The $40 million price translates to $1,851 per sq ft (psf), based on the 21,602 sq ft site – exceeding the last transacted price of $1,685 psf, or about $37 million, for a bungalow in Bin Tong Park last December.
OrangeTee & Tie associate executive director Harry Yap said the last highest transacted price was $2,063 psf, or $48 million, for a bungalow in the same area in March 2018.
“Given the current GCB buying spree, and a 7 per cent increase in overall landed property prices in the first quarter this year from a year ago, the $1,851 psf price is reasonable,” he said.
Ms Puah added: “The $1,851 psf is fair value for the Bin Tong Park GCB area in today’s market. The nearby Leedon GCB cluster is already commanding $1,700 psf to $1,800 psf.”
The purchase comes on the heels of another high-profile GCB deal – by Mr Ian Ang, 28, chief executive and co-founder of gaming chair company Secretlab.
Mr Ang splashed out $51 million in the span of a week last month on a GCB in Caldecott Hill and a penthouse near the Botanic Gardens.
He exercised an option to buy a $36 million bungalow in Olive Road on June 24 and lodged a caveat on a 7,007 sq ft, five-bedroom triplex penthouse at Leedon Residence off Farrer Road for $15 million four days later.
JLL noted that there have been 53 deals in GCB areas totalling nearly $1.5 billion this year, exceeding the tally for the whole of last year, when 50 transactions amounting to $1.29 billion were made.
Grab, the ride-hailing and food-delivery giant led by Mr Tan, 39, the son of Malaysia car distributor Tan Chong Motor’s president, plans to list in the United States later this year.
It will involve a merger with Altimeter Growth Corp that could value the combined entity at about US$40 billion (S$54 billion).
Mr Tan could see his fortune surge to US$829 million, based on the amount of stock he will own, according to the Bloomberg Billionaires Index.