Sold for $28.8 million at a record $1,308 per sq ft (psf), a 22,000 sq ft conservation bungalow at 15 White House Park has become mainland Singapore's most expensive good class bungalow.

The buyer is a Singaporean, Wheelock Properties said in a statement.

The historic property called Glencaird was restored and put on sale eight years ago in 1999. Glencaird is a 105-year-old Victorian bungalow with five bedrooms.

It is also one of 12 luxury bungalows that make up The Glencaird Residences and the only conservation bungalow in the series.

Wheelock has been managing the property for Oroll, a wholly-owned unit of The Wharf (Holdings), which is also owned by Wheelock's parent, Wheelock and Company. Oroll developed the bungalows.

The other 11 bungalows have already been sold at an average price of $838 psf.

Mr David Lawrence, Wheelock's chief executive officer, said in the statement that the company had received "several offers" over the years for Glencaird, but "felt they were not reflective of the value, given that this is a very unique conservation piece in an excellent location".

Prices going up and up

Good class bungalows are Singapore's most prestigious homes. With the current property boom, they are commanding high asking prices.

According to statistics released by the Urban Redevelopment Authority, prices of landed properties rose 7.1 per cent in the second quarter of this year, compared with a 2.9 per cent increase in the first quarter.

Prior to Glencaird's sale, the record for mainland Singapore's priciest bungalow was held by 63 Dalvey Road. This was sold in March for $16.45 million at $1,091 psf.

On Sentosa, the highest price fetched by a bungalow plot is $1,473 psf.