{"id":112627,"date":"2019-11-25T11:35:21","date_gmt":"2019-11-25T04:35:21","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/total-volume-and-value-for-gcb-deals-dip-in-2019\/"},"modified":"2019-11-25T12:12:55","modified_gmt":"2019-11-25T05:12:55","slug":"total-volume-and-value-for-gcb-deals-dip-in-2019","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/total-volume-and-value-for-gcb-deals-dip-in-2019\/","title":{"rendered":"Total volume and value for GCB deals dip in 2019"},"content":{"rendered":"


\nAnalysts say it\u2019s not surprising to see lower GCBs sales compared to 2018, given the uncertain economic climate.\u00a0
\nWhile 2019 has seen a high number of Good Class Bungalow (GCB) transactions, the overall volume and value of deals closed seem to be falling behind the exceptionally high base of 2018, reported The Business Times.\u00a0
\nProperty agents have pinned this on the uncertain business climate.
\nA study of URA Realis data by List Sotheby\u2019s International Realty (List SIR) shows that so far in 2019, 34 deals worth $645.7 million have been secured in GCB Areas. This is less than the 38 deals totalling $933.3 million for the same period in 2018.
\nFor all of last year, there were 42 transactions amounting to $1.03 billion \u2013 the only time since 2011 that the $1 billion mark was breached.
\nMarket watchers have said that on top of the above figures, for which buyers made caveats, there is possibly around $400 million in deals closed last year that were not caveated, which would make 2018\u2019s tally to around $1.4 billion.
\nThe Business Times also estimated that so far this year too, there are at least $500 million of transactions in GCB Areas that have not been shown in URA Realis.
\nREAD:\u00a0Bungalows In Singapore And How To Own One
\nThey include transactions that were not caveated or for which caveats may have not recorded recently but not captured by the Realis system because of a time lag. Also, vacant land transactions in GCB Areas are also not shown in Realis.
\nThese matters make the total year-to-date figure to almost $1.15 billion.
\nAnalysts: Dip due to high asking prices and weaker economy
\nHan Huan Mei, List SIR head of research, said that it is not that surprising that GCB transactions in 2019 are slightly lower than in 2018.
\n\u201cThis is partly due to a price gap; with owners generally still asking high prices despite the weaker economy. From the viewpoint of buyers, who would include the top brass of companies, they may be adopting a cautious stance seeing weaker business conditions, and delaying their decisions,\u201d she noted.
\nNewsman Realty managing director KH Tan said GCB prices in ultra-prime locations such as near the Botanic Gardens and Nassim, have mostly increased by 10% this year. Prices in the Holland belt were stable while those in Bukit Timah area have softened.
\n\u201cBasically, now there are two groups of buyers. First are the new citizens, who are ready to commit when they find something they like. Their preference is brand-new bungalows in prime locations such as Nassim and near the Botanic Gardens; therefore prices in these areas have increased,\u201d he explained.
\n\u201cOur local buyers tend to go more for the other GCB Areas, and they tend to be a bit more cautious to commit as the US-China trade issue is still ongoing. So when demand is slow, the price might be softer as compared to prime locations.\u201d
\nHe also believes transaction volume in 2020 will be similar to 2019\u2019s level.
\n\u201cLocal buyers who have put purchases on hold because of the trade war will come back to the market after waiting for a year. New citizens who are ready to commit will be purchasing when they see something they like.\u201d
\nHowever, he noted that the additional buyer\u2019s stamp duty (ABSD) is still a major challenge in closing deals.
\n\u201cMany potential buyers drop the idea of purchasing because of the ABSD for second and third property purchase is very high.\u201d
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Total volume and value for GCB deals dip in 2019<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Analysts say it\u2019s not surprising to see lower GCBs sales compared to 2018, given the...<\/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-112627","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-tiz","jetpack-related-posts":[{"id":113823,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sino-group-chairmans-son-acquires-gcb-for-37m\/","url_meta":{"origin":112627,"position":0},"title":"Sino Group chairman\u2019s son acquires GCB for $37m","date":"January 23, 2020","format":false,"excerpt":"\r The East Sussex Lane GCB is acquired by Alexander Ng \u2013 the son of Hong Kong-based Sino Group chairman Robert Ng. 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