GCB | Lush Dream Home

Tag Archives: GCB

GCB prices still soaring amid fewer sales

Posted on 9 Sep 2014 | Comments Off

Prices of good class bungalows (GCBs), considered the most expensive homes in Singapore, grew 6.7 percent to average $1,488 psf in H1 2014 from $1,395 psf in 2013, a CBRE report said.

The uptick was due to the sale of four smaller bungalows with land areas below 15,000 sq ft, for between $1,494 psf and $1,811 psf.

Based on caveats analysis by CBRE, 15 GCBs changed hands in the first six months of this year, compared to 29 for the whole of 2013.

Of the 15 deals, five went for above $30 million each.

The priciest bungalow sold in the first half went for $31.80 million. Located along Cable Road in the Tanglin area, that translates to $1,904 psf on the land area of 16,706 sq ft.

According to the report, sales activity in the GCB market has been rather selective this year. “The mismatch in price expectations between buyers and sellers means a longer time is needed for deals to be struck.”

But CBRE believes there will still be interest in this market for the remainder of the year, attributed to limited commodity. There are only 2,800 such bungalows in Singapore.

Furthermore, as GCB owners have strong holding power, there won’t be fire sales.

“Under the current soft market conditions as well as with the property measures in place, buyers tend to be mainly end-users rather than investors. Taking into account the constraints posed by the TDSR framework, interest might shift to bungalows of lower value ($10 million to $15 million) if there are owners looking to sell,” stated the report.

These would likely be smaller bungalows, or those located outside districts 10, 11 and 21, like in the Chestnut Avenue and Windsor Park GCB areas.

Comments Off on GCB prices still soaring amid fewer sales

Posted in Luxury Property

Tagged Cable Road, Chestnut Avenue, GCB, Good Class Bungalows, Singapore Property Market, Windsor Park

Court divides bungalow based on couple’s contribution

Posted on 5 Jul 2014 | Comments Off

Before buying a house, married couples should discuss how they will split the property in case they break up.

The Court of Appeal said this in its ruling last week, regarding an ownership tussle over a $20 million good class bungalow (GCB) between Chan Yeun Lan and her husband, See Fong Mun.

The house was purchased in 1983 by See, using his own funds and overdrafts, plus $290,000 from Chan’s savings. Three days before the transaction, she inked a power of attorney which allows her husband and their eldest son to manage the 20,000 sq ft property.

However, she rescinded the document in April 2011. Consequently, her husband filed a case in the High Court to invalidate her action, and he won the right to keep the bungalow in May 2013.

In the appeal, his lawyers Lim Seng Siew and Lai Swee Fung argued the house in Chancery Lane belonged entirely to their client because Chan’s contribution was intended to be a loan that will be repaid by See.

Chan’s Senior Counsel Engelin Teh and attorney Simon Jones asserted that certain documents prove that See had agreed to give her the ownership of the property in return for her contributions.

However, the Court of Appeal, comprising Chief Justice Sundaresh Menon and Judges of Appeal V.K. Rajah and Andrew Phang, decreed that 15.8 percent of the property should go to Chan due to her financial contribution. This is because both parties’ common intention in relation to the house is uncertain due to incomplete evidence and the wife’s hazy memory.

Chan died earlier this year, after her appeal was heard against a High Court decision.