S$202 million GCB sales for first half of 2024

SINGAPORE: There were nine Good Class Bungalow transactions in the first half of 2024, for a total of S$202 million.

While there had been the same number of transactions in the second half of 2023, H1 2024’s total was up by eight per cent.

However, the Singapore Business Review quoted the real estate portal PropNex as saying that the actual volume of GCB units sold in the first half of the year may be “a tad higher” because a number of deals may not have been caveated.

Good-class bungalows are the most exclusive landed homes in Singapore.

They are significant symbols of prestige and wealth in the country and can be found in neighbourhoods for the rich, such as  Bukit Timah, Nassim, Tanglin, and Sentosa Cove.

A GCB on Gallop Road, which went for S$42.5 million, and another at Bin Tong Park, with a price tag of S$84 million, are among these.

SBR further said that a GCB on Ford Avenue was the top deal for the quarter, as it was sold in March for S$39.5 million, or $2,020 per square foot of land area.

Read also: Only 20 Good Class Bungalows sold last year as transactions plunged by almost 60%

There were only 20 GCBs that were sold for the entirety of 2023, showing that transactions had plunged by 58.3 per cent year-on-year.

Amid economic uncertainty, the total value of transacted GCBs also fell by 47.9 per cent year-on-year, for a total of S$727.2 million.

Three of these transactions were for bungalows located at 42, 42A, and 42B Nassim Road in District 10.

The homes fetched a price tag of S$206.7 million, with the buyer reportedly being a rich Indonesian family who initially remained unnamed in reports. They were later revealed to be the Fangiono family.

In May, rental prices for GCBs decreased from S$100,000 to S$65,000 a month due to a slump in the premium housing market.

EdgeProp Singapore reported Jacqueline Wong, executive director of Hardington Private, a niche consultancy for ultra-high-net-worth individuals and family offices, as saying:

“Some GCBs listed at monthly rents of S$100,000 before have now been marked down to about S$65,000 a month.”

The lower rental prices reflect a bigger picture within the premium housing sector, with property owners adjusting their rental valuations to adapt to changing market conditions. /TISG

Read also: Good Class Bungalows S$100K/month rent slashed to S$65K/month as premium housing market sees slump