First penthouse, then Good Class Bungalow. Billionaire founder of the Dyson technology firm has now set his sights on a Good Class Bungalow (GCB) in Cluny road as his next Singapore property investment.
1,402.8 sq m Good Class Bungalow offers views of Botanic Gardens
Perhaps it is the view of the Unesco World Heritage Botanic Gardens from its windows, or the exclusivity of the area, or perhaps both and more, that attracted inventor Mr James Dyson to the property.
He had just purchased the biggest Super Penthouse in Singapore, in Wallich Residence earlier this month.
The 72-year-old Mr Dyson had apparently initiated the purchase of his second home here with a caveat lodged on July 3 for the 1,402.8 sq m freehold modern bungalow in Cluny Road.
Good Class Bungalows are rare properties in Singapore and because of their sizes and prices, are good investments but only for the ultra-rich.
In general, foreigners are not allowed to purchase landed homes in Singapore except under special approval.
The rules became stricter from the second half of 2012 and foreigners, including Singapore permanent residents (PRs) have to show that they have made an exceptional economic contribution to Singapore in order to purchase landed properties.
In addition, they can only use the property for their own occupation. Mr Dyson is a British citizen and a Singapore permanent resident.
Cluny road bungalow likely to go for at least $45 million
The bungalow is currently owned by Mr Jason Lee Boon Leng, a director of developer Forte Global and is listed for more than $3,000 psf or $45 million. It is one of the most expensive in terms of psf price.
A GCB in Jervois Hill was sold for $41.2 million in June 2018 for $2,729.52 psf; another in Belmont road was sold just last month for $2,653 psf.
There are 73,105 landed homes in Singapore which makes up only 5% of all the housing in the country.
There are only 39 areas in Singapore gazetted for Good Class Bungalows and they are under strict planning conditions stipulated by the Urban Redevelopment Authority (URA).