Villa-inspired Ewart Park GCB for sale at $49.8 mil

Ewart Park Good Class Bungalow (GCB) Area is an idyllic enclave located just off Holland Road in prime District 10, comprising fewer than 30 homes. As with other GCB areas, the number of houses can only be increased by subdividing a larger plot of more than 30,000 sq ft in accordance with URA guidelines. A GCB near the end of a cul-de-sac on Ewart Park is currently on the market. It occupies a 22,156 sq ft freehold plot and has been quietly listed since the start of the year. Initially priced at over $55 million, the asking price has been adjusted to $49.8 million ($2,248 psf) to align with the bank valuation. Peter Lin, associate sales director at Realstar Premier Group, is the exclusive marketing agent for the property. Caveats lodged reveal that the latest transaction at Ewart Park was in July for a GCB built in 1990 on a smaller site of 15,121 sq ft, which sold for $23 million ($1,521 psf). Prior to that, the last recorded sale was more than five years ago, in February 2019, when a GCB on a 27,464 sq ft freehold plot changed hands for $30 million ($1,092 psf). Read also: Sale of OK Lim's GCB at Tanglin Hill brings total raised from assets seized to $99.09 mil Advertisement Advertisement Realstar’s Lin notes that GCBs in Ewart Park are often overlooked by buyers despite its prime District 10 location, just off Holland Road. “Even if prospective buyers canvass this area, most GCB owners in this enclave rarely put their properties on the market,” he says.

Resort villa lifestyle

The GCB currently on the market is unique, as its owner purchased the property more than 20 years ago and redeveloped it into a Balinese-style resort villa. Interestingly, the owner has never lived in the house, opting instead to treat it as an investment property. Over the past two decades, the villa has been home to four expatriate families, with the most recent occupants moving in this March. “Most of the tenants are long-term,” says Lin, adding that the previous residents, an American family, lived in the Ewart Park bungalow for eight years before returning to the US late last year. The expatriate tenants are drawn to the house’s resort-style architecture and design. Another key attraction is the site’s terrain: despite its 30.5m frontage along Ewart Road, the property features a short driveway and a downward-sloping plot, ensuring that the expansive grounds are not visible from street level. Combined with lush greenery, this offers residents a high degree of privacy, Lin adds. “These are the key reasons why the property has attracted long-term tenants.” The property features a sprawling single-storey main house, with communal areas such as the living and dining rooms located in one wing and the private quarters, comprising five bedrooms, three en suite and the other two sharing a common bathroom, in a separate wing. The kitchen is at the rear of the main house and is connected to an outhouse fitted with an en suite bedroom, a laundry room, and a utility area. A spacious covered garden pavilion, seamlessly connected to the main house, overlooks the sunken swimming pool and pool deck, making it ideal for entertaining. While the pavilion offers a front-row view of the pool and deck, the main house enjoys an unblocked view of the lush garden. Read also: Anderson Sec founding principal’s Binjai Park GCB for sale at $38.8 mil Advertisement Advertisement ‘The design of the bungalow, along with the placement of the garden pavilion and swimming pool, respects the topography of the site, which features an undulating terrain that slopes down from the road,’ says Lin.

To rebuild or retain the existing villa?

He hopes the new owner will appreciate the villa-style property’s style and character, as well as its idyllic, resort-like setting. The GCB is largely in move-in condition, Lin notes, as the current owner has regularly maintained it between tenancies. “The build quality of the house has stood the test of time,” he adds. Lin says that the owner spared no expense during construction, using high-quality teakwood for the interiors, chengal wood for the outdoor areas, and premium materials and fittings throughout the house. If the new owner chooses to keep the existing property, Lin estimates that refurbishments — including replacing the electrical wiring, upgrading the air-conditioning system, and replacing the timber pool decking — would cost approximately $500,000. However, Lin acknowledges that a new owner may wish to personalise the property and might prefer a larger home. To provide a sense of its redevelopment potential, Lin collaborated with an architect to visualise a new two-storey GCB with an attic on the plot. Read also: Convicted oil tycoon OK Lim to sell his third GCB for $43 mil Advertisement Advertisement He estimates that the new double-storey GCB could have a total gross floor area (GFA) of approximately 17,800 sq ft, more than double the existing GFA of 8,858 sq ft. Should the new owner choose to redevelop the property, Lin estimates that construction costs could range from $600 psf to $800 psf. He also notes that the price could increase depending on the choice of materials and the complexity of the design.

Falling rates lure back buyers

The recent interest rate cuts by the US Federal Reserve have spurred some GCB buyers to resume house hunting, as they anticipate borrowing rates to fall further next year, says Lin. “In general, most GCB buyers have been sitting on the fence this year, but the signal from the US Federal Reserve that interest rates will start to fall has buoyed sentiment in the GCB market.” Enquiries for available GCBs have started to pick up, particularly among serious buyers eager to “strike ahead of the competition,” he notes. There have also been notable GCB transactions completed without caveats lodged, as property agents and solicitors have had to sign non-disclosure agreements. One such transaction is believed to involve a GCB at Ewart Park, situated on a sprawling 38,038 sq ft freehold site. The property is said to have changed hands for $79.9 million ($2,098 psf) earlier this year, although no caveat has been lodged yet. The previous owner purchased it for $39.8 million ($1,045 psf) in April 2010, based on a caveat lodged then. This represents a doubling in capital value over the past 14 years. Ultimately, Lin believes the GCB currently for sale at Ewart Park will appeal to a buyer who values its resort-like atmosphere, spacious layout, and lush surroundings. “These days, it is challenging to find a sizeable GCB plot of more than 20,000 sq ft for sale on the market that is situated in a quiet enclave and within the budget of most high-net-worth buyers on the hunt for a GCB,” he adds.