Fewer than thirty lots. A single road that dead-ends into leafy silence. Freehold land priced above S$2,000 per square foot. Ewart Park is not Singapore’s largest Good Class Bungalow enclave, but it may be its most private — and in the ultra-luxury market, privacy is the scarcest commodity of all. Tucked behind Holland Road in prime District 10, the street folds away from traffic and noise the moment you turn off the main road, delivering the rare sensation of having left the city without having left it at all.
In 2024, one transaction here broke into the record books: a 38,038 sq ft freehold plot changed hands for S$79.9 million (S$2,098 psf on land), representing a doubling in capital value from its 2010 purchase price of S$39.8 million. That single data point — 100 percent appreciation in fourteen years — encapsulates why the Singapore ultra-high-net-worth community, family offices, and a new cohort of younger tech entrepreneurs have put Ewart Park firmly back on their acquisition shortlists (as of 2026-05).
Ewart Park is one of 39 Good Class Bungalow Areas (GCBAs) gazetted by the Urban Redevelopment Authority (URA). Gazetted status is not a branding exercise; it is a hard statutory designation that imposes minimum plot sizes of 1,400 sqm (approximately 15,069 sq ft), a minimum frontage of 18.5 m, minimum depth of 30 m, and a building height cap of two storeys for all residential structures within the boundary. These controls, published in the URA Development Control Guidelines for Bungalows, are deliberately restrictive to preserve the low-density, landed character of Singapore’s most exclusive residential enclaves.
Ownership eligibility adds a further gatekeeping layer. Under the Residential Property Act, only Singapore Citizens — or approved entities comprising solely Singapore Citizens as directors, shareholders, trustees, and beneficiaries — may own a GCB. Permanent Residents and foreigners must obtain approval from the Land Dealings Approval Unit (LDAU) under the Singapore Land Authority, a process that is rarely granted for pure residential use. This citizenship constraint is a deliberate policy choice that permanently restricts the buyer pool, suppressing speculative activity from overseas capital and anchoring the market to domestic wealth.
Ewart Park sits within District 10’s Ardmore-Bukit Timah-Holland Road-Tanglin corridor, historically the most expensive residential postcode in Singapore. It neighbours the Holland Village dining and retail strip to the south-west and is within a short drive of the Botanic Gardens UNESCO World Heritage Site, Dempsey Hill, and the international schools cluster along Bukit Timah Road. The landed market in District 10 has recorded consistently the highest median transacted prices among all Singapore districts, and Ewart Park represents one of the enclave’s premium sub-clusters within that already-elevated benchmark.
Ewart Park is a gazetted Good Class Bungalow Area (GCBA) in District 10. GCBAs are Singapore's most exclusive residential zones — plots must be at least 1,400 sqm, capped at two storeys, and ownership is restricted to Singapore Citizens (Permanent Residents require an LDAU exception in rare cases).
Best suited for
Methodology
Transaction figures are sourced from URA REALIS caveats (typically 2-4 week lag). Plot-area threshold of 1,400 sqm is enforced per the URA gazette. Only Detached property types are counted; Strata Detached cluster homes within the GCBA are excluded. GCBA assignment uses our internal street→area gazetteer (view all 39 GCBAs).
Related
- Genuine scarcity: Fewer than 30 lots in the entire estate means Ewart Park is among Singapore’s smallest gazetted GCB enclaves by plot count. Supply is structurally fixed; the URA will not gazette additional GCB land. Every transaction is a primary event in a thin market, and buyer competition can emerge quickly when a quality lot is offered.
- Larger-than-average plot sizes: Because the enclave is more secluded and historically commanded a psf discount relative to Nassim or Cluny Park, earlier owners were able to accumulate larger contiguous plots. The 2024 benchmark transaction covered 38,038 sq ft — more than 2.7 times the gazetted minimum. This provides new owners with significant built-up area potential within the two-storey height envelope.
- Freehold tenure with URA conservation protection: All lots within the gazetted boundary hold freehold status, eliminating lease-decay risk over the generational holding periods typical of GCB ownership. Gazetted status concurrently protects against redevelopment to higher-density residential or commercial uses, preserving the neighbourhood character indefinitely.
- Privacy by design: Downward-sloping terrain, dense greenery, and several no-through roads mean plots are naturally screened from street-level sightlines. One notable property features a plot not visible from the road despite a frontage exceeding 30 m. This physical privacy is difficult to replicate in more prominent GCB enclaves like Nassim Road or Cluny Park.
- Proximity to Holland Village and Dempsey: The 10-minute walk (or 3-minute drive) to Holland Village’s dining enclave and the 5-minute drive to Dempsey Hill give residents top-tier lifestyle access without the traffic exposure of Orchard Road. The catchment also includes Cold Storage, Marketplace, and multiple international cuisine options within 1 km.
- Strong capital appreciation record: The 2024 S$79.9 million transaction demonstrates compounded appreciation of approximately 5% per year over fourteen years in an asset that generated no rental income. As a store of multigenerational wealth, the track record supports the thesis that prime GCB land outperforms over long holding periods even when nominal yields are near zero.
- Extreme illiquidity: With fewer than 30 lots and annual turnover rates well under 10%, a buyer must be prepared to hold for years before a favourable exit window opens. Forced sales — whether from liquidity stress, estate disputes, or unexpected regulatory changes — can involve significant price concessions in a market with only a handful of potential buyers at any given moment.
- Total acquisition cost substantially above S$20 million: The S$2,000+ psf benchmark, combined with minimum plot sizes of 1,400 sqm, implies entry prices of S$28 million at the absolute floor for a compliant lot. Most realistic lots trade from S$35 million to S$80 million+. Buyers must factor Additional Buyer’s Stamp Duty (ABSD) — currently 0% for Singapore Citizens on their first residential property, but 20% on a second property — plus legal, renovation, and carrying costs. Use the Stamp Duty Calculator and Total Acquisition Cost Calculator for full scenario modelling.
- Significant construction and restoration cost: Many lots host ageing bungalows that require extensive renovation or complete demolition and rebuild. The two-storey height restriction limits gross floor area, constraining the cost-recovery potential through eventual sale. Build costs for ultra-luxury GCB homes in 2025 are running at S$600–S$900 psf on built-up area for high-specification finishes, adding S$5–S$15 million on top of land cost for full rebuilds.
- Near-zero rental yield: URA data shows that GCBs across Singapore generate gross yields typically below 1.5% on land value. At S$2,000 psf land prices, the rental income from a GCB — even at S$30,000–S$50,000 per month for a fully furnished property — produces yields of 0.5%–0.8%. Buyers who require income return should stress-test their holding cost assumptions carefully.
- Policy risk on eligibility and ownership rules: The Singapore government has previously tightened GCB ownership rules (most recently limiting eligibility to Singapore Citizens in 2012) and could impose additional cooling measures, ownership caps, or holding-period requirements in response to wealth-concentration concerns or macro-prudential conditions. Such regulatory changes have historically been announced with limited lead time.
- Limited comparables for valuation: The small transaction pool means professional appraisers and banks rely on a sparse set of comparables, sometimes spanning multiple years. This can affect mortgage quantum and refinancing flexibility, particularly in periods when the market is quiet.
[
{
"persona": "Ultra-high-net-worth family seeking multigenerational legacy asset",
"fit_color": "green",
"reason": "Freehold tenure, permanent supply constraint, and proven capital appreciation over 14-year holding periods make Ewart Park an ideal generational wealth store. The small enclave, citizenship requirement, and natural privacy features align with legacy-planning priorities."
},
{
"persona": "Singapore family office principal diversifying from financial assets",
"fit_color": "green",
"reason": "GCB land has demonstrated low correlation with equity markets and bond cycles. Ewart Park’s thin supply, citizenship-only eligibility, and URA protections reduce mark-to-market volatility. See also the <a href=\"/blog/singapore-family-office-property-strategy\">Singapore Family Office Property Strategy guide</a> for structuring considerations."
},
{
"persona": "Singapore Citizen upgrader from GCL or good-class bungalow elsewhere",
"fit_color": "green",
"reason": "First-time GCB buyers who are Singapore Citizens and not holding another residential property face 0% ABSD, making total acquisition cost competitive. The Ewart Park psf discount to Nassim Road and Cluny Park means more land value per dollar at entry."
},
{
"persona": "Investor seeking rental yield or short-term capital gains",
"fit_color": "red",
"reason": "Gross yields are typically below 1.0% on current land values. Transaction frequency in the enclave is one to two deals per year at best. This is a wealth-preservation and legacy vehicle, not a yield or momentum play."
},
{
"persona": "Permanent Resident or foreign national without LDAU approval",
"fit_color": "red",
"reason": "Ownership is restricted to Singapore Citizens or qualifying citizen-only entities under the Residential Property Act. PRs and foreigners require Land Dealings Approval Unit clearance, which is rarely granted for pure residential GCB acquisition."
},
{
"persona": "Buyer requiring liquidity within a 3–5 year horizon",
"fit_color": "amber",
"reason": "GCBs can appreciate significantly over longer periods but the market is illiquid. Finding a qualified buyer at a target price within a short window is not assured; sellers who accept realistic pricing can transact but often wait 6–18 months for the right buyer."
}
]
Ewart Park is a rare combination: near-absolute privacy, structural supply scarcity, freehold tenure, and a District 10 address — all in fewer than 30 lots. The S$79.9 million transaction of 2024 validated that even within the already-exclusive GCB segment, Ewart Park commands benchmarks comparable to the most prestigious enclaves on the island. It is not a market for buyers optimising yield, liquidity, or resale within a standard investment horizon. It is a market for Singapore Citizens building intergenerational wealth in a real asset that URA has permanently shielded from higher-density redevelopment.
Compared to Nassim Road (more prominent, higher psf, larger pool) and Cluny Park (botanical, more visible), Ewart Park offers a distinct proposition: the deepest privacy in the District 10 GCB cluster, with plot sizes that often exceed the gazetted minimum by 2–3 times, and historically a moderate psf discount that rewards patient buyers who are willing to look past its lower public profile. For the right buyer — a Singapore Citizen with a multi-decade horizon, no requirement for rental income, and a preference for genuinely off-the-radar living — Ewart Park may be the most underrated GCB enclave in prime Singapore.
Prospective buyers should review the GCB Price Trend analysis and consult the GCB & Ultra-Luxury Map to benchmark recent transactions, and engage a licensed property consultant experienced in the GCB segment before proceeding (as of 2026-05).
Frequently asked questions
How many Good Class Bungalow lots are in Ewart Park?
The Ewart Park GCBA is one of Singapore’s smallest gazetted enclaves, comprising fewer than 30 lots in total. This extreme scarcity is a key driver of its appeal: the supply of available properties at any given time is typically one or two, making each transaction a meaningful price event for the entire enclave.
Who is eligible to buy a Good Class Bungalow in Singapore?
Under the Residential Property Act, only Singapore Citizens are permitted to own a GCB without special approval. Approved ownership entities must have all directors, shareholders, trustees, and beneficiaries as Singapore Citizens. Permanent Residents and foreigners must apply to the Land Dealings Approval Unit (LDAU) under the Singapore Land Authority (SLA) — approval for pure residential GCB purchase is rarely granted. This eligibility restriction has been in place since 2012 and is a deliberate government policy to anchor GCB ownership within the citizen community.
What are the URA planning rules for GCBs at Ewart Park?
All plots within Ewart Park’s gazetted boundary must comply with URA’s GCB Development Guidelines: minimum plot size of 1,400 sqm, minimum frontage of 18.5 m, minimum depth of 30 m, maximum building height of two storeys, and site coverage (building footprint) not exceeding 40% of the land plot. These rules apply uniformly across all 39 gazetted GCB areas in Singapore and cannot be waived through planning appeals. Full guidelines are published on the URA website.
What is the typical price range for a GCB at Ewart Park?
Ewart Park GCBs have transacted in a range broadly between S$19 million for smaller lots at lower psf benchmarks to S$79.9 million for a 38,038 sq ft freehold plot in 2024. The prevailing market benchmark for the broader Singapore GCB segment in 2025 was approximately S$2,100–S$2,150 psf on land area, implying a minimum entry of around S$29 million for a compliant 1,400 sqm lot. Most realistic Ewart Park lots trade well above this floor given the larger average plot sizes in the enclave.
What is the rental yield on a Good Class Bungalow at Ewart Park?
Gross rental yields on GCBs across Singapore are typically below 1.5% on current land values, and at Ewart Park’s S$2,000+ psf benchmarks, realistic yields are closer to 0.5%–1.0%. Monthly rents for fully furnished GCBs in District 10 GCB enclaves typically range from S$25,000 to S$50,000 depending on plot size, built-up area, and furnishing level. GCBs are wealth-preservation and legacy assets, not yield vehicles; buyers relying on rental income to service carrying costs should model scenarios carefully.
How does Ewart Park compare to other District 10 GCB enclaves like Nassim Road or Cluny Park?
Nassim Road commands the highest median psf of all Singapore GCB enclaves given its Orchard Road adjacency and diplomatic prestige. Cluny Park draws buyers seeking proximity to the Singapore Botanic Gardens and an elevated, park-facing setting. Ewart Park sits between these two in psf terms but offers a degree of seclusion that neither can match: no-through roads, downward-sloping terrain that hides grounds from street view, and a true cul-de-sac character. Buyers who prioritise absolute privacy over prestige address often find Ewart Park the more compelling proposition per dollar of land value.
Is it possible to subdivide or amalgamate GCB plots at Ewart Park?
Subdivision of an existing GCB lot is not permitted if it would result in any resulting plot falling below the 1,400 sqm minimum. Amalgamation of adjacent plots is permissible and can create very large landholdings, as seen in the 38,038 sq ft example from 2024. Any subdivision or amalgamation requires URA planning approval, and proposed developments must comply with all GCB siting and density controls at the time of application. Buyers considering land assembly should obtain preliminary planning advice from URA before entering into any purchase agreements.