SINGAPORE (EDGEPROP) - Located at a cul de sac on Bishopsgate is a newly completed Good Class Bungalow (GCB). It sits on a freehold site of just over 17,100 sq ft, with a built-up area of 15,000 sq ft. Word on the street is that it was recently leased for $150,000 a month, which is a record-breaking rental transaction for a GCB in Singapore to date.

Wendy Neo, a specialist in renting and selling of luxury homes at ERA Realty Network, brokered the deal. According to Neo, only high net worth foreigners are willing to pay a six-digit monthly rent for a house. But what do they look for? “They are particular about the location of a property, the size and number of bedrooms, but the most important criteria is that it has to be well-designed and new,” says Neo.

As these high net worth individuals tend to own multiple cars, they also prefer houses with a sizeable garage or basement carpark, she adds.

The appeal of the GCB at Bishopsgate is its timeless design by award-winning architect Guz Wilkinson of Guz Architects. The architect had originally designed the house for the homeowners who wanted a property with a high level of finish. A standout feature of the house is the luxuriant greenery, which is a hallmark of all Guz Architects’ designs.

The house has a rooftop gym and a 23m swimming pool on the attic level. The swimming pool was designed with a glass floor and acts as a skylight bringing natural light to a central atrium on the lower levels of the house. A terraced roof garden offers a commanding view of the surrounding greenery.

The first level of the house has an entertainment space that opens out to a garden, while the driveway leads directly to a basement garage that can accommodate up to six cars.

The GCB at Bishopsgate is the first time that a residential property in Singapore has achieved a monthly rental rate exceeding $100,000. Market sources say it’s likely to be a wealthy Chinese national.

This is higher than the previous record $85,000 a month for a GCB at Ewart Park that was transacted in May and another GCB on Cluny Road that was transacted in January for the same figure.

Last year, the highest rental rate was also $85,000 a month for the Cluny Road GCB in January. But the next highest was $75,000 a month for a detached house on Ladyhill Road, that was transacted in May.

ERA’s Neo says while there are certainly more high net worth foreigners in Singapore, “only a select few” are willing to splash out $100,000 to $150,000 a month to rent a house. She has another luxury bungalow for lease at Tanglin Hill. According to the listing, the house has seven bedrooms and nine bathrooms. It sits on a land area of 35,000 sq ft. The asking rent is upward of $125,000 a month. If that is achieved, the Tanglin Hill bungalow would be a close runner-up to the record-breaking $150,000-deal at Bishopsgate.

Check out the latest listings near Bishopsgate, Cluny Road, Ewart Park, Tanglin Hill