{"id":63708,"date":"2017-08-15T10:13:05","date_gmt":"2017-08-15T03:13:05","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-home-sales-expected-to-gradually-rise\/"},"modified":"2017-08-15T10:19:38","modified_gmt":"2017-08-15T03:19:38","slug":"luxury-home-sales-expected-to-gradually-rise","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-home-sales-expected-to-gradually-rise\/","title":{"rendered":"Luxury home sales expected to gradually rise"},"content":{"rendered":"


\n\u00a0
\nA 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.
\n\u201cThe largest deal was that of a Queen Astrid Park bungalow, which went for S$46 million or S$1,548 psf to a local businessman,\u201d noted the property consultancy.
\nHowever, the most recent figures were lower than the 23 GCBs sold for S$490.17 million in 2H 2016, while average prices dropped by 6.9 percent to S$1,242 psf based on land area on a six-month basis.
\nAt Sentosa Cove, eight bungalows were transacted during the first half of the year from four in 2H 2016 and zero in the same period last year. Overall sales for the most recent period stood at S$116.65 million or S$1,541 psf based on land area, down from S$1,881 psf in last year\u2019s second half.
\nSEE ALSO:\u00a0Strong pick-up in sales of GCBs and Sentosa Cove homes
\nLooking ahead, CBRE expects sales of bungalows in the posh enclave to hit 15 to 20 units for the whole of 2017, with prices likely to remain at around present figures. Overall, 35 to 40 GCBs are projected to change hands this year from 37 in 2016, while prices are predicted to be unchanged or post a marginal correction.
\nMeanwhile, sales of luxury apartments in Singapore\u2019s Core Central Region (CCR) worth S$5 million and above increased by 38 units in 1H 2017 despite the absence of new launches in the area for the said period. In fact, 170 caveats were submitted for such transactions in the first half versus 132 in 1H 2016.
\nAlthough average prices rose to S$2,446 psf in the first half of 2017 from S$2,396 psf six months ago, this is lower than the S$2,519 psf recorded in 1H 2016.
\n\u201cThe 2.9 percent year-on-year decline in average price was likely due to the fact that the best-selling luxury project during the period was Leedon Residence, which sold 44 units at an average price of S$1,993 psf. In contrast, in H1 2016, the top-selling luxury project was Ardmore Three with 35 such caveats lodged at an average price of S$3,217 psf,\u201d said CBRE.
\nDespite the annual dip in prices, the property consultancy thinks that overall luxury prices would remain relatively stable for the rest of 2017, while transaction volume is anticipated to \u201cgradually rise\u201d from 2016, amidst the strong holding power of developers given the limited new supply of upscale homes in Singapore.
\n\u00a0
\nThis article was edited by Denise Djong.
\n\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Luxury home sales expected to gradually rise<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 A total of 22 good class bungalows (GCB) collectively worth S$463.91 million changed hands...<\/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-63708","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-gzy","jetpack-related-posts":[{"id":108264,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-good-class-bungalows-up-for-sale\/","url_meta":{"origin":63708,"position":0},"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":104115,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/good-class-bungalows-fetch-record-prices-amid-market-slowdown\/","url_meta":{"origin":63708,"position":1},"title":"Good class bungalows fetch record prices amid market slowdown","date":"February 18, 2019","format":false,"excerpt":"\r The bungalow of HDB\u2019s former chairman was sold last year for nearly $94 million. (Photo: JLL) Despite 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\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":63708,"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":124342,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/15-leasehold-gcbs-to-rise-at-former-caldecott-broadcast-centre-site-gloria-mansion-sold-for-70-3mil-and-more\/","url_meta":{"origin":63708,"position":3},"title":"15 leasehold GCBs to rise at former Caldecott Broadcast Centre site, Gloria Mansion sold for $70.3mil and more","date":"January 25, 2022","format":false,"excerpt":"\r 18th January to 24th January 2022 The former Caldecott Broadcast Centre site is set to become the largest cluster of leasehold Good Class Bungalows (GCBs) in Caldecott Hill as Perennial Holdings proposed to redevelop the site into 15 leasehold GCBs. Meanwhile, Gloria Mansion was sold en bloc for $70.3\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/01\/Singapore-CBD-landscape.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":110613,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/9-good-class-bungalows-sold-for-211m-in-h1\/","url_meta":{"origin":63708,"position":4},"title":"9 good class bungalows sold for $211m in H1","date":"September 10, 2019","format":false,"excerpt":"\r 16 Jervois Hill at Chatsworth Park emerged as the priciest GCB at $30.9 million, or at\u00a02,032 per sq ft (psf).\u00a0 Nine good class bungalows (GCB) exchanged hands during the first half of 2019 for a total price of $211 million, reported Singapore Business Review citing a Knight Frank report.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":99826,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/only-top-5-of-earners-can-afford-landed-homes\/","url_meta":{"origin":63708,"position":5},"title":"Only top 5% of earners can afford landed homes","date":"October 15, 2018","format":false,"excerpt":"\r Landed homes are some of the most expensive properties in Singapore. Only the top five percent of earners in Singapore or professionals like financial directors, specialist medical practitioners, lawyers and CFOs can afford landed properties in the city-state, reported the Business Times citing a ValueChampion research. This comes as\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/63708"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=63708"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/63708\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=63708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=63708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=63708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}