Good times continue to roll for the Good Class Bungalow (GCB) market, with some high-profile business personalities involved in the latest transactions. They include palm oil giant Wilmar International’s chairman and CEO, Kuok Khoon Hong, and Prima Group boss Bernard Cheng.
The latest deals have boosted the volume of GCB transactions between January and August this year to about 60 deals with a total value of around $900 million, surpassing the $830 million transacted in the whole of last year, latest figures from CB Richard Ellis (CBRE) show. The actual year-to-date numbers could be higher if caveats for some deals done in August have still not been lodged, suggest property market watchers.
CBRE’s director, luxury homes, Douglas Wong is now predicting record GCB sales totalling $1.2 billion to $1.4 billion for the whole of this year, encompassing 80-90 transactions – up from his earlier forecast of around $1.1 billion-$1.2 billion made just three weeks ago. Up to now, the highest full-year value of GCB transactions was achieved in 2006 – involving $1.23 billion across 119 deals.
Savills Singapore director of investment sales & prestige homes Steven Ming said that while the GCB market remains active, ‘buyers continue to approach purchases with measured optimism and are sensitive to price increases’. Continue reading
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