A Good Class Bungalow (GCB) at Queen Astrid Park has been rented out to a Chinese national for a record-breaking S$200,000 a month, EdgeProp reported.
That works out to a jaw-dropping S$2.4 million a year.
Newly-completed 25,439 sq ft freehold property
The 25,439 sq ft GCB is accessible via Sixth Avenue and Coronation Road West, according to EdgeProp.
It sits on an elevated freehold piece of land and is largely shielded from the street's view.
EdgeProp added that the house is newly-completed.
Chinese resident allegedly offers S$380,000 a month in rent for another GCB
EdgeProp also reported that a Chinese resident had allegedly made an unsolicited offer to rent another GCB for S$380,000 a month.
The GCB, called the "Water Courtyard House", was completed in early-2022, and designed by Guz Wilkinson, principal and founder of Guz Architects.
However, the owner declined the offer as he had wanted to move into the house instead.
The house "integrates roof gardens, cantilevered wings, and pavilions around a landscaped water courtyard", according to a description on the architect's website.
Mostly Chinese who are renting GCBs
Jacqueline Wong, executive director of Savills Private Office, told EdgeProp it is mostly Chinese nationals who are renting the GCBs "at such levels".
She added that they typically do so while waiting to get their Singapore citizenship or permanent resident status before buying their own home.
Living in a GCB in land-scarce Singapore is "something that the Chinese, particularly the wealthy from Fujian province, want to secure", said an anonymous real estate broker to EdgeProp.
The broker, who specialises in the luxury housing market, added that these Chinese are not only willing to pay these premium rents but spare no expense on decking out their homes, installing state-of-the-art sound systems or tournament-grade putting greens in their homes.
Top photo via Google Street View