Bungalows dominate the list.
Big-ticket sales of Good Class Bungalows (GCBs) drove private residential demand in the fourth quarter, according to a report by Colliers.
The report noted that investment sales in the private residential segment amounted to $688.83m in Q4, down 19% from $850.3m in Q3. Sales of large landed homes contributed 70.1% of total deal value.
The largest deal of the quarter was the sale of a two-storey freehold GCB at 61 Dalvey Road for $26m, or $1,724 per sq ft over the land area of 15,080 sq ft. The bungalow comes with five bedrooms and a swimming pool, and is situated on an elevated plot opposite the Israeli Embassy.
The house was sold by a Singaporean couple who lives in Hong Kong. The buyer is Ng Han Whatt, who is a member of the Ng family of listed Pan-United Corporation.
Another notable transaction was a two-storey freehold bungalow at 16 Cable Road which was sold for SGD22.00 million, or $1,293 per sq ft over the land area of 17,018 sq ft.
The bungalow is located n a conservation area within the Chatsworth Park GCB area, and comes with five bedrooms, an entertainment room, a swimming pool and a garden. The buyer is understood to be the son of Oxley Holdings executive chairman Ching Chiat Kwong, Colliers said.
Private residential investment sales dropped mainly because there were no collective sales in Q4.
“Tightened regulations continued to soften end-user demand, and this would further dent developers’ interest in acquiring collective sales sites that involve complicated and lengthy sales processes. Collective home sellers, on the other hand, are generally still holding on to their high asking prices. This mismatch in price expectation will likely stall the collective sales market in 2016,” Colliers said.
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