JUST SOLD: Two GCBs sold within two days

By Tan Chee Yuen / The Edge Property | April 21, 2016 3:50 PM SGT
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 $1,392 psf in 1Q2016.
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GCBs are landed detached houses that have a plot size of at least 1,400 sqm or about 15,069 sq ft, and are located within the designated Good Class Bungalow Areas. Owing to their rarity and exclusivity, they are often seen as the most luxurious and desirable type of residence in Singapore.
2016 year-to-date GCB transactions
Contract date
Street name
Area (sq ft)
Price ($)
Price ($ psf)
Postal District
Planning Area
30/3/2016
Swettenham Close
16,598
22,480,000
1,354
10
Tanglin
29/3/2016
Fifth Avenue
15,070
24,500,000
1,626
10
Bukit Timah
21/3/2016
Gallop Road
15,888
27,000,000
1,700
10
Tanglin
21/3/2016
Tanglin Hill
17,728
27,500,000
1,551
10
Tanglin
3/3/2016
Swiss Club Road
19,590
20,250,000
1,034
11
Bukit Timah
11/2/2016
Peirce Road
16,221
23,999,000
1,479
10
Tanglin
27/1/2016
Mount Echo Park
16,824
22,250,000
1,322
10
Tanglin
11/1/2016
Yarwood Avenue
16,167
15,700,000
971
21
Bukit Timah
4/1/2016
King Albert Park
16,749
25,000,000
1,493
21
Bukit Timah

Source: URA, The Edge Property

* Profitability computed based on caveat data matching and excludes all fees and duties, as well as any construction and renovation costs