A rare Good Class Bungalow (GCB) in the prestigious Dalvey Road enclave of Bukit Timah has hit the market for $60 million, offering an opportunity to own a significant piece of Singapore’s real estate legacy.
Property Background
This GCB was once owned by the family of Ong Teng Cheong, Singapore’s fifth President and the country’s only elected head of state to date. The property is currently held by his son Ong Tze Guan and his former sister-in-law Wang Yi Yi, who share tenancy rights. Wang’s stake is reportedly held in trust.
The Ong family is also well known for owning and operating Green Bus Company, one of Singapore’s historical private bus operators.
Key Features of the Bungalow
Location: Dalvey Road, District 10, Bukit Timah
Land Area: Approximately 21,882 sq ft
Indicative Price: $60 million
Price per Square Foot (PSF): ~$2,742 PSF
Zoning: Designated as a Good Class Bungalow Area (GCBA)
This GCB is not just a home but a landmark, situated in one of Singapore’s most affluent residential zones with proximity to Orchard Road, Botanic Gardens, and elite schools.
Investment Highlights
- Rare Availability: GCBs in Bukit Timah rarely come up for sale, especially those with heritage value.
- Prestige Factor: The association with the late President Ong Teng Cheong and its position on Dalvey Road enhance its prestige.
- Freehold Land: Offers long-term capital appreciation and exclusivity.
- Development Potential: Subject to URA guidelines, potential for redevelopment or custom modernisation.
Market Outlook
Despite recent cooling measures, Singapore’s GCB market continues to attract ultra-high-net-worth individuals (UHNWIs), especially locals and permanent residents. This property is expected to generate strong interest due to its rarity, historical significance, and prime location.
Expression of Interest Deadline
The sales process is being managed by Cushman & Wakefield, with the Expression of Interest (EOI) closing on February 11, 2025.
Buyer’s Tip
If you’re a serious buyer or investor:
- Act early to engage in due diligence before the EOI closes.
- Secure financing and legal counsel familiar with heritage and GCBA restrictions.
- View the surrounding neighbourhood for comparative value analysis.
Conclusion
This Bukit Timah GCB is more than just a luxury property—it’s a rare opportunity to own a legacy home with cultural and historical significance. With its rich heritage, expansive land, and prestigious location, the $60 million asking price reflects more than market value—it represents a unique piece of Singapore’s history.
For those looking to invest in ultra-prime real estate, this property is a golden opportunity not to be missed.
