The number of sales of Good Class Bungalows (GCBs) remains below the level they were at before the Total Debt Servicing Ratio was imposed in mid-2013, but there remains buying interest for this rare type of property.
Developer OUE said on Thursday that it is buying two GCB plots in Nassim Road for $56.58 million. The price of about $1,652 per sq ft (psf) across both plots was deemed attractive, given the last GCB sale in Nassim Road was for about $2,000 psf in February 2012.
Mr Zhang Yong, founder of a popular steamboat chain, bought a Gallop Road bungalow for $27 million in March, or at $1,700 psf. Newly minted Singaporeans from Indonesia have increasingly been looking around as well.
Some of the GCBs on sale include one in Bukit Tunggal Road, with a price tag of $38 million. It has a built-up area of about 14,000 sq ft and land size of 20,355 sq ft.