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An elite investment gets its day in the sun

Posted on 13 Aug 2009 | Comments Off

Sales of Good Class Bungalows gather steam, with some predicting healthy price rise.

The Good Class Bungalow (GCB) market has sprung to life with high-net-worth individuals stepping up their purchases.

July was an especially action-filled month which saw about 20 GCB transactions worth a total of more than $300 million. To put this in perspective, the entire first quarter of this year saw GCB deals worth only $27.5 million.

The action picked up in April, when $56 million worth of GCBs were transacted. It gathered pace in May and June, each month seeing deals amounting to around $188 million. In July, the market went ballistic.

So far this year, around 50 GCB deals have been transacted, according to caveats data compiled by property consultants and information on the latest transactions obtained by BT.

The year-to-date tally of over $800 million is healthy, considering that the whole of last year saw just 51 deals worth $830 million.

GCB agents expect the sales flow to continue in coming months. CB Richard Ellis’s director, luxury homes, Douglas Wong said: ‘It’s likely that a total of 60-65 GCBs will be sold in the whole of 2009 – more than the 51 GCBs sold in 2008. The total quantum is likely to be around $1.1 billion to $1.2 billion, about 35-45 per cent higher than the quantum of $830 million in 2008.’ Continue reading →

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Posted in Landed Property

Tagged Good Class Bunglow, Landed Property, Singapore Property Market, Singapore Real Estate

Buying the ultimate home

Posted on 13 Aug 2009 | Comments Off

With only about 2,400 units of good class bungalows in the market, almost any GCB would be a rare find

THEY are wealthy and successful people who can probably afford to buy any home they want, but many of them are being drawn towards good class bungalows (GCBs). There are only 39 designated GCB areas in Singapore and Binjai Park is one of them. However, these areas are not all equal. Douglas Wong, director of luxury homes at CB Richard Ellis says: ‘Some GCB locations are more prestigious than others.’

For instance, the current asking price for GCB land in the Nassim area is between $1,500-$2,000 per square foot (psf) whereas in Chestnut Drive, GCBs have been known to have transacted at around $550 psf, says Mr Wong.

There are also pros and cons to buying either an old bungalow or a newly built one. ‘Some old GCBs have unique architectural features and come with a rich heritage. Buyers, however, have to be prepared to set aside some money to refurbish and upgrade the building and fit it out with modern conveniences,’ says Mr Wong.

New buildings, he says, can be tailored to specific tastes but also be expensive. But what usually pushes up prices is the location. Continue reading →