SINGAPORE: Eye-watering indeed is Good Class Bungalow rental prices in Singapore. At least three Good Class Bungalows (GCB) currently on the rental market are being advertised for up to a whopping $100,000 a month, according to our sources in the real estate industry.
Good Class Bungalows cost the earth for a good reason: They take up a valuable chunk of the earth, which is in limited supply on a small island like Singapore.
Indeed, a Good Class Bungalow is the height of luxury in landed property in land-scarce Singapore, breath-taking in its amplitude, for its sheer size and spaciousness. These bungalows — mansions, really — are situated on sprawling land parcels in prime locations like the affluent neighborhoods of Bukit Timah, Nassim, Tanglin, and Sentosa Cove.
Strict planning regulations imposed by the Singapore Government maintain the exclusivity of GCBs. Real estate experts say the scarcity of GCBs significantly contributes to their high demand and jaw-dropping price tags.
With only a limited number of GCBs available for sale at any given time, competition among affluent buyers intensifies, further driving up property values. While the exact figures may vary depending on the location, a GCB can command prices ranging from several million to tens of millions of dollars.
Good Class Bungalow rental prices are also not for the faint-hearted.
Current Good Class Bungalow rental prices
A larger GCB in Cluny Park, sitting on a 15,952 sq ft plot, with six bedrooms and six bathrooms, is on the rental market for a negotiable price of $90,000. The real estate agent we spoke to said the owners are seeking a minimum $80,000 monthly rental as the bungalow has been newly renovated.
A search on Property Guru shows that several GCBs are commanding a $100,000 monthly rental, with some even going up to $150,000.
The priciest GCB listed for rent on the property portal is a mammoth bungalow at Queen Astrid Park.
This 10-bedroom, 10-bathroom jumbo bungalow sits on a behemoth 36,500 sq ft plot and is listed for a whopping $300,000 monthly rental, despite being partially furnished.
Interest in the rental prices GCBs command has heightened after the Singapore Land Authority said that it benchmarks the guide rent on state-owned properties it leases out against the market price. /TISG