GCB built by first Housing Board Chairman Sold for $93.9 million

There are only 39 clusters in Singapore gazetted for Good Class Bungalows (GCBs). Among these 39 spots are only 2,500 properties.

Freehold Good Class Bungalow on Dalvey road offers up a sizeable plot of land

Most of the GCBs are freehold landed properties, and they are considered one of the most valuable landed properties in Singapore.

DLV, Dalvery Road. Picture: iProperty.com.sg/sale/

Now a 52,059 sq ft freehold GCB on Dalvey road was sold for $93.9 million or $1,804 psf. Sitting on this large plot of land is currently a 2-storey bungalow. The site is elevated and can be redeveloped into 3 bungalows.

The site was sold to a Singaporean who has familial links with the Tsai family of Taiwan. Billionaire Tsai Tseng-yu and his family controls Home Equity. His father, Mr Tsai Wan-lin built Cathay Life Insurance and was considered Taiwan’s richest person at the time of his death in 2004.

The family is not unfamiliar with land acquisition in Singapore, having purchased Robinson Centre for $293 million in 2011. The bungalow was previously owned by theatre director and filmmaker Glen Goei.

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GCB transactions hit $354 million in Q3

13 Good Class Bungalows were sold in the last quarter, up from the 8 in Q2.

The total sales from Q3 came up to $354 million, more than double the $169.1 million in the quarter before. This brings to a total for all 3 quarters to $773.1 million.

The GCBs which did not have their caveats lodged include those which came from areas such as Nassim Road, Cluny Hill, Lornie Road and East Sussex Lane.

The most recent sale on Dalvey road sits on a plot which is near the Botanic Gardens. With the new property rules and restrictions, are buyers turning to freehold landed properties despite having to pay more in stamp duties?