{"id":104115,"date":"2019-02-18T11:28:38","date_gmt":"2019-02-18T04:28:38","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/good-class-bungalows-fetch-record-prices-amid-market-slowdown\/"},"modified":"2019-02-18T12:04:20","modified_gmt":"2019-02-18T05:04:20","slug":"good-class-bungalows-fetch-record-prices-amid-market-slowdown","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/good-class-bungalows-fetch-record-prices-amid-market-slowdown\/","title":{"rendered":"Good class bungalows fetch record prices amid market slowdown"},"content":{"rendered":"


\nThe bungalow of HDB\u2019s former chairman was sold last year for nearly $94 million. (Photo: JLL)
\nDespite a slowdown in the property market, prices of Singapore\u2019s good class bungalows (GCBs) continue to soar to record heights even though foreigners are not allowed to acquire this type of asset, reported Bloomberg.
\nWith just about 2,500 units across the city-state, GCBs \u2013 which can only be purchased by Singapore citizens \u2013 range from colonial era homes to architect-designed modern houses with expansive landscaped gardens, cantilevered verandas and infinity pools.
\nMore:\u00a010 Facts About Good Class Bungalows
\nAside from the citizenship requirement, GCBs must have a land area of 1,400 sq m, with the house \u2013 which should not be more than two storeys high \u2013 taking up not more than 35 percent of the site.
\nA recent blockbuster deal saw Hong Kong-based oil trader Winson Group chairman Tony Tung acquire a bungalow located near the Botanic Gardens for $105.3 million \u2013 reportedly a record price for a GCB.
\nA Singaporean member of the Tsai family, who made a fortune out of insurance in Taiwan, also purchased a bungalow for $93.9 million.
\nMarket watchers expect more records to be broken soon. In fact, a bungalow near the Botanic Gardens is set to enter the market with an asking price of $3,500 psf \u2013 surpassing the previous record set last year at $2,700 psf, revealed KH Tan, managing director at Newsman Realty, which is handling the sale.
\n\u201cDue to scarcity and exclusivity, the GCB market has always been regarded as the jewel of the residential market and a coveted trophy asset to the well-heeled community,\u201d said CBRE director of capital markets Sammi Lim. \u201cGCBs have proven to be a resilient asset class through market cycles.\u201d
\nThis seems to be the case again as Singapore home prices have been on the downtrend lately following the government\u2019s release of additional property cooling measures last year. In the three months ended 31 December 2018, home prices dipped 0.1 percent, ending five consecutive quarterly gains.
\nThe growing number of millionaires in the city-state also helped underpin activity in this market segment. CBRE revealed that the number of GCB transactions rose 47 percent in the second half of 2018 from H1 2018.
\nTypical buyers of GCBs are super-wealthy locals as well as foreigners who have received their citizenship, said Tan.
\n\u201cThe super rich want to buy the best diamond, the best car, so in Singapore residential, the Good Class Bungalow is the best you can get,\u201d noted Tan.
\nFind\u00a0landed houses for sale\u00a0or read our\u00a0buying guides. Can you afford a landed house? Check your\u00a0affordability\u00a0now.\u00a0
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Good class bungalows fetch record prices amid market slowdown<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The bungalow of HDB\u2019s former chairman was sold last year for nearly $94 million. (Photo:...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-104115","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-r5h","jetpack-related-posts":[{"id":61282,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/strong-pick-up-in-sales-of-gcbs-and-sentosa-cove-homes\/","url_meta":{"origin":104115,"position":0},"title":"Strong pick-up in sales of GCBs and Sentosa Cove homes","date":"July 20, 2017","format":false,"excerpt":"\r View of waterfront bungalows in Sentosa Cove. Sales of good class bungalows (GCBs) and Sentosa Cove homes picked up in the first half of 2017 from a year ago, according to a report by List Sotheby\u2019s International Realty, Singapore. Based on caveats lodged with URA Realis, 20 GCBs and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":120690,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/googles-sergey-brin-bridgewaters-ray-dalio-and-inventor-james-dyson-lead-celebrity-tycoons-rush-for-singapores-good-class-bungalows-causing-prices-to-soar\/","url_meta":{"origin":104115,"position":1},"title":"Google\u2019s Sergey Brin, Bridgewater\u2019s Ray Dalio and inventor James Dyson lead celebrity tycoons\u2019 rush for Singapore\u2019s Good Class Bungalows, causing prices to soar","date":"March 23, 2021","format":false,"excerpt":"\r In the first two and half months of 2021, Realstar Premier Group brokered the sale of five detached houses \u2013 including three Good Class Bungalows (GCBs) \u2013 and a corner semi-detached house at One Tree Hill estate. The six deals fetched a sales value of S$137.63 million (US$102.7 million).Last\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":64982,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-gcbs-off-holland-road-could-fetch-65m\/","url_meta":{"origin":104115,"position":2},"title":"Two GCBs off Holland Road could fetch $65m","date":"August 30, 2017","format":false,"excerpt":"\r View of the two bungalows at Peirce Road. (Photo: Cushman & Wakefield) Two hilltop good class bungalow (GCB) plots at 26A and 26B Peirce Road off Holland Road have been put up for sale by expression of interest (EOI), said marketing agent Cushman & Wakefield. Zoned residential under the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":63708,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-home-sales-expected-to-gradually-rise\/","url_meta":{"origin":104115,"position":3},"title":"Luxury home sales expected to gradually rise","date":"August 15, 2017","format":false,"excerpt":"\r \u00a0 A total of 22 good class bungalows (GCB) collectively worth S$463.91 million changed hands in 1H 2017, up from 14 GCBs with a combined value of S$298.36 million in the same period a year ago, according to a report from CBRE. \u201cThe largest deal was that of a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":108264,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-good-class-bungalows-up-for-sale\/","url_meta":{"origin":104115,"position":4},"title":"Two Good Class Bungalows up for sale","date":"June 19, 2019","format":false,"excerpt":"\r Good Class Bungalows (GCBs) are the most prestigious type of landed housing in Singapore that only Singaporeans can buy. Shown is a\u00a0two-storey bungalow at 22A King Albert Park. Two good class bungalows (GCB) within District 10\u2019s Bin Tong Park and District 21\u2019s King Albert Park GCB areas have been\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2019\/06\/5-Bin-Tong-Park.jpg?fit=810%2C540&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":93023,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/freehold-bungalow-at-sixth-avenue-up-for-sale-at-16m\/","url_meta":{"origin":104115,"position":5},"title":"Freehold bungalow at Sixth Avenue up for sale at $16m","date":"July 3, 2018","format":false,"excerpt":"\r The old single-storey bungalow near Sixth Avenue MRT station was built around the 1980s. (Photo: JLL) A freehold bungalow at 45 Sixth Avenue has been put up for sale carrying an asking price of $16 million or about $1,274 psf, revealed marketing agent JLL on Monday (2 July). 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