Singapore’s Good Class Bungalow (GCB) market did well last year and is expected to remain so in 2010 as the economic condition of the country improves.
The average price on a psf basis reached as high as $826 in 2009, up from $820 in 2008 and $681 in 2007, according to CB Richard Ellis.
CBRE’s data also showed that 100 GCB transactions worth $1.59 billion were recorded last year, making it the second-highest transaction accounted after the 119 deals in 2006.
Despite last year’s weak market, a 25,231-square-feet GCB at Leedon Park near Holland Road was sold in October for $35.5 million or $1,407 psf.
It surpassed the previous psf record for the White House Park GCB, which was sold in August 2007 at $1,308 psf.
GCBs are special due to its big size and more importantly, its exclusivity. It typically sits on a land plot of at least 1,400 square metres and can only be found in 39 prime gazetted areas, like in Nassim Road.