A 15,070 sq ft Good Class Bungalow (GCB) at Fifth Avenue was sold for $24.50 million, or $1,626 psf on March 29, 2016. This translates to a profit of $1.00 million or an annualised return of 0.9%. The seller bought the property for $23.50 million, or $1,559 psf in June 2011.
On March 30, another 16,598 sq ft GCB at Swettenham Close changed hands for $22.48 million, $1,355 psf. The seller who had been holding the property since October 2010, reaped $2.48 million profit or an annualised return of 2.2%.
A total of nine GCBs were transacted in 1Q2016, up from four in the same period last year. Total transaction value doubled from $95 million in 1Q2015 to $209 million 1Q2016. None of the transactions this year exceeded $30 million. The average transacted price of GCB eased 5% y-o-y from $1,473 psf in 1Q2015 to $1,392 psf in 1Q2016.
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