Homes for the wealthy — larger plots and higher prices for GCBs

/ EdgeProp
January 3, 2019 8:00 AM SGT
The total number of Good Class Bungalow transactions in 2018 stood at 39 as at end-November. Leong Boon Hoe, chief operating officer of List Sotheby’s International Realty Singapore (List SIR), expects the full-year figure to match the 42 deals last year.
GCB sales surged from 25 deals in 2014 to 32 in 2015. While the sales dipped slightly in 2016 to 29, they rose sharply to 42 last year. Leong attributes the strength of the GCB market to the profile of the owners and buyers: ultra-high-net-worth (UHNW) individuals with strong financial backing who are also long-term property investors.
While the property cooling measures implemented in July have brought about a “wait-and-see approach” among most property buyers, the niche group of GCB buyers is less affected, says Leong. Their buying decisions are not limited to affordability but are instead based on whether “the property fits their needs, objectives and fancy”, he says.
Of the top 10 GCB sales by absolute prices this year, at least five changed hands in the months following the July cooling measures, according to data from URA and List SIR.
A prominent sale is that of a GCB on Dalvey Road in the White House Park GCB area. It is the most expensive GCB transacted this year, according to caveats lodged with URA Realis. The GCB was sold for $93.9 million ($1,804 psf) in September, just two months after the latest property cooling measures. The house sits on an elevated land area of 52,055 sq ft at one of the highest points in the estate, and was home to one of Singapore’s founding fathers, the late Lim Kim San. The GCB belonged to the estate of Lim, who was also the first chairman of the HDB and oversaw the early development of public housing in Singapore.
A house on Dalvey Road changed hands for $93.9 million ($1,804 psf) in Sept, and is the most expensive GCB sold this year (Credit: JLL)