SINGAPORE (EDGEPROP) – Since last December, 10 Good Class Bungalows (GCBs) have changed hands at prices above $30 million, based on caveats lodged as at Feb 6. Of these, four were transacted above $40 million — the highest being $48 million ($2,893 psf) for a GCB at Swettenham Close – purchased by Ben Chng, former owner of Singapore-based instant beverage and ceral maker, Viz Branz (see Table 2). He had sold a majority stake in VizBranz to Bahrain-based alternative investment firm InvestCorp last November. The deal was brokered by luxury bungalow specialist, KH Tan of Newsman Realty.

The latest transaction was for a GCB at Leedon Park sitting on a freehold land area of 21,584 sq ft: It changed hands for $37.3 million ($1,727 psf). The buyer is believed to be a Chinese national turned Singapore citizen.

Sources of demand for GCBs are quite varied, says William Wong, managing director of RealStar Premier Group. “They include those upgrading from the smaller bungalows, and newly minted Singapore citizens not just from China, but Hong Kong, Taiwan and elsewhere.” RealStar is said to have captured 40% market share of GCB transactions last year, based on caveats lodged as at Jan 7, 2021.

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