A 16,221 sq ft Good Class Bungalow (GCB) located at Peirce Road fetched a whopping $14.50 million profit after being sold for $24.00 million, or $1,480 psf in February this year. The seller bought the property for $9.50 million, or $586 psf in April 2006.
Despite an annualised return of 9.9% for the transaction, prices of GCBs have eased slightly from an average of $1,469 psf in 2014 to $1,435 psf in 2015. In addition, only four GCBs were transacted above $30 million in 2015, compared to seven in 2014. All four transactions involving GCB so far this year were concluded at prices below $30 million.
GCBs are landed detached houses that have a plot size of at least 1,400 sqm or about 15,069 sq ft, and are located within the designated Good Class Bungalow Areas. Owing to their rarity and exclusivity, they are often seen as the most luxurious and desirable type of residence in Singapore.
2016 year-to-date GCB transactions
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