4 Good Class Bungalow change owners since start of 2016

2:45 AM Unknown 0 Comments

While there are many negative news on the market for 2016, we have seen already at least four transactions for Good Class Bungalow (GCB) in less than two months from start of the year. Has the drop in prices attracted much buyers ?

The latest GCB sold was along Peirce Road that has changed hands for almost S$24 million, price working out to S$1,479 per square foot (psf) based on the freehold land area of 16,224 square feet.

Located in the Ridout Park GCB area, the 2-storey property is understood to have been purchased by Tan See Leng, managing director and chief executive officer of IHH Healthcare Bhd. It was previously transacted a decade ago, in April 2006 for S$9.5 million, according to SISV REALink caveats information.

It was also being reported in the last month at upscale property developer Simon Cheong sold a King Albert Park Bungalow that he built a few years ago. The price was S$25 million or S$1,493 psf on a land area of 16,750 sq ft. This unit was bought by Fang Koh Look, the founder of Absolute Kinetics Consultancy, which provides workplace safety training and medical services in addition to distributing mobile pre-paid cards.

Other recent transactions in GCB areas include a property at Mount Echo Park in the Chatsworth Park GCB area, sold at S$22.24 million or S$1,322 psf on 16,826 sq ft of freehold land. While another is along Yarwood Avenue, a GCB on a 16,163 sq ft plot has fetched S$15.7 million or S$ 971.35 psf.

While there are more than S$700 million worth of deals transacted in GCB area in 2015, exceeding S$626 million in 2014, Realstar Premier Group managing director William Wong estimates that GCB prices declined about 10-15% last year. He expects prices to continue trending down in the first half of this year in the absence of any positive stimulus, before stabilising in the second half.

References

1. At least 4 Good Class Bungalow deals sealed since start of the year, Asiaone Business, 21 February 2016.