Buyers and sellers of Good Class Bungalows (GCB) seem to be gradually meeting on the same page as the price gap between them narrows and more transactions were recorded thus far this year – 19 to be exact, valued at a total of $438.17 million. In 2015, 33 GCBs valued at a total of $714.78 million were sold and 28 totalling $626.14 million in 2014. Analysts are predicting up to 30 GCB sales in 2016.
Even though prices of these rare properties have not fallen much at all, investors’ interest seems to not have waned. Developer OUE have just picked up 2 sites from the British government in Nassim road at $1,652 psf for $56.58 million, a steal considering the median price of the area stands at $2,000 psf.
An increasing number of GCB buyers are new citizens, buying over these massive-sized properties from Singaporeans moving between property transactions and investment deals. These buyers see the potential in prime properties and the slightest of price adjustments will spike their interest in their search for property upgrades and prestigious addresses. Recent sales included a $27 million GCB in Gallop road and currently on the market are a $38 million Bukit Tunggal Road GCB sized at 14,000 sq ft and a $30 million Dalvey Road property on a 15,211 sq ft site.