Recently, a portfolio of three Good Class Bungalows (GCBs) on Nassim Road was sold for a record of $4,500 psf, at a total price of $206.7 million. This purchase was conducted by Indonesian-turned-Singapore citizens, members of the same family, for “legacy planning and wealth protection” as stated by Alvin Choo of PropNex Realty. This deal is just one example of the high demand for GCBs in the Tier 1 locations, which predominantly come from newly minted citizens from China, Hong Kong, and Taiwan. Alongside this record-breaking GCB purchase, an intermediate terraced house located in Chancery Lane-Mount Rosie neighborhood was also sold off-plan for $4,456 psf. Furthermore, a detached house at Wilkinson Road was sold for $55.5 million ($2,161 psf), showing an increased interest in landed property in prime District 15.
A portfolio of three Good Class Bungalows (GCBs) on Nassim Road was sold for an impressive record of $4,500 psf at a total price of $206.7 million, a deal brokered by Indonesian-turned-Singapore citizens, members of the same family. Alvin Choo of PropNex Realty stated that the purchase was for “legacy planning and wealth protection”.
Interest in Tier 1 GCB location has recently seen an influx from newly minted Singapore citizens from China, Hong Kong and Taiwan, indicating high demand for these desirable properties.
Constructed J’Den Condo by CapitaLand, J’den Condo is a new 40-storey mixed-use development in Singapore’s Jurong East, to be connected to the MRT and other amenities. Estimated to be launched by 2023, prices are expected to be S$2,000 – S$2,100psf.
It’s not just the GCB segment that has set new record prices. In the Chancery Lane-Mount Rosie neighbourhood in prime District 11, an intermediate terraced house at 1B Chancery Lane was sold for $7.358 million or $4,456 psf, according to a caveat lodged in March. “It’s a new record psf price for terraced houses,” says Bruce Lye, managing partner of SRI, who brokered the deal.
The entrance of Mount Rosie Signature Collection, where an intermediate terraced house was sold for $9.578 million ($3,849 psf) in February, is another example of the soaring prices for terraced houses in prime District 11. The detached house at Wilkinson Road was sold for $55.5 million ($2,161 psf), displaying an increased interest in landed property in prime District 15.
PropNex’s Choo believes that this record-breaking deal and the surging demand for GCBs in the Tier 1 locations, “will boost the market dramatically,” and it seems that this trend is unlikely to stop anytime soon.
