The recent auction of a Good Class Bungalow (GCB) on Old Holland Road drew significant attention, with over 20 attendees participating on April 23, 2025. The property, owned by Komoco’s chief, had an opening price set at $36 million, translating to approximately $1,555 per square foot. The allure of the GCB was palpable, as it is situated in one of Singapore’s most prestigious residential areas, known for its exclusivity and spacious living environments.
As the auction commenced, the atmosphere was charged with anticipation. Bidders engaged earnestly, with the first counteroffer quickly moving to $33 million, which represented a price of $1,426 per square foot. Incremental increases followed, showcasing the competitive spirit among attendees. The bids escalated, reaching a peak of $35 million. However, despite the fervor displayed, this amount fell short of the seller’s reserve price, resulting in the GCB being withdrawn from the auction before a sale could be finalized.
The withdrawal of the property marked a significant moment in the auction, as it indicated the shifting dynamics within the GCB market. The original listing price of $66.7 million had already hinted at a challenging market landscape, and the eventual bidding outcome further underscored this reality. The 46% markdown from the initial listing price highlights the evolving preferences and financial strategies of potential buyers in the current economic climate.
In the aftermath of the auction, two interested parties remained engaged in discussions regarding the property. Despite the public auction’s conclusion, private negotiations ensued, illustrating the interest that the GCB held even after bidding had ceased. These discussions culminated in a sale via private treaty, although the final sale price was not disclosed to the public.
This outcome reflects a common trend in real estate, where properties may find their buyers outside of the auction format, particularly when initial auction bids do not meet seller expectations. The sale of this GCB reinforces the notion that while public auctions can attract significant interest, the ultimate sale price may not always align with the initial competitive bidding.
The property’s final price through private negotiations remains undisclosed, yet the conclusion of the sale signifies that there are still buyers willing to invest in high-value properties despite the apparent market challenges.
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News Source: Edgeprop
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