, giving the house a contemporary update with reinforced concrete and steel.
Energy-conservation measures were factored into the design, with solar panels installed on the rooftop for the heating of water. In 2016, the panels were also commissioned to generate electricity for domestic use.
The two-storey house has a built-in area of 11,761 sq ft and has a basement and rooftop garden; an 18m, L-shaped swimming pool; and a lift. On the ground floor, the house features an open-concept entertainment area flanked by a bar and music area. This entertainment area is separated from the 12-seater dining area by a 3,000-litre marine aquarium. On the second floor, there are a total of five bedrooms with en suite and balconies.
According to Wong, the buyers plan to extend the parking space so it can fit up to six cars comfortably. “Aside from that, they are not doing extensive renovation as the house is in move-in condition,” he says. “The GCB presents a good value proposition so the buyers did not hesitate to put in an offer after viewing. They liked the modern and contemporary design [of this GCB]. The house also provided ample space for entertainment.” E