Off-market deals, younger buyers drive Singapore’s Good Class Bungalow market in 2025
The GCB sitting on a freehold plot of 80,448 sq ft, was sold for $148 million in December to developer Victor Soh Choon Lai of Pinnacle Assets (Photo: Samuel Isaac Chua/EdgepProp Singapore)
In early December, a Good Class Bungalow (GCB) on a freehold site of 80,448 sq ft along Peirce Road changed hands for $148 million ($1,840 psf), making it the largest GCB transaction of the year by absolute price.
“It is very rare for such a large plot of over 80,000 sq ft to be available for sale in this area,” says Alvin Choo, senior associate district director at PropNex. “Given its regular shape and exclusive location, the site could potentially be subdivided into three GCBs, which would appeal to ultra-high-net-worth, multi-generational families.”
The Peirce Road sale capped a year marked by several sizeable GCB transactions, reinforcing the segment’s status as a discreet, relationship-driven market where many of the biggest deals take place out of public view.
Another December transaction was the estate sale of a GCB at Dalvey Estate for $41.6 million ($2,674 psf), just 11.5% below its asking price of $47 million. The Victorian-style double-storey bungalow sits on an elevated freehold site of 15,555 sq ft and attracted several bids when the tender closed on Dec 8, says Mary Sai, executive director of capital markets at Knight Frank Singapore, which handled the sale. “The seller decided to award the site to the highest bidder,” she adds.
Including these late-year deals, there were 28 GCB transactions worth $966.24 million in 2025, estimates Han Huan Mei, director of research at List Sotheby’s International Realty. This compares with 23 caveated deals valued at over $652 million in 2024.
“Based on both transaction volume and total value, the GCB market in 2025 outperformed 2024,” says Han.
Photo of the GCB at Dalvey Estate when it was newly completed in 1987 (Photo: Albert Chua/The Edge Singapore)
The GCB at Dalvey Estate was recently awarded to the highest bidder at $41.6 million at the close of the tender on Dec 8 (Photo: Albert Chua/The Edge Singapore)
Off-market deals shape the real picture
Beyond caveated transactions, Han estimates that another eight off-market deals were concluded during the year. This brings the total number of GCB sales in 2025 to about 36, with total transaction value reaching $1.364 billion, or an average of $2,134 psf. This is broadly in line with 2024, when 35 GCBs changed hands at a similar aggregate value of $1.36 billion, albeit at a higher average price of $2,428 psf. Last year’s average psf price was lifted by the sale of a GCB at Tanglin Hill for $93.9 million, which translated to $6,017 psf and set a record-high land rate. Han attributes the exceptional pricing to the fact that it was a newly built home with an extensive built-up area of about 29,660 sq ft spanning a basement, two storeys and an attic — underscoring how new-build GCBs continue to command outsized premiums.
“There will be deals that are subject to non-disclosure conditions and cannot be tracked via caveat data,” notes Steve Tay, executive director of boutique agency Steve Tay Real Estate.
The GCB at Joan Road, with a pair of bungalows on a 39,276 sq ft freehold site was sold for $58 million to the sons of Koufu Group founders
Younger buyers step into the GCB market
A notable trend this year is the younger profile of GCB buyers. “The average age of GCB buyers in 2025 is younger compared to last year,” says Julian Yip, managing director of Realstar Premier Group.
One example is the sale of a GCB at Joan Road in the Caldecott Hill estate, which changed hands for $58 million ($1,477 psf). The buyers are said to be the two sons — aged 25 and 30 — of Koufu Group founders Pang Lim and Ng Hoon Tien. The property comprises a pair of bungalows on a 39,276 sq ft freehold site.
The Joan Road property had been owned by Chan Kok Kwan, former president of the Diamond Importers Association of Singapore, who acquired it in the 1960s. Three generations of the Chan family had lived there over the past six decades.
In September, Gallant Tang, the 29-year-old group CEO of SingHaiyi, acquired a GCB at Second Avenue for $53 million ($2,652 psf). The freehold property sits on a 19,998 sq ft site with a built-up area of 16,661 sq ft and was completed in 2013. Tang is the son of Gordon and Celine Tang, both substantial shareholders of SingHaiyi.
Gallant Tang, the 29-year-old group CEO of SingHaiyi, acquired a GCB at Second Avenue for $53 million ($2,652 psf (Photo: Samuel Isaac ChuaEdgeProp Singapore_
Legacy homes change hands
Several other notable transactions this year involved long-held family homes changing ownership.
A conserved GCB at Dalvey Estate, sitting on a 21,882 sq ft freehold site and previously owned by the family of former Singapore president Ong Teng Cheong, is said to have changed hands for over $60 million ($2,742 psf) in September. The buyer was Zhang Song, a new Singapore citizen and director of Hoovasun Holdings, which holds a minority stake in the upcoming Media Circle (Parcel A) development.
The GCB at Camden Park was sold for $48 million to Kelvin Teo Peng Kwang, COO of accommodation business at Centurion Corp (Photo: Samue; Issaac Chus/EdgeProp Singapore)
In November, a GCB at Camden Park was sold for $48 million to Kelvin Teo Peng Kwang, COO of accommodation business at Centurion Corp. The property, on a 29,918 sq ft freehold site, had been the family home of late architect Ho Kok Hoe for nearly half a century.
Earlier in April, the GCB of another pioneer architect, Alfred Wong, was sold for $45 million ($2,283 psf). The freehold property sits on a 19,713 sq ft site and was said to have been designed by Wong himself in the 1960s.
Also in April, the GCB of the late Cecil Vivian Richard Wong, former chairman of Bukit Sembawang Estates, was sold for $47 million. Located on Joan Road in Caldecott Hill, the property sits on a 29,483 sq ft site and was sold by his three sons, each holding a one-third share.
The GCB at Joan Road, formerly home of the late Cecil Vivian Richard Wong, former chairman of Bukit Sembawang Estates, was sold for $47 million in April (Albert Chua/The Edge Singapore)
Redevelopment potential, new builds
The Peirce Road GCB that fetched $148 million also belonged to a prominent family. A property title search shows the joint sellers were Tan Huan Gie Nee Ong, daughter of Metro retail stores founder Ong Tjoe Kim, and Tan Cheng Han, who is related to Singapore’s pioneering businessman and philanthropist Tan Kah Kee.
The buyer was Victor Soh Choon Lai, managing director of Pinnacle Assets Group, a property developer that has increasingly focused on landed housing — including GCBs — over the past decade.
For developers, older GCBs priced at fair value remain attractive, says Tay. “They see value in tearing down these older houses and building new homes for sale.”
A newly built GCB at Chee Hoon Avenue changed hands for $55 million ($3,955 psf) in August (Photo: Samuel Isaac Chua/EdgeProp Singapore)
At the same time, newly built GCBs are scarce. As a result, brand-new homes are now commanding prices of around $4,500 psf, while those completed within the past three years are achieving about $3,500 psf.
Tay points to a newly built GCB at Chee Hoon Avenue, which changed hands for $55 million ($3,955 psf) in August. The property sits on a 13,905 sq ft freehold site. “Traditionally, psf prices of $4,000 are associated with prime locations closer to Orchard Road or the Singapore Botanic Gardens,” he notes.
Another GCB along Dalvey Road fetched $61 million ($4,051 psf) in November. The seller was Henry Ng Han Whatt, former deputy chairman of Singapore-listed Pan United. The buyer was said to be Wu Ching-Hsin, a Taiwanese-born Singapore citizen who, together with his wife Lee Chia Yi, established the AM Family Capital Foundation in 2023 to support philanthropic causes in Singapore.
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More owners willing to sell
Han observes that more GCB owners are becoming willing sellers. One reason is the higher property tax burden, particularly for owners who have been holding their bungalows for rental income and face prolonged vacancy periods.
Another factor is demographics. Older owners whose children have grown up and moved out may find large homes increasingly impractical and maintenance-intensive, prompting them to downsize to more manageable properties.
“With more GCBs entering the market, sellers becoming more realistic in their pricing expectations, and interest rates declining, sales momentum could pick up, with more GCBs sold in 2026,” says Han. “However, some deals will continue to be subject to non-disclosure conditions and will not be reflected in caveat data.”
Realstar’s Yip is confident the GCB segment will continue to perform well — or even outperform 2025 — and foresees potential record-breaking deals at the very top end of the market.
Meanwhile, older GCBs on sizeable plots are likely to remain in strong demand, as illustrated by the recent $148 million Peirce Road purchase by developer Pinnacle Assets.
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