Land is rare in Singapore, hence the value of freehold properties. And if you own the land on which the property stands, the value of your asset could be even higher. And the rarities of rarities, sizeable landed properties oftentimes in exclusive enclaves surround by greenery and in prime locations, are the few and far in between Good Class Bungalows (GCBs).
These highly sought-after and equally pricey landed properties are often considered long-term investments, especially by high-net-worth individuals or even exclusive funds. In the whole of Singapore, there are only 2,500 of these GCBs which are of at least 1,400 sq m (or the estimated size of a quarter of a football field) and 2-storeys tall. In addition to the size, the liveable “roofed area” can only take up 35 per cent of the entire plot of land, ensuring a majority of open space.
Out of these 2,500 Good Class Bungalows left in Singapore, 65 have been gazetted for conservation. Most of these are situated in areas where Singapore’s first plantations were located, including Bukit Tunggal, Caldecott Hill and Cluny Hill. Prices of GCBs vary from the expensive to the well, very expensive. In less centralised districts such as Caldecott and Binjai Park, these properties tend to be priced slightly lower than those in prime districts such as Nassim Hill and the surrounding Tanglin area such as Bishopsgate and Chatsworth. It is not uncommon to see prices of $20 million and up for these rare cream of the crop properties. And with the property sector feeling more upbeat this year, the second half may see more Good Class Bungalows transactions taking place.