Good Class Bungalow News
Lim Kim San estate sells Dalvey Rd GCB site for S$93.9m
GCB on Jervois Hill sold for close to $31 mil
– Adapted from BT, by Kalpana Rashiwala kalpana@sph.com.sg
– Adapted from Timothy Tay/ EdgeProp Singapore|February 1, 2019 7:02 PM SGT
A Good Class Bungalow (GCB) located on Jervois Hill in the Chatsworth GCB area has been sold for $30.88 million this month. The GCB sits on a freehold land area of 15,194 sq ft, hence the sale price translates to about $2,038 psf.
The GCB was built nine years ago, and has a built-up area of 10,000 sq ft. The double-storey property comes with six en suite bedrooms, a home theatre, a gym and has a private lift.The seller of the Jervois Hill GCB is a Singaporean couple originally from Hong Kong who lived there with their children. As the children have grown up and moved out of the family home, the parents have decided to sell the house as it has become too big for them, says List Sotherby’s International Realty (List SIR), who represented the sellers in the sale. The parents are also spending less time in Singapore due to their business overseas, he adds. Meanwhile, the buyers were represented by an agent from Realstar Premier in the deal. The buyer is said to be a young Singaporean couple with young children who intend to move in with their parents. “The buyers found the house to be an ideal multi-generational home in terms of space and functionality,” says List SIR’s Tay.This latest GCB transaction at Jervois Hill is the second highest in terms of price psf ($2,038 psf) in the estate. The highest was achieved for another GCB at the other end of Jervois Hill, which was sold for $41.2 million, or $2,728 psf in June last year. The price of $2,728 psf was a record high, not just in the Jervois area but for a GCB to date.
GCB in Jervois Hill changes hands for S$30.88mil
– Adapted from BT 31 Jan 2019
A Good Class Bungalow (GCB) within the Chatsworth Park GCB Area was sold for S$30.88 million by a Singaporean couple who were originally from Hong Kong. The price works out to S$2,032 psf on freehold land area of 15,194 sq ft. According to the Business Times, the buyer is a Singaporean businessman with a multi-generation family, hence making the property ideal for their occupation.
Constructed around nine to 10 years ago, the property has two levels and an attic which are all connected via a private lift. There is also a basement, which houses a theatre, gym and wine cellar. The bungalow has a total of seven bedrooms – six of which are ensuite – and a swimming pool.
Yongnam CEO selling Binjai Park GCB for S$40m.
– Adapted from BT 24th Jan 2019 ANNABETH LEOW
YONGNAM Holdings boss Seow Soon Yong is selling his good class bungalow (GCB) in Binjai Park enclave; the property has hit the market with a guide price of S$40 million, in a public tender launched on Wednesday.
The price tag, which works out to S$1,464 per square foot (sq ft) on a land area of 27,320 sq ft, “will certainly pique buyers’ interest”, said Sammi Lim, director of capital markets at marketing agent CBRE.
Tax records for valuation year 2019 show that 98, Binjai Park had an annual value of S$258,000, with the owners listed as Mr Seow and Chong Chiew Mei. Mr Seow has been chief executive and managing director of mainboard-listed structural steel and specialist civil engineering firm Yongnam since 1994.
When contacted, CBRE’s Ms Lim told The Business Times over the phone that the family has decided to sell as the house, which was built in 2012, is “no longer big enough for their needs”. The owners have also received enquiries from the market for a while, she added.
It is being sold on a vacant possession basis.
Buyers have the option of renovating or redeveloping the freehold bungalow, which now has a floor area of 13,986 sq ft spread across two floors, including seven bedrooms, two study rooms, an entertainment room, a gym and servants’ quarters. The porch and garage can fit about 20 cars, according to CBRE.
Ms Lim also said that CBRE expects keen interest from both owner occupiers and GCB investors.
The tender closes on March 1 at 3pm.
Rare freehold two-storey good class bungalow at Binjai Park for public tender sale
– Adapted from CBRE 23rd Jan 2019
CBRE is pleased to launch the public tender sale of a prime good class bungalow (GCB) located at 98 Binjai Park, one of Singapore’s most prestigious
residential enclaves in Bukit Timah. Built in 2012, the freehold GCB sits on a regular corner land plot of approximately 27,320 sq ft that encompasses a 45-metre wide road frontage along Binjai Park and an average depth of approximately 43 metres. With a total floor area of approximately 13,986 sq ft across two storeys, the GCB has a spacious living hall, a main dining room, seven en-suite bedrooms, two study rooms, an entertainment room, a gym and two helpers’ rooms. It also boasts a lush garden, and a large car porch and garage which can comfortably accommodate about 20 cars.
CBRE said, “Offered for sale on a vacant possession basis, the luxurious property is beautifully designed and available for immediate occupation. The lavish communal spaces and the number of rooms, coupled with the complete privacy it enjoys due to the low-density land use in the area, also make 98 Binjai Park an optimal choice for multi-generation families. Buyers also have the option to explore alteration and addition works to tailor the property to their needs. “Based on recent market activities, the guide price of S$40 million, which translates to S$1,464
per sq ft on land area, will certainly pique buyers’ interest, especially when GCBs remain very limited in land-scarce Singapore. Located within the GCB area of Binjai Park, an affluent
residential enclave characterized by tree-lined boulevards, the property is within close proximity to well-known educational institutions and a host of amenities which are among the
key attractions to living in this esteemed neighborhood.” Amenities including food and beverage, entertainment, retail and lifestyle establishments are located in the shophouses along Binjai Park, The Grandstand, Sime Darby Centre and Bukit Timah Plaza. Well-known educational institutions located nearby include Methodist Girls’ School (Primary), Pei Hwa Presbyterian Primary School, Hwa Chong Institution, Nanyang Girls’ High’ School, UniSIM and Ngee Ann Polytechnic.The property also enjoys seamless connectivity to the rest of the island via the nearby King Albert Park MRT station. The Orchard Road shopping belt and the central business district are both a short drive away. Ms Lim added, “Due to its scarcity and exclusivity, the GCB market in Singapore has always been a unique asset class that is consistently sought after by high net worth individuals and prominent families who are always on the lookout for prestigious lifestyle offerings and generous private spaces in land-scarce Singapore. Furthermore, the GCB market has proven to be a resilient asset class through market cycles; and looking ahead, the strong underlying
fundamentals of Singapore will further support GCB demand and capital appreciation. On this basis, we anticipate keen interest in 98 Binjai Park from owner occupiers in search of an ideal family home as well as investors seeking to purchase a GCB in an excellent locality.”
CBRE is the exclusive marketing agent for 98 Binjai Park. The public tender for the subject property will close on 1 March 2019 at 3.00pm.
House of food and wine connoisseurs on the market for $25.5 mil
– Adapted from Cecilia Chow & Charlene Chin / EdgeProp | January 12, 2019 12:00 PM SGT
Melina Yong, an accomplished cook, and her husband, retired heart surgeon turned wine connoisseur Dr N K Yong, have made entertaining an art form. One could say they are veterans, as they have been doing this for more than three decades.
The couple is famous for their home parties, whose guests include Michelin-starred chefs and wine enthusiasts, as well as for hosting glitzy charity events at luxury hotels that consist of a gala dinner and wine auction and tasting over a weekend. The events are usually held in January to coincide with Dr Yong’s milestone birthdays — the most recent was his 90th in 2017.
The couple’s home for the past 21 years has been a double-storey Good Class Bungalow (GCB) that occupies a 16,000 sq ft freehold site on Swettenham Road. Today, the Good Class Bungalow (GCB) is up for sale at $25.5 million. The couple purchased the Good Class Bungalow (GCB) at the beginning of the Asian financial crisis in August 1997. Prior to that, they were living in a walk-up apartment located on Draycott Drive, just off Ardmore Park, that was sold en bloc. “I believe it was the last en bloc sale just before the Asian financial crisis struck,” recounts Melina.
When they were house-hunting at the time, they wanted a place in the vicinity of the Botanic Gardens, as Dr Yong was still in private practice at Mount Elizabeth Medical Centre and subsequently, Gleneagles Medical Centre. He retired in 2004. Dr Yong performed the first hole-in-heart surgery in Singapore in 1965.A Good Class Bungalow (GCB) designed for entertaining
The GCB on Swettenham Road has a driveway that is wide enough for two cars to pass through, and long enough to park 10 cars. The previous owners had built the Good Class Bungalow (GCB) but never lived in it. Instead, they lived next door and only used the garage and driveway of the Good Class Bungalow (GCB) to park their son’s supercars. They then decided to put the Good Class Bungalow (GCB) up for sale. “They thought it would be difficult to sell the Good Class Bungalow (GCB) because of the long driveway, but we liked it precisely because of that,” says Melina. “A wide driveway that allows two cars to come in and out easily, with parking for 10 cars, was ideal for us because we entertain at home a lot.”
After purchasing the GCB on Swettenham Road, the Yongs spent $1 million converting the 50m Olympic-sized swimming pool into a temperature-controlled wine cellar that contains more than 10,000 bottles of wine today. Even that is not large enough for their extensive wine collection, with more being stored in commercial wine storage facilities.
The Good Class Bungalow (GCB) was also extended to accommodate a conservatory, a bigger dining room and a second kitchen as well as a barbecue area in the garden. The open space outside the conservatory is ideal for al fresco dining. “I have friends from overseas and they like to sit out there to have their breakfast in the morning or to have drinks in the evening,” says Melina.The dining room is spacious enough to accommodate a dining table that can seat 20.
Melina’s paintings adorn the walls of the house. One of them is a painting of the driveway and exterior of the house.
The painting was done 12 years ago and printed on the cover of invitation cards. “At that time, we were organising a charity event for my husband’s 80th birthday,” says Melina. “All our friends were coming for the event, many of them from overseas, and we wanted to give them something they would recognise right away as they entered the driveway.”
After 21 years, the Good Class Bungalow (GCB) is in need of a renovation. Melina had considered installing a home lift. “We’re getting on in years, and my husband is now using a walking aid,” she says. “I thought it was quite a challenge for him to go up and down the stairs every day, and when we entertain, he has to walk up the stairs from the living room to the dining area, and then down again.”After consulting an architect friend about installing a lift, it dawned on Melina that they would have to move out of the house during the renovation. “Moving once is bad enough, but moving twice — that is going to be a challenge,” she says. “I was advised by my family members that it is better to just move once.”
That led to the decision to look for a new and smaller house more suited for their needs today.
The Yongs have decided to put the Good Class Bungalow (GCB) on the market for sale.
“The Good Class Bungalow (GCB) sits on a rectangular-shaped, freehold site of 16,000 sq ft,” says Sim. The existing building has a built-up area of 6,000 sq ft. Those who want a bigger house can tear down the building and build a new home of 10,000 to 12,000 sq ft, he adds.
The $25.5 million price tag for the GCB translates into a land rate of $1,594 psf.
The Peirce Road-Swettenham Road-Ridout Road enclave, located off Holland Road, is one of the most prestigious GCB estates. Neighbours on Swettenham Road include property tycoon Simon Cheong of SC Global Developments, well-known plastic surgeon Woffles Wu and former deputy prime minister Wong Kan Seng, now chairman of Ascendas-Singbridge.
George Quek, founder and chairman of BreadTalk Group, lives on Ridout Road. Other residents in the Swettenham Road neighbourhood include Patrick Ngiam, CEO of listed IPC Corp, which is involved in property development and investments; as well as the Tan family of logistics and property company Cogent Holdings, who paid $91.7 million for a house on Ridout Road in 2015.
The most recent transaction on Swettenham Road was the sale of the Good Class Bungalow (GCB) of Jean Yip, founder of the eponymous chain of hair and beauty salons. The GCB, which sits on a land area of 15,145 sq ft, fetched $23.8 million ($1,571 psf) in May last year, according to a caveat lodged with URA Realis.Renewal
The GCB adjacent to the Yongs’ home occupies a land area of 15,199 sq ft; it was sold for $19.28 million ($1,268 psf) in November 2017.
Another GCB in the Swettenham Road area is also on the market for sale. However, it sits on a larger site of 18,000 sq ft and has a higher price tag of $31 million.
Sim says the Yongs’ GCB is “a great plot”. The Swettenham Road area is a sought-after location for GCB house hunters and the property is attractively priced, he adds.
Having lived in the Good Class Bungalow (GCB) for more than two decades, Melina feels it is time to move on. “We cherish the old, of course, even as we look forward to something new,” she says. “I’m sure the new owners will want to make extensive changes to the house to suit their needs, just like what we did when we first bought the Good Class Bungalow (GCB) 21 years ago.”
Homes for the wealthy — larger plots and higher prices for GCBs
– Adapted from Timothy Tay / EdgeProp | January 3, 2019 8:00 AM SGT
The total number of Good Class Bungalow transactions in 2018 stood at 39 as at end-November. Leong Boon Hoe, chief operating officer of List Sotheby’s International Realty Singapore (List SIR), expects the full-year figure to match the 42 deals last year.
GCB sales surged from 25 deals in 2014 to 32 in 2015. While the sales dipped slightly in 2016 to 29, they rose sharply to 42 last year. Leong attributes the strength of the GCB market to the profile of the owners and buyers: ultra-high-net-worth (UHNW) individuals with strong financial backing who are also long-term property investors.While the property cooling measures implemented in July have brought about a “wait-and-see approach” among most property buyers, the niche group of GCB buyers is less affected, says Leong. Their buying decisions are not limited to affordability but are instead based on whether “the property fits their needs, objectives and fancy”, he says.
Of the top 10 GCB sales by absolute prices this year, at least five changed hands in the months following the July cooling measures, according to data from URA and List SIR.
A prominent sale is that of a GCB on Dalvey Road in the White House Park GCB area. It is the most expensive GCB transacted this year, according to caveats lodged with URA Realis. The GCB was sold for $93.9 million ($1,804 psf) in September, just two months after the latest property cooling measures. The house sits on an elevated land area of 52,055 sq ft at one of the highest points in the estate, and was home to one of Singapore’s founding fathers, the late Lim Kim San. The GCB belonged to the estate of Lim, who was also the first chairman of the HDB and oversaw the early development of public housing in Singapore.On July 20, a 30,419 sq ft GCB on Belmont Road in the Belmont Park GCB area was sold for $43.5 million ($1,430 psf). A 15,070 sq ft GCB in the same area changed hands a month later, fetching $33.8 million ($2,243 psf) when it was sold on Aug 28.
Among the top 10 GCBs sold this year were a 29,149 sq ft Good Class Bungalow (GCB) on Camden Park in the Camden Park GCB area, which fetched $40 million ($1,373 psf) on Sept 22; and a 16,200 sq ft Good Class Bungalow (GCB) on Cluny Road in the Cluny Park GCB area, which was sold for $30.8 million ($1,901 psf) on Nov 23 .GCBs are restricted properties and coveted by foreigners. Some of the recent purchases were by newly minted Singapore citizens from China, Taiwan and India, as well as selected permanent residents who have obtained approval to purchase from the Land Dealings Approval Unit of the Singapore Land Authority. The typical profile of GCB buyers tends to be UHNW families involved in the real estate, fashion, F&B, engineering and construction businesses, says Leong. Six of the top 10 GCB deals have either reached or exceeded $40 million in purchase price (see table TOP 10 GCB transactions 2018 vs 2017).
Last year, only four of the top 10 GCB deals managed to either hit or cross this threshold.
For the 39 GCBs sold by end-November, the average land rate translates into $1,509 psf, or 13.6% higher than the average land rate of $1,329 psf for the 42 GCBs sold last year, according to List SIR. This is because most of the GCBs sold this year either occupied larger plots or were newly built, says Leong.For instance, a newly built Good Class Bungalow (GCB) on a 15,091 sq ft site on Jervois Hill in the Chatsworth Park GCB area commanded a sale price of $41.2 million, or $2,729 psf — an all-time high psf price achieved for a GCB transacted.For next year, Leong expects more big-plot GCBs to be sold, “as there are investors who are looking to buy such trophy assets”. Owners tend to be discreet when putting up their properties for sale, and most have the holding power to wait for a suitable offer, he says.
Leong also expects the GCB segment to “maintain a similar level of performance” in terms of the number of deals as the past two years.
Inside a $29.8 mil mansion
– Adapted from: Cecilia Chow / EdgeProp Singapore | March 24, 2018 8:00 AM MYT
Located on Old Holland Road and partially hidden from street view is a Good Class Bungalow (GCB) with a neat picket fence. The grand proportions of the Good Class Bungalow (GCB) point to a classical design. The decorative frieze running along the border of the porte cochère was in- spired by a visit to Mauritius, while the patterned granite flooring at the entrance was inspired by a visit to St Petersburg.
The entrance hall of the Good Class Bungalow (GCB)— with its 8m ceiling and painted dome, grand staircase with brass railings, textured walls and arched doorways — reflects a Mediterranean style. The textured walls and painted dome of the Good Class Bungalow (GCB) are the work of two British artists, the limestone floor tiles are from Paris and the designer bathroom tiles from Spain.
“We love to travel,” says the home owner, a retired Singaporean lawyer who only wants to be known as Louisa. Her husband, a former CEO of a giant international retail group, travelled extensively as part of his job, and Louisa often joined him.
The couple was based in Hong Kong when they purchased the GCB (Good Class Bungalow) on Old Holland Road in the early 1990s. It was also then that Louisa’s husband’s company acquired a supermarket chain in Spain and therefore, the couple spent some time there. “I didn’t want to sit around watching television all day,” says Louisa. “So, I studied Spanish, and made use of the time purchasing things for the house.”
The GCB (Good Class Bungalow) is a reflection of its well-travelled owner, who is also a prolific art collector and passionate about interior design. “I not only designed and decorated this house, but also our home in Hong Kong as well as the homes of friends in Hong Kong, Indonesia and Singapore,” says Louisa.
The formal living room of the Good Class Bungalow (GCB) has cathedral-like proportions and the same textured walls as the entrance hall. The adjoining lounge has a tropical theme, with the walls painted by a Cambodian artist. The formal dining room of the Good Class Bungalow (GCB) is decidedly in the French château style.
Instead of separate wet and dry kitchens, Louisa opted for one big kitchen in the Good Class Bungalow (GCB). The customised kitchen cabinetry system is by top German brand Allmilmö, and Louisa had it specially ordered from Europe. The kitchen appliances are all top-end German brand Gaggenau. Even the bathroom fittings and sanitary ware are manufactured by German brand Dornbracht.
On the first level of the Good Class Bungalow (GCB) are a television room and two spacious en suite bedrooms. The second level contains two more bedrooms, including the master suite. One of the bedrooms on the second level, which is also en suite, has been turned into a study.
The palatial master suite, which features French furniture, has a hidden door leading to the balcony over- looking the formal living room. “During Christmas parties, we have the children’s choir up on the balcony,” says Louisa. “And during Chinese New Year, we have the lion dance troupe.”
The massive master bathroom comes with a European cast iron clawfoot bathtub, double-sink vanity top, a separate bidet and shower compartment.
There are not only his and hers sinks in the master bathroom but also his and hers walk-in wardrobes in the master suite. “Some couples with young children have said that my walk-in wardrobe can be turned into a nursery, while my husband’s can be turned into an adjoining bedroom for a young child or a study,” says Louisa. Within the master suite is a concealed dumb waiter that is big enough to fit four large suitcases. “It’s great, as we travelled a lot; we didn’t have to carry the suitcases upstairs or downstairs,” Louisa says. There is also a concealed storage space for linens and towels, as well as a spacious attic accessible via a pull-down staircase from the master suite. The attic has been turned into Louisa’s craft room.
The basement of the Good Class Bungalow (GCB) has been turned into an entertainment area, with a bar opening out to the swimming pool, and a bomb shelter converted into a wine cellar. It also houses the maid’s room and laundry room.
Even though the GCB (Good Class Bungalow) was built 24 years ago, it is so well maintained that it hardly shows its age. “We bought the house 27 years ago, and didn’t rebuild it until three years later, and we have been living here very happily ever since,” says Louisa. She estimates that the total cost of rebuilding the GCB (Good Class Bungalow) was about $1 million. Today, it is likely to cost $5 million to $6 million to build a house of a similar scale.
The purchase of the home on Old Holland Road more than 25 years ago was the result of a change in life- style, says Louisa. “My husband was thinking of retiring, and we wanted to find a location where both of us would be happy living.”
The couple was living in Hong Kong at the time, but they short-list- ed a number of locations for their next phase of life: British Columbia in Canada, Hawaii, Italy, Singapore and Tasmania, Australia. “We awarded points for each of the places we wanted to live in,” says Louisa. “After much consideration of factors such as lifestyle, convenience in terms of travel and availability of medical facilities, Singapore emerged at the top of our list.”
Now that her husband is increasingly wheelchair-dependent, the couple felt it was time to move once again. “We decided we wanted the living area to be on one level, and where we would still have a private pool and garden,” says Louisa. After visiting many penthouses, they honed in on one in a freehold, luxury condominium on Bukit Timah Road. It comes with private lift access, a private roof terrace with swimming pool and a deck that Louisa is turning into a “hanging garden”.
She is already planning how to furnish the new home. “It’s very quiet, and we’re looking forward to moving to the new place. I like the fact that we’re near Orchard Road, but still out- side the bustle of the shopping belt.”
The couple recently put the Good Class Bungalow (GCB) on Old Holland Road on the market. The Good Class Bungalow (GCB) has a built-up area of about 12,000 sq ft and sits on a freehold 25,810 sq ft plot.
What the couple liked about the GCB (Good Class Bungalow) when they first purchased it was the wide frontage and space to entertain. The space is large enough for parties of up to 250 people.
The entire main house was rebuilt. The only original structures that were retained were the standalone garage, and the maid’s quarters in the basement. “We wanted to keep some of the character of the original property, such as the original terrazzo tiles in the basement,” says Louisa.
The asking price for the GCB (Good Class Bungalow) on Old Holland Road is $29.8 million, which translates into a land rate of $1,155 psf. “It’s a reasonable price,” says Sim, associate executive director of OrangeTee & Tie real estate agency and the marketing agent for the Good Class Bungalow (GCB).
“It is like a piece of art, a home where you would be proud to invite guests. I would keep at least 80% of the house intact, as it’s so well maintained, and just do minor alterations to suit my lifestyle.”
Most GCB buyers today are buying for their own use. According to Sim, there have been many enquiries, as GCBs (Good Class Bungalows) in the Old Holland Road enclave are rarely put on the market.
The latest transaction in the neighbourhood was that of a house at Seven Oaks, a cluster of GCBs (Good Class Bungalows) developed by MCL Land and located on Garlick Avenue and Old Holland Road. The GCBs (Good Class Bungalows) at Seven Oaks were fully sold and completed in 1998.
The GCB (Good Class Bungalow) at Seven Oaks that was recently sold occupies a freehold site of 18,546 sq ft and fetched $16.8 million ($906 psf) last October, according to a caveat lodged then. At the last peak in November 2010, the GCB (Good Class Bungalow) changed hands for $20 million ($1,079 psf), according to a caveat lodged then.
Tan expects the number of GCB (Good Class Bungalow) transactions above $30 million to double this year from 2017. Last year, seven GCBs (Good Class Bungalows) were sold at more than $30 million, of which four were above $40 million.
So far in 1Q2018, there have been seven GCBs (Good Class Bungalows) totalling $181.56 million, with an average price of $1,385 psf, according to CBRE Research. In 2017, 41 GCBs (Good Class Bungalows) were sold for a total of $866.75 million, or an average price of $1,328 psf. This translates into a price increase of 4.3% in 1Q2018.
Newsman’s Tan expects prices in the overall (GCB) Good Class Bungalow market to increase by 5% to 10% in 2018. “Prices were soft over the last few years, but with im- proved sentiment, owing to the en bloc fever, activity has picked up and pric es are likely to bounce back,” he says.
Wong, founder of Real Star Premier Group, which focuses on land ed property, expects the (GCB) Good Class Bungalow transaction value to cross $1 billion this year.
He attributes his forecast for 2018 to several factors: the gap between buyer’s and seller’s asking prices is closing; and more detached home transactions since 2H2017, with more of these sellers looking to upgrade to a (GCB) Good Class Bungalow. He estimates that 500 buyers could enter the landed home segment over the next two years, with most being en bloc beneficiaries.
Tay, CBRE Realty Associates senior vice-president, resale division, says there is certainly a ripple effect. “Those en bloc beneficiaries with $3 million to $4 million in proceeds are upgrading to landed property in the prime districts,” he says. “Likewise, those in landed property, especially detached houses, want to upgrade to a GCB.”
Buyers in the (GCB) Good Class Bungalow market are also getting younger, notes Tay. “We’ve seen some in their 20s and early 30s entering the GCB market, some of whom could have financial support from their parents.”
Unaffected by BSD, spike in interest rate (GCB) Good Class Bungalow demand has been particularly strong in the prime areas. “Towards the end of last year, we saw (GCB) Good Class Bungalow sales in Rochalie Drive and Cluny Park,” says Real Star Premier’s Wong. “GCBs in the Tanglin and in the vicinity of Botanic Gardens are also soughtafter. “Buyers are very selective when it comes to location.”
In the luxury (GCB) Good Class Bungalow, where prices are $30 million or higher, buyers are increasingly businessmen, top executives and professionals in their early 40s or older, observes Newsman’s Tan. The additional 1% buyer’s stamp duty for properties priced above $1 million has had lit-tle impact on sentiment. “Buyers at this end of the market want a (GCB) Good Class Bungalow because their business is doing well and they are financially successful,” Tan says. “They are not affected by the BSD or a rise in interest rates.”
The Good Class Bungalows (GCBs) sellers’ profiles are more varied, observes Tan. Some are selling because their children have grown up and moved out of their home, and they want a simpler lifestyle. Some Good Class Bungalow (GCB) transactions are Good Class Bungalow (GCB) estate sales, and others are carried out by owners who want to distribute their wealth to their children.
For Louisa and her husband, the reason for selling their (GCB) Good Class Bungalow is their desire for a change in lifestyle. “We don’t entertain as much now, and we are looking forward to moving to our new place,” she says. They are pricing their property at an enticing price below $30 million “because we know Singaporeans love a good deal”, she points out. “It’s priced to sell.”
Good Class Bungalow deals start to rev up
– Adapted from: The Business Times, 22 March 2018
A few big ticket deals in Good Class Bungalow (GCB) Areas were sealed recently.
These include a Good Class Bungalow in Dalvey Road near the Israeli Embassy that went for S$35.4 million – or S$1,757 per square foot on the freehold land area of 20,143 sq ft.
Located within the White House Park GCB Area, the property spans two storeys and a basement.
It was built about 25 years ago and refurbished a decade ago; it has five bedrooms, a guest room and and a swimming pool.
The Good Class Bungalow is being sold by a pair of low-profile Singaporean investors who bought the house for S$34 million in 2011 from Teng Ngiek Lian, founder of Target Asset Management.
The buyer in the latest deal is understood to be a Singaporean who is currently living in the US with her husband, a European national and a senior executive with a major US bank in New York.
The existing lease on the Dalvey Road Good Class Bungalow will end soon and the new owner is expected to find a replacement tenant.
In Yarwood Avenue, a two-storey Good Class Bungalow with a basement has transacted for S$19.4 million, translating to S$1,201 psf on land area of 16,148 sq ft. The Good Class Bungalow which has about 9,000 sq ft built-up area, comes with five bedrooms and a guest room, along with a pool.
Completed in 2001, the Good Class Bungalow on the site is being sold by Vincent Lee Tua Bah, a retired senior executive in the logistics business, and his wife Cecilia.
The buyer is understood to be related to Justin Goh, who owns Aligent Spring Pte Ltd, which makes precision springs and metal stamping parts that are used in products like printers, DVD recorders, refrigerators and mountain bikes.
Meanwhile, along a stretch of Oriole Crescent near Eng Neo Avenue, Chiang Dong Pheng, the managing director of Standard Chemical Corporation, is understood to have sold a bungalow for S$13.2 million or S$1,269 psf on land area of 10,404 sq ft. Market watchers expect the buyer to redevelop the old house on the site.
Bungalows in the 39 gazetted GCB Areas are the most prestigious form of landed housing in Singapore, with strict planning conditions stipulated by the Urban Redevelopment Authority to preserve their exclusivity and low-rise character.
Experts say that a lot of buyers are waiting for GCBs in prime locations like Dalvey and Cluny. When such properties are made available, they are snapped up within a few weeks as buyers are prepared to pay a premium.
This contrasts with the situation in the past – 2016 and first-half 2017 – when buyers were not prepared to match asking prices.
According to caveats data, year to date seven deals totalling S$181.6 million have been sealed in GCB Areas; this is higher than the five deals totalling S$116 milion in Q1 2017.
Full year 2017, the GCB market posted a strong performance with 41 deals amounting to S$867 million – up from the 2016 tally of 37 transactions that amounted to S$788.5 million.
Consultants are confident that the total value of sales in GCB Areas in 2018 will surpass last year’s figure. A lot of big transactions of S$30 million and upwards are expected.
GCB prices are also expected to rise by 10 per cent on average in this year from the end of last year.
The GCB market is benefiting from the overall mood improvement in the Singapore residential sector. All the positive news on en-bloc sales has led many ultra high net-worth individuals who became Singapore citizens around a year ago to think that now’s the right time for them to pick up that GCB they have been waiting to buy. The one-percentage point hike in the buyer’s stamp duty rate for residential properties announced in February will not deter these buyers.
Only Singapore citizens are allowed to buy landed residential properties within GCB Areas, under a policy change that took effect in the second half of 2012.
While some owners are starting to withdraw their properties from the market in anticipation of higher prices later on, there are also many cases of people wanting to sell their properties. These include elderly couples who no longer need a big house as their children have moved overseas and they themselves would like to spend more time travelling abroad.
Good Class Bungalows to remain sought-after this year
– Adapted from: The Business Times, 10 February 2018
Sales of Good Class Bungalows (GCBs) – the pinnacle of Singapore’s landed housing segment – rose to a five-year high last year.
Based on caveat records from the Urban Redevelopment Authority’s Real Estate Information System (URA REALIS), 41 Good Class Bungalows (GCBs) with a cumulative worth of S$867 million changed hands in 2017, up from 37 Good Class Bungalows (GCBs) transactions worth S$789 million the year before.
These 41 Good Class Bungalows (GCBs) were transacted at prices ranging from S$858 to S$2,351 per sq ft on land area, depending on a confluence of factors including the Good Class Bungalows (GCBs) location, plot size, terrain and the condition of the Good Class Bungalows (GCBs).
Notably, while by definition Good Class Bungalows (GCBs) are required to have a minimal plot size of 1,400 sq m or 15,069 sq ft, those with land plots smaller than that when the 39 GCB areas were gazetted in 1980 are still classified as Good Class Bungalows (GCBs).
The pick-up in buying activity had coincided with an improvement in Singapore’s economic growth and a strengthening private residential housing market in 2017.
Demand was also underpinned by the fall in GCB prices, which corrected by around 13 per cent in 2016, from its recent 2014 peak, going by caveat records.
More realistic
This came amid more realistic price expectations from genuine sellers and was in tandem with the island-wide price movement for detached homes. Prices of detached houses with minimum land area of 5,000 sq ft in both prime and non-prime districts fell by 18-19 per cent from 2014 to 2016.
With economic prospects looking positive, Good Class Bungalows (GCBs) are expected to remain sought after in 2018. However, pricing and the available stock for sale will remain key considerations.
For one, the stock of Good Class Bungalows (GCBs) is limited. The URA counts some 2,800 plots in 39 safeguarded GCB Areas; of the 2,800, 65 have been gazetted for conservation. The majority of these are in the prime districts 10 and 11, although some GCB Areas such as Binjai Park GCB Areas, King Albert Park GCB Areas, Windsor Park GCB Areas, Kilburn Estate GCB Areas and Chestnut Avenue GCB Areas are located outside the prime districts.
In addition, few owners are willing to part with their assets unless they get an attractive offer, or for personal reasons.
Meanwhile, the buyer pool is small, because ownership of GCBs is restricted to Singaporeans. These days, GCB buyers comprise largely Singapore corporates, ultra-high-net-worth Singaporean families and Singaporean entrepreneurs in their 40s, as well as new citizens, with those originally from China particularly prominent.
These individuals seek GCBs for their coveted address, prestige, exclusivity, wealth-preservation quality and measure of their financial success. As supply is unlikely to change significantly in the foreseeable future, this would further enhance the wealth preservation quality of these prized freehold assets.
Notwithstanding the restricted demand pool, prospective sellers are expected to raise or be firmer on their price expectations in 2018. This is in view that genuine buyers are likely to be more willing to commit earlier rather than later, taking into consideration that GCB prices have started to firm, with anecdotal evidence based on caveat records indicating a marginal 0.8 per cent rise in GCB prices last year.
However, GCB prices are not expected to run away this year as the Additional Buyers’ Stamp Duty (ABSD) and Total Debt Servicing Ratio (TDSR) requirements will continue to temper prices that buyers are prepared to offer.
In light of the above, overall GCB prices are expected to rise by five to eight per cent this year. GCB Transaction volumes could also surpass last year’s level moderately.
Two good-class bungalows going for a total of $65m
Adjacent posh houses in Peirce Road have total land area of 32,000 sq ft
– Adapted from: RACHAEL BOON, THE STRAITS TIMES Aug 31, 2017 06:00 am
Good class bungalows (GCBs) rarely come on the market but two of the posh Good class bungalows (GCBs) in a prime hilltop location are up for sale with a total price tag of around $65 million.
The Good class bungalows (GCBs) in Peirce Road, which are being sold together, are owned by high-profile developer Simon Cheong.
They are among six Good class bungalows (GCBs) in Peirce Road he bought in early 2006, reportedly for a total of $35 million. Three of the Good class bungalows (GCBs) have reportedly been sold.
Separately, Mr Cheong also sold a two-storey Good class bungalow (GCB) on a 16,750 sq ft plot in King Albert Park that went for $25 million in January last year.
The sale of the two adjacent Good class bungalows (GCBs) at 26A and 26B Peirce Road near the Botanic Gardens is being done by expression of interest, said marketing agent Cushman & Wakefield yesterday.
The freehold Good class bungalows (GCBs) have a total land area of 32,478 sq ft and existing gross floor area of about 8,400 sq ft each.
These Good class bungalows (GCBs) are suitable for immediate occupation as the tenants have moved out or the sites can be redeveloped.
Mr Shaun Poh, Cushman & Wakefield’s capital markets executive director, said in a statement: “We have often been approached by clients looking to acquire large prime Good class bungalows (GCBs) plots of above 30,000 sq ft, but there are very few available in the market due to scarcity.”
He added that Good class bungalows (GCBs) plots are usually 15,000 to 17,000 sq ft.
The firm noted that the Peirce Road Good class bungalows (GCBs) “are expected to appeal to high-net-worth individuals or families looking to invest in a home within a coveted residential enclave with a prestigious address”.
Cushman & Wakefield said the homes are zoned residential within the elite Ridout Park Good Class Bungalow Area, as it is known.
After Mr Cheong bought the six Peirce Road Good class bungalows (GCBs) in 2006, he carried out renovation work and added space in some of them.
All six Good class bungalows (GCBs) were originally designed by eminent architect Ettore Sottsass.
The Straits Times understands a potential buyer had approached Mr Cheong with the idea of combining the two plots to build a huge Good class bungalow (GCB) and was willing to pay a premium.
Mr Cheong’s high-end SC Global is known for projects such as the Hilltops luxury condominium in Cairnhill.
Mr Poh said: “The Good class bungalow (GCB) market is resilient as they are rarely available and there’s a group of players with deep pockets.
“Once the property market pick ups, it tends to be ahead, while it will be one of the last few types of assets to be depressed in the doldrums.”
The expression of interest exercise will close on Sept 27 at 3pm.
Good class bungalow market tepid
Sales are slow, as smaller homes in GCB areas prove more popular
– Adapted from: The Straits Times, 6 July 2017 Lee Xin En
The market for good class bungalows (GCBs), the most prestigious segment of landed property in Singapore, is lukewarm although smaller bungalows in these GCB areas are catching on.
The tepid market contrasts with another upmarket landed segment, Sentosa Cove. Sales at the exclusive waterfront precinct have jumped to seven this year, compared with just four for the same period last year.
On the GCB front, a caveat was lodged on June 12 for the most expensive one sold this year.The market for good class bungalows (GCBs), the most prestigious segment of landed property in Singapore, is lukewarm although smaller bungalows in these GCB areas are catching on.
The tepid market contrasts with another upmarket landed segment, Sentosa Cove. Sales at the exclusive waterfront precinct have jumped to seven this year, compared with just four for the same period last year.
On the GCB front, a caveat was lodged on June 12 for the most expensive one sold this year.The market for good class bungalows (GCBs), the most prestigious segment of landed property in Singapore, is lukewarm although smaller bungalows in these GCB areas are catching on.
The tepid market contrasts with another upmarket landed segment, Sentosa Cove. Sales at the exclusive waterfront precinct have jumped to seven this year, compared with just four for the same period last year.
On the GCB front, a caveat was lodged on June 12 for the most expensive one sold this year.But overall, the number of bungalows in GCB areas with a minimum plot size of 1,400 sq m – the technical definition of a GCB – sold in the first half of this year was 10, down from the 11 sold in the same period last year, according to caveats filed.
The latest GCB sold was a $46 million bungalow in Queen Astrid Park on a 29,709 sq ft site, reportedly purchased by the family who controls oil trading group Hin Leong.
The Urban Redevelopment Authority (URA) designates 39 areas as “good class bungalow areas“, including parts of prime districts such as Bukit Timah and Tanglin but also those farther afield in Bukit Panjang and Binjai Park.
While GCB sales are down a little, smaller bungalows in GCB areas are proving more popular this year.
- $46m
Price of the latest GCB sold, in Queen Astrid Park, on a 29,709 sq ft site.
- $432.2 m
Total value of the 20 sales that have taken place in GCB areas so far this year. These include properties with a plot size of less than 1,400 sq m.
According to CBRE’s analysis of caveats filed with URA, 20 sales have taken place in GCB areas so far this year, worth a total of $432.2 million. These include properties with a plot size of less than 1,400 sq m.
This is markedly more than the 14 transactions in the same period last year, which totalled $298.36 million.
Mr Wong, CBRE Realty Associates’ head of luxury homes, said the market this year has been driven by “multiple small-sized deals”.
He noted prices in the first half of this year have come down by about 5 per cent from the same period last year, at $1,242 per sq ft (psf) compared with $1,318 psf.
However, the profile of buyers remains consistent, he added. Buyers this year include corporates and entrepreneurs in their 40s, with interest from new citizens, particularly those originally from China.
Mr Wong said he does not expect this year’s sales to top last year’s total of 37 transactions.
“We expect 30 to 35 GCB transactions this year as sellers are more motivated to preserve capital and wait for market sentiment to improve. Prices are likely to be flat.”
Mr Alan Cheong, senior director of research and consultancy at Savills, said that the GCB transactions this year were of a lower dollar psf basis, reflecting poorer location, and/ or site characteristics.
“The slowdown in GCB transactions could be attributed to the lack of available good stocks of GCBs for sale,” he said.
“What is holding the market back is that the ‘creme de la creme’ sites are still hard to come by with owners either refusing to sell at all costs or (selling) at exorbitant prices. Therefore, what gets transacted will be for GCBs that are in the normal rather than the superior grade in terms of location and land dimensions.”
Overall, the number of landed homes sold has increased, driven by falling prices and limited supply of landed homes, said Ms Christine Li, director of research at Cushman and Wakefield.
URA flash estimates released on Monday indicated that prices of landed residential properties fell further by 0.4 per cent for the second quarter, compared with a 1.8 per cent decrease in the previous quarter.
“According to caveats lodged, 538 landed homes were sold in the second quarter – this is the highest quarterly volume since the fourth quarter of 2012, and is a definite sign that interest in landed homes is returning,” Ms Li said.
Charles & Keith family buys another GCB; total of 15 sold from Jan-May
– Adapted from: The Business Times, 6 June 2017
The family of the well-known handbag and shoemaker Charles & Keith has bought another bungalow in a Good Class Bungalow (GCB) Area. Low Lay Eng, a shareholder of Charles & Keith and believed to be the mother of the eponymous group’s founders, paid S$20 million for a bungalow along Chatsworth Road. The price works out to S$1,503 per square foot based on the freehold land area of over 13,300 sq ft.
Early last year, Charles and Keith as well as younger brother Kelvin teamed up to buy a good class bungalow in Mount Echo Park for S$22.25 million or S$1,322 psf on land area of 16,826 sq ft.
Other recent deals in GCB Areas include a good class bungalow in Gentle Road in District 11 that went for S$22.5 million or S$1,211 psf on land area of over 18,570 sq ft. The property is built in black-and-white bungalow style. The house has a pool and lots of greenery.
Based on a compilation of caveats information up to June 2, the first five months of this year saw 15 deals in GCB Areas that totalled S$298.45 million, higher than the 12 deals that amounted to S$261.36 million in the same period of last year.
Among the deals that are brewing and hence not captured in caveats data yet, is the sale of two-thirds of good class bungalow at Leedon Park No. 17, for around S$43 million or S$1,380 psf on land area of 31,211 sq ft. The buyer, who was granted the option earlier this year, is expected to exercise it soon; this follows in-principal approval granted recently for the subdivision of good class bungalow at Leedon Park No. 17, into two plots – the plot that is in the midst of being sold and 15,668 sq ft for the balance land, which is on the market for private-treaty sale with an asking price of S$25 million or about S$1,600 psf..
Separately, an old good class bungalow in Gallop Park is also being transacted, according to the grapevine.
This is because the gap between sellers’ and buyers’ expectations continues to persist. Sellers are more motivated to preserve capital and wait for market sentiment to improve. Prices are likely to be flat.
GCB prices have come down marginally between 3 and 5 per cent in the first five months of this year over the same year-ago period. This was partly due to a number of deals this year that involved bungalows with big plot sizes, which resulted in lower prices in terms of psf of land area.
Observers also note that another factor that has dragged GCB prices this year is that quite a number of the properties were bought for redevelopment; hence buyers paid purely the land price.
Most of the GCBs sold this year have been on the market for a considerable period of time – one year or longer. As such, these properties have to be priced lower than what the market commands, in order for them to stand any realistic chance of being sold.
That said GCB prices are expected to come to equilibrium and stabilise in the seond half. Transactions should also be healthy going forward.
GCBs continue to draw interest from new Singapore citizens, especially those from mainland China.
Bungalows in GCB Areas are the most prestigious form of landed housing in Singapore, with planning conditions to preserve their exclusivity and low-rise character.
Only Singapore citizens are allowed to buy landed residential properties in GCB Areas under a policy change that took effect in the second half of 2012. On Sentosa Cove, a foreigner (whether a Singapore permanent resident or not) is eligible to seek approval to buy a landed home.
A non-citizen is allowed to own just one landed residential property in Singapore and that too for owner occupation only.
Based on an analysis of caveats information, six bungalows have changed hands on Sentosa Cove this year for a total of S$86 million.
This includes the sale of a water-way facing property along Cove Grove by Ezra Holdings founder and chairman Lee Kian Soo for S$14.5 million or S$1,259 psf on land area of 11,515 sq ft. It was bought by Ong Phang Hoo, project director at Lian Beng Group, in his personal capacity.
In addition to the six Sentosa bungalows for which caveats have been lodged so far this year, a property along Cove Drive has been sold for S$16.25 million or S$2,016 psf on land area of 8,060 sq ft. Deals are also ongoing for another two properties along Cove Grove, one of which will be changing hands for more than S$16 million.
More than half of the bungalow deals done this year on Sentosa Cove involved buyers who are Singaporeans – including new citizens – who plan to live in the home while also holding it as a mid- to long-term investment property.
There were just four bungalow transactions in Sentosa Cove last year for S$64.5 million, based on caveats data.
However, there was also a bulk deal for the sale of the remaining 10 bungalows on Pearl Island, one of the five man-made islands in Sentosa Cove. This deal was structured through the sale of the entire equity of Ximeng Land (S) Pte Ltd, which developed the 19-villa project. The equity was sold by a Liu family from Beijing to SRIF Pte Ltd, fully owned by Leslie Lim and Vincent Ong, the co-founders of Evia Real Estate
The deal is said to have valued the 10 villas at about S$125 million. Landed homes in Sentosa Cove have a 99-year leasehold tenure.
Creme De La Creme: Good Class Bungalows the pinnacle of Singapore homes
Adapted from: Kalpana Rashiwala BUSINESSTIMES Sunday, Feb 26, 2017
WHAT’S SO GOOD ABOUT GOOD CLASS BUNGALOWS?
GOOD Class Bungalows (GCBs) have been dubbed the “creme de la creme” of Singapore’s landed homes and are a coveted status symbol. They are rare and outsizedly priced – the average price of Good Class Bungalows GCBs transacted last year was S$21.3 million. Today, only Singapore citizens are allowed to buy landed properties in Good Class Bungalow Areas (GCBAs). In the past 12 months, bungalow purchases in GCBAs have been buoyed by families with old money, as well as the nouveau riche and foreigners who have become Singaporeans. In Queen Astrid Park Good Class Bungalow Areas (GCBAs), a granddaughter of billionaire paint tycoon Goh Cheng Liang bought a Good Class Bungalow for S$44.5 million or S$1,271 per square foot (psf).
Yun Nam Hair Care boss Andy Chua picked up a property along Brizay Park Good Class Bungalow Areas (GCBAs), off Old Holland Road for S$33 million or S$1,108 psf – next to a property he already owns.
Zhang Yong, the founder of the popular Sichuan HaiDiLao steamboat chain from China and who is now a Singapore citizen, acquired a Good Class Bungalow on Gallop Road for S$27 million or S$1,700 psf.
For all the attention that such transactions draw, nobody seems to be able to remember how such stately homes came to be called “Good Class Bungalows“, a term coined in the early 1980s. Did the term spring from a colonial hangover from the British class-based society? Or was a more likely reason a need to differentiate these houses, with large land areas and open spaces, from denser forms of landed housing such as semi-detached and terrace houses? While one can only guess the origins of the name, there seems to be greater consensus on what makes GCBs appealing. One of the most obvious is that they are a rare breed; there are only about 2,500 of them, located in 39 designated areas. They are mostly nestled in “forested” areas, with some on hill slopes such as Cluny Hill Good Class Bungalow Areas (GCBAs) and Bukit Tunggal Good Class Bungalow Areas (GCBAs). The proximity to nature makes them an even more exclusive class of property in a small city-state like Singapore. As a veteran property consultant puts it, Good Class Bungalows GCBs are located in “rich men’s areas” and there is safety in numbers, in a sense, for the well-heeled who value their privacy. At the same time, the large price tag means that not everyone can afford to live in one – which makes them even more coveted.
That said, not all Good Class Bungalows GCBs are created equal. Some Good Class Bungalows (GCBS) are more than 100 years old (mostly conserved Good Class Bungalows (GCBS), of which there are 65 GCBS) while others are newly built. Architectural design styles also vary widely. Some have traditional vernacular styles (which include black-and-white bungalows) that might have verandas and large overhangs suited to tropical climes. Others range from the contemporary end of the scale to the ultra-modern. While some of the 2,500 Good Class Bungalows (GCBS) have been maintained in pristine condition, others are old and in need of redevelopment. It is true that most Good Class Bungalows (GCBS) are located in two of the traditional prime districts (10 and 11). Even so, some Good Class Bungalows (GCBS) may also be found in relatively far-flung places such as Binjai Park Good Class Bungalow Areas (GCBAs) and Yarwood Good Class Bungalow Areas (GCBAs), the Chestnut Good Class Bungalow Areas (GCBAs) in Bukit Panjang, and Windsor Park Good Class Bungalow Areas (GCBAs) off Upper Thomson Road.
To understand how these enclaves have come to be, it helps to poke around in the annals of urban planning. Interestingly enough, the Urban Redevelopment Authority (URA) says that it does not actually use the term “Good Class Bungalows” nor give individual bungalows such a status. Rather these properties are considered “bungalows within Good Class Bungalow Areas (GCBAs)“.
URA does not have an official figure on the number of bungalows in Good Class Bungalow Areas (GCBAs) but states that there are about 2,800 plots – or legal land lots – in the 39 gazetted Good Class Bungalow Areas (GCBAs). Also, so established are these 39 areas, that their prestige precedes the government’s gazetting of them in the 1980 Master Plan. In fact, the rationale for gazetting the 39 Good Class Bungalow Areas (GCBAs) was to protect the existing high-quality residential environment of these established bungalow areas from the intrusion of more intensive forms of residential developments such as semi-detached or terrace houses, URA explained. However, the origins of the term “Good Class Bungalow” itself seems to be lost to history. As professor Robert Powell says in his book Singapore Good Class Bungalow 1819-2015: “No one, it seems, can recall precisely how the words came to be chosen or by whom. “It is possible that they may have been called ‘Good Class’ in order to differentiate them from smaller bungalow plots . . .”
In an interview with The Straits Times last year during the book’s launch, he noted that with Singapore developing at a great pace in the late 1970s and highrise buildings sprouting, “it was probably for economic reasons that the government decided to officially recognise the bigger bungalows and their surroundings so as to attract or retain high-wealth citizens to contribute to the economy”.
Liu Thai Ker, senior director of RSP Architects Planners & Engineers and the former chief planner and CEO of the Urban Redevelopment Authority from 1989 to 1992, concurs: “As far back as 1980, we anticipated that Singapore will become a very prosperous city and given the fact that land is so short (in supply), if we don’t protect the Good Class Bungalow Areas (GCBAs) , then when people become billionaires, where can they find good-quality housing? “Despite the fact that we are pushing mainly for high density, we must retain some very low-density housing for the very rich because people in other countries, even if they are not super-rich, they still can get large tracts of land to build their homes.”
The GCB in the planning details
As these areas are dominated by large plots, a planning norm of 1,400 square metres (sq m) – or about 15,070 sq ft – was adopted as the minimum plot size for any newly-created bungalows within the 39 Good Class Bungalow Areas (GCBAs), URA explained. This is signicantly bigger than the 400 sq m minimum plot size for a bungalow in a non-GCBA and minimum plot sizes are even smaller for semi-detached and terrace houses.
There is also a height restriction – URA allows bungalows in Good Class Bungalow Areas (GCBAs) to be built up to only two storeys high, although an attic and basements are allowed. A site coverage control – total covered area as a percentage of the net site area – of 35 per cent applies to bungalows in Good Class Bungalow Areas (GCBAs). This is lower than the general site coverage limit for bungalows in non-GCBAs, which is typically 40 per cent.
Moreover, the setback to the sides and the rear for a bungalow in a Good Class Bungalow Areas (GCBAs) is three metres, compared to two metres for a bungalow in a non-GCBA. These rules ensure that there is enough open space around the compound of each bungalow – which helps maintain some distance from the next-door bungalow as well as privacy for their respective residents. The open space is also ideal for incorporating amenities such as gardens, swimming pools and fish ponds. Property consultancy VestAsia Group chairman Steven Choo, who is also an adjunct associate professor in the Department of Real Estate at the National University of Singapore, points out that in addition to the stringent planning conditions for bungalow developments within Good Class Bungalow Areas (GCBAs), there are also a host of requirements for other types of housing that happen to be located next to a Good Class Bungalow Areas (GCBAs). This is to ensure the privacy of GCB dwellers. K2LD Architects director Ben Teng says the stringent planning rules for Good Class Bungalow Areas (GCBAs) are meant to control the streetscape, so that all the houses have the same setback, same height control – nothing juts out.Nevertheless, there is room for creative designs, says Mr Teng. “Generally, these areas are neighbourhoods with big houses, and this spurs the architect to come up with a design which is better than those of neighbouring houses.” That creativity is also put to work since many Good Class Bungalow Areas (GCBAs) are in mature, forested areas and some plots have protected trees. “Here the challenge is to build around the trees, such that the trees become part of the design,” he adds. “Each Good Class Bungalow GCB is a unique, creative piece of work.” K2LD has designed about 50 bungalows in Good Class Bungalow Areas (GCBAs) over the past 15 years and Mr Teng has seen his share of interesting requests from owners. About eight years ago, he was tasked by an avant garde entrepreneur who had bought a site along Ridley Park Good Class Bungalow Areas (GCBAs) to come up with a design for a house that would look like a shopping centre.
“The facade had to be eye-catching but not too jarring. We effected this through light-gold coloured aluminium mesh facade. At ground level, the front and sides of the house are made of glass just like in a shopping centre – instead of a typical grand wooden door as the house entrance. And as you enter the house, you are greeted by a vast foyer area with a cafe; the kitchen and services areas are tucked behind,” he explains. The owner did not see much value-add from having the usual swimming pool or gardens, as there was already wooded state land opposite his house. Instead, he wanted his entire basement level to be dedicated to entertainment. This resulted in a home theatre, arcade-style game machines and a bowling alley. Over in Binjai Park Good Class Bungalow Areas (GCBAs), Mr Teng had a client who had been advised by his geomancer to have a house designed in the shape of a peanut, which symbolises longevity and prosperity.
“We have to balance the form and space, ensuring that the spaces within are rectilinear and usable. We adopted the figure of eight which resembles a peanut from plan view (top-down view) and began to fit the required (regular-shaped) spaces. Making sure that the original design intent of a peanut form is kept, external walls of the rooms are set away from the outline of the figure of eight,”Mr Teng says.
“Other building elements were designed to fit in between, such as the main staircase which has been sculpted to fit seamlessly.”
At Tanglin Hill Good Class Bungalow Areas (GCBAs), a house is being built that will have a narrow moat about three feet wide around the house (with stepping stones to enter the house at two points) – because its owner thinks it may help keep insects away and also because it’s been proven that water bodies help to lower the ambient temperature, Mr Teng adds.
Not spared by cooling measures
Some may question the need to maintain Good Class Bungalow Areas (GCBAs) given the competing needs for land on a small island like Singapore. But RSP Architects Planners & Engineers’ Mr Liu argues: “Despite our land shortage, as a city, we must have as wide a variety of environment as we can. “So we have beaches and we also have green areas. We are short of land and yet we have MacRitchie Reservoir and also conservation areas. When it comes to housing, we have from relatively high density to the fairly low density – so that
we can cater for the needs of all income groups. “In other words, whatever other bigger cities have, we also have. So that the environment will have variety, (and) it is not so monotonous. That’s very much part of the planning concept.”
He adds: “There is a Chinese saying that The sparrow may be small but all the vital organs (that the bigger animals have) are there. So it is small but complete in every detail.”
A glimpse of Good Class Bungalows, the biggest and rarest houses here
Trace almost 200 years of the history of Singapore bungalows and peek into those classified as Good Class Bungalows in a new book.
Adapted from: The Straits Times, SEP 17, 2016, 5:00 AM SGT
Good Class Bungalows are the jewels of Singapore property.
They are the biggest of all bungalows and a rarity, with only about 2,800 set on prime plots on the island. While some bungalows are historic buildings that are more than 100 years old, others have been built in a contemporary style in recent years.
A number are secluded on the slopes of the few remaining hills in Singapore
– Bukit Tunggal Good Class Bungalow Area, Caldecott Hill Good Class Bungalow Area, Cluny Hill Good Class Bungalow Area – on the sites of the country’s first plantations.
Set in lush gardens, these dwellings are the subject of a new book by British architect and academic Robert Powell, 74.
The 200-page hardcover, titled Singapore Good Class Bungalow 1819-2015, traces almost 200 years of the history of Singapore bungalows, including the origins of this class of property. The book was launched on Sept 7 at Space Furniture in Bencoolen Street.
In an interview with The Straits Times, Professor Powell says that with Singapore developing at a great pace in the late 1970s and highrises sprouting, “it was probably for economic reasons that the Government decided to officially recognise the bigger bungalows and their surroundings so as to attract or retain high-wealth citizens to contribute to the economy”.
In his book, he writes that the term Good Class Bungalow Area was first mentioned in the revised masterplan by the then Ministry of National Development in 1980, in an effort to protect the “high environment quality” of the larger bungalows from the intrusion of other intensive development.
Thirty-nine areas were designated as Good Class Bungalow Areas. “It is possible that they were called good class to differentiate them from smaller bungalow plots,” he says and adds that the term is believed to be unique to Singapore.
Bungalow developments in these areas must have a minimum plot size of 1,400 sq m – about a quarter the size of a football field – and a maximum height of two storeys.
The bungalow as a whole – or what is called the “roofed area” – cannot take up more than 35 per cent of the plot of land, to ensure that there is plenty of open space in the compound.
The creation of such a category not only led to the preservation of some of the greener areas of Singapore, but also gave a boost to the country’s architectural profession, he says.
“Many architects now at the forefront of the profession here cut their teeth on detached residential design in Good Class Bungalow Areas,” he says. Among them are Mr Mok Wei Wei from W Architects and Mr Chan Soo Khian from SCDA Architects.
Residential commissions are the first step on the ladder for most new graduates seeking to launch their careers as professional architects in private practice and these bungalows are plum prizes.
It is not known how many bungalow plots there were in the category originally. One plot can house more than one bungalow. Some bungalows may have been redeveloped and split into separate bungalows over the years.
But according to the Urban Redevelopment Authority (URA), there are now about 2,800 plots in the category. About 65 Good Class Bungalows have been gazetted for conservation.
Each plot can fetch between $15.7 million and $44.5 million, according to Knight Frank Research data for this year’s transaction prices.
The new book showcases 55 Good Class Bungalows, including five that are recipients of the URA Architectural Heritage Awards, which recognise well restored and conserved buildings here. Also featured are 12 modern tropical bungalows designed by architects in Singapore between 2010 and last year.
The design of the modern bungalows mitigates the effects of climate change with inventive solutions such as surrounding a living area with a pond (The Willow House in Cluny Hill Good Class Bungalow Area) and using charcoal logs to clad the entrance facade (Cornwall Gardens House in Cornwall Gardens Good Class Bungalow Area). Charcoal is known to filter rain and “clean” the air.
The earliest bungalows, some of which still stand, are also mentioned in the book’s narrative about the evolution of the bungalow in Singapore. They include early plantation houses and Art Deco- inspired bungalows.
Prof Powell says it was not difficult for him to choose the bungalows to feature. When he lived in Singapore from 1984 to 2001 and taught at the School of Architecture at the National University of Singapore, he had visited about 150 houses, including Good Class Bungalows, often as part of research for his other books.
He is the author of 12 other books about the architecture of private houses in South-east Asia.
So, when Talisman Publishing approached him to write the book on Good Class Bungalows two years ago, he already had an idea of which bungalows he wanted to feature. “They have to be the best of their era,” says Prof Powell, now a professor of architecture at Taylor’s University in Selangor, Malaysia.At that time of writing the book, he was based in Brighton in England and visited Singapore thrice.
He sourced for early maps from the Royal Geographical Society in London, interviewed key architects in Singapore such as Mr Chang Yong Ter, Mr Aamer Taher and Mr Teh Joo Heng, and obtained floor plans from some of them.
The architects helped him get approval for photographer Albert Lim, 65, to take pictures of the bungalows. Mr Lim has worked with Prof Powell on his books over 25 years.
“Almost all the owners said yes,” says Prof Powell. The majority agreed to let Mr Lim photograph the interior and exterior of their house.
Most owners did not wish to be named.
One exception was Mr Ong Tze Boon, architect and son of the late Singapore president Ong Teng Cheong, who lives at 1 Dalvey Estate, which was built in 1927. The masterpiece by prominent British architect Frank Wilmin Brewer has all the classic Brewer hallmarks: flared eaves, buttressed walls and oriole windows.
The late Mr Ong, an architect by profession, lived in the house for several years, and restoration and extension to the house had been carried out by his practice Ong & Ong Architects.
Another owner is Mr Robert Kwan, founder of McDonald’s Singapore. King Albert Park House, in King Albert Park Good Class Bungalow Area was built for him in 1994 by Singaporean architect Tay Kheng Soon. It has all the attributes of a well-designed bungalow in the tropics: a water garden, wide overhanging eaves and living spaces that “open to the sky” and are orientated to catch the breeze.
As the book’s focus is on architects and the architecture of bungalows they have designed, the photos are largely devoid of people. But, occasionally, Mr Lim managed to capture what he calls the “magical moment” – for instance, the back view of the young son of the owner of 23 Gallop Park, in Cluny Hill Good Class Bungalow Area, running in the house.
He sometimes had to return to a residence three to four times just to get the “perfect shot”. He says: “The building won’t run away, but I want to catch it in the right lighting.”
With the rapid urbanisation of Singapore and doubling of its population over the last 30 years, are Good Class Bungalows here to stay? Prof Powell believes so. He says: “There is a good case for their preservation as they are an important part of Singapore’s history.”
THE ONG RESIDENCE
Dalvey Estate Good Class Bungalow: A view from the timber pool deck towards the original house of The Ong Residence. PHOTO: ALBERT LIM
Dalvey Estate Good Class Bungalow: The east-facing entrance lobby (above); and the living room.PHOTO: ALBERT LIM
Dalvey Estate Good Class Bungalow: The east-facing entrance lobby (above); and the living room.PHOTO: ALBERT LIM
THE ONG RESIDENCE
Putting a modern extension in front of a 103-year-old tropical Edwardian-style bungalow is not something most architects might do.
But Mr Rene Tan and Mr Quek Tse Kwang of RT&Q Architects did just that when they were commissioned by Mr K.T. Ong, managing director of interior furnishings company Vanguard Interiors, to restore his house in 2010 and add a new extension for his two grown-up children.
The house, which is on the cover of the Singapore Good Class Bungalow book, was originally designed by Scottish architect David McLeod Craik and built for a municipal councillor of Persian origin in 1913.
A distinctive feature of the old house, which comes with a lantern roof and timbre structure, was the porch at the entrance. It was set at 45 degrees to the main body of the house, which was restored in places.
The original staircase was reconstructed with some balustrade details, for instance.
Mr Tan and Mr Quek made the “counter-intuitive” decision of putting the new extension prominently in front of the entrance porch.
It comprises accommodation arrayed symmetrically along a linear lap pool. It is intentionally modern in appearance, featuring new materials such as grey granite, white marble, plaster and paint.
The design strengths of the architects were recognised when the project won an Urban Redevelopment Authority Architectural Heritage Award in 2011.
THE WATER-COOLED HOUSE
With her passionate interest in botany and ecology, the owner was clear from the start about what she wanted: a house naturally cooled with as little air-conditioning as possible.
The result is the Water-Cooled House at 27A Ewart Park, in Ewart Park Good Class Bungalow Area, designed by architect Robin Tan from Wallflower Architecture + Design.
The bungalow, built in 2010, is ensconced in a valley near Holland Road and approached via a tree- lined drive.
An experiment in climate control, the bungalow has many cooling features, the most prominent of which is a large body of water on the roof.
This 40cm-deep rectangular pond, which surrounds a rooftop glass-walled pavilion, insulates the dining area, bedrooms and other rooms below, keeping them cool.
The impression one gets when looking out of the pavilion is of being in a forest canopy, with the greenery all around reflected in the calm water of the infinity pond.
Parallel to the building is a single- storey service block with a “wet” kitchen for heavy-duty cooking, a laundry and utility room and staff accommodation.
This is separated from the main block by a 30m-long koi pond which produces a cool micro-climate in the space in between.
EU HOUSE I
Holland Good class bungalow : Four pavilions are set around a water court (above) in Eu House I,
which combines different styles such as Chinese, Balinese, Thai and Malay in its interior.PHOTO: TALISMAN PUBLISHING
Holland GCB
EU HOUSE I
Possibly the seminal bungalow of the early 1990s, Eu House I in the Holland Road area is special in the way it elegantly and seamlessly combines different styles – Chinese, Balinese, Thai and Malay.
It was designed in 1993 by Argentinian architect Ernesto Bedmar, director of Bedmar & Shi.
The house consists of four pavilions set around a pond or water court in a U-shaped configuration.
One enters through a carved Chinese door with filigree panels, which gives a glimpse of the spaces that lie within. Balinese elements are seen on the legs of the pavilion columns and in the roof design.
The “openness” of the rooms evokes the banglas or bungalows of India, the Thai sala or pavilion, and the kampung houses of Malacca.
The result is a courtyard house that reflects the cultural diversity of Singapore and its location amid the multi-hued cultures of Asia.
Gallop park Good class bungalow : A unique tree house is part of the development at 23 Gallop Park, which also features a west-facing rectangular bungalow (above).PHOTO: ALBERT LIM
Good class bungalows in Gallop park
Sitting on the western-facing slope of Cluny Hill, this two-storey bungalow is a delightful assembly of interlocking “cubes” with a swimming pool projecting out to the west and, beyond this, a sculptural tour-de-force: a tree house.
The tree house is a unique vertical steel-and-timber structure with multi-level platforms that are built around a couple of trees.
It was designed by Dr Joseph Lim, an associate professor in the department of architecture at the National University of Singapore in 2002 for the previous owner, and it has been retained by the present one.
The current bungalow was designed by Mr Alan Tay of Formwerkz Architects in 2014.
He envisaged a dramatic approach to the house: a curved driveway which sweeps up to a rectangular archway beneath the pool. Visitors then ascend an external staircase to arrive at the verandah of the rectangular bungalow.
To mitigate the effects of the sun in the late afternoon, the design includes shading measures such as a deep overhang at the first storey and horizontal timbre louvres on the second storey.
•Source: Singapore Good Class Bungalow 1819-2015
•Singapore Good Class Bungalow Book 1819-2015 is available at $60 (before GST) at major bookshops.
Singapore-Good-Class-Bungalow-1819-2015 :Singapore Good Class Bungalow 1819-2015 is written by Professor Robert Powell (right)
and features photographs taken by Mr Albert Lim (left). ST PHOTO: AZMI ATHNI
Dim prospects, ABSD set to cut foreigner home buying again this year
Adapted from: The Business Times, 12 February 2016
The appetite for Singapore residential property among foreigners continues to diminish, depressed by higher purchase taxes and dim prospects for gains or returns.
The number of private homes bought by non-resident foreigners (non-permanent residents) dropped 22 per cent to 895 units last year, from 1,148 units sold in 2014. And with no sign of any removal or reduction of the additional buyer’s stamp duty (ABSD) rates and rosier prospects at other gateway international cities, the prospects for 2016 remain glum, say industry insiders.
But Singapore’s resident population does not seem to share the pessimism – at least not as much.
Purchases by PRs (permanent residents) increased 13.7 per cent to 2,522 units last year, while the number of private homes bought by Singaporeans rose 12.4 per cent to 9,967 units, according to URA Realis data.
Among foreign buyers, the Chinese, Malaysians, Indians and Indonesians remained the top buyers.
For the third year in a row, mainland Chinese emerged as the top overseas buyers (PRs and non-PRs combined) of private homes in Singapore. The 952 units they acquired in 2015, though, marked a 4.6 per cent fall from 998 units in 2014.
Malaysians were the second-biggest overseas buying contingent, picking up 945 units in 2015, down 1.5 per cent from 959 units in 2014. Indian citizens were in third position, despite an 11.7 per cent drop in the number of units they bought to 325 last year. And Indonesians emerged in fourth position after a 34.1 per cent drop in their private home purchases here last year to 276 units.
But one discernible trend over the past five years within each of these four major overseas nationalities is that the proportion of buyers who are Singapore PRs has gone up.
Market watchers attribute this partly to the lower ABSD rate payable when PRs buy residential properties in Singapore (5 per cent on the first purchase and 10 per cent for subsequent purchases) compared with non-PR foreigners, who have to pay 15 per cent ABSD for any Singapore residential property purchase.
A rule change that took effect in late August 2013 that bars newly-minted PRs from buying public housing resale flats within the first three years of becoming PRs – has also driven more PRs into the private property market.
In the past, HNWI (high net worth individual) immigrants would often purchase a private residential property here first as a precursor to getting PR under a scheme that was scrapped in 2012. The Financial Investor Scheme (FIS) allowed overseas HNWIs with at least S$10 million of assets held in Singapore for five years to get onto a fast track and apply for PR status. Up to S$2 million of the S$10 million that these wealthy foreigners parked here could be used to buy private residential property.
Now the trend is the other way round; people become PRs first and then buy a property.
While PRs tend to be driven by “fundamental economic” reasons to buy a private home in Singapore – for owner occupation, as they may have settled here with a family, or as a long-term investment – non-PR foreigners could have bought for “safe haven or capital flight” reasons.
At least until the property cooling measures hit home.
The value proposition for foreigners to buy Singapore private residential properties purely for investment offshore, or just putting money in safe haven real estate, has fizzled out.
Singapore is lacking a good growth story for these foreign individuals as well as for their businesses, said an analyst.
He also observed that newly minted PRs these days looking for Singapore private residential properties tend to have smaller budgets of about S$2 million, although they are still looking for well-located apartments of about 1,000 sq ft in places ranging from River Valley to Newton for instance. He added that today, very few are eyeing big apartments of 3,000 sq ft or more, costing upwards of S$8 million – which was common during the 2007 property boom as well as during the post-recovery period of 2010-2012 – before the FIS was discontinued.
A higher fraction of people receiving PR status these days seem to be getting it for their professional capabilities, rather than their family wealth, he observed.
The rising share of Singapore PRs among nearly all major nationalities of overseas buyers of private homes here, in the past five years was more pronounced for Chinese and Indonesian citizens.
Back in 2011, only 33 per cent of China citizens who bought private homes here were Singapore PRs. Last year, it was the reverse situation, with PRs accounting for 66 per cent of the China citizens who bought private homes here. Among Indonesian buyers, the Singapore PR share has risen from 25 per cent in 2011 to 58 per cent last year.
For Malaysians and Indians buying private homes here, PRs had already accounted for a high proportion – 65 per cent and 66 per cent respectively – even in 2011. Still, their respective shares climbed further to reach 87 per cent and 89 per cent last year.
Most Malaysians and Indians have for some time now been buying for practical reasons as they are PRs, based in Singapore, and buying for a need.
Many Malaysians also had their tertiary education in Singapore, following which they would usually start working here.
Indian buyers tend to go for big-sized family homes and have a sharp eye for attractive deals.
In the past, many Chinese and Indonesian HNWIs used to buy Singapore residential properties more for wealth protection and capital gains. However, the respective governments in both countries have placed restrictions on outward remittance since last year.
Furthermore, the yuan’s devaluation since last August has clipped Chinese nationals’ purchasing power as their national currency has weakened against the Singapore dollar. However, Chinese citizens who are Singapore PRs would have parked their money here much earlier. Moreover, they would be earning income here and still have the means to fund property purchases.
Non-PR foreigners are expected to continue to stay away from the Singapore property market this year because of the punitive ABSD. Chinese buyers in particular are very sensitive to the 15 per cent ABSD, and prefer alternative markets like Australia, Canada and the US where taxes on foreigners buying residential property are lower.
HNWIs are more optimistic about property market prospects in London and gateway cities in the US. However, newly minted Singapore PRs will continue to look for private homes.
On the positive side, Singaporean buying is set to rise again this year, thanks largely to upgraders entering the market as many may feel prices have fallen to a comfortable level and the ABSD is unlikely to be lifted any time soon.
10 facts about good class bungaDim prospects, ABSD set to cut foreigner home buying again this year
Romesh Navaratnarajah • April 14, 2015
Good class bungalow
Good class bungalows, more commonly known as GCBs, are considered the most exclusive residential properties in Singapore. They are in the news again after two bungalows were put up for tender recently.
Last week, a GCB at Chee Hoon Avenue in prime District 11 was offered for sale at $25 million. Prior to that, one along Holland Road with an indicative price of $30 million was looking for buyers.
These homes are usually sold to those who value privacy and exclusivity, including some of the wealthiest people in Singapore such as business tycoons and real estate developers among others.
If you happen to be on the hunt for a GCB, here are some things to consider.
Did you know…
• There are about 2,700 GCBs located within Singapore’s 39 gazetted GCB areas.
• To be classed as a GCB, the property must have a land area of at least 15,000 sq ft and be situated in those areas zoned for GCBs.
• Some of the more popular GCB areas are Cluny Road GCB Areas near the Orchard Road shopping belt, Ridley Park GCB Areas off Tanglin Road, Leedon Park GCB Areas near Holland Road, and King Albert Park GCB Areas off Bukit Timah Road.
• URA’s guidelines stipulate that GCBs cannot be built more than two-storeys high (plus an attic and a basement) and this is to preserve the exclusivity and character of such neighbourhoods.
• The scarcity factor and strong status symbol make GCBs one of the most sought after properties here and ensures strong capital appreciation.
• Depending on land size and facilities, GCBs can be priced up to $10 million and above. Bungalows with bigger plots and swimming pools can fetch higher prices.
• GCB transactions have slowed in recent years due to the government’s cooling measures, particularly the Total Debt Servicing Ratio (TDSR) and Additional Buyer’s Stamp Duty (ABSD).
• A total of 26 GCBs were sold in 2014 amounting to $587.75 million. The record stands at 133 deals worth $2.38 billion in 2010.
• Sales of GCBs are indicative of the health of the property market since investing in multi-million dollar homes means investor confidence is up.
• Since 2012 only Singaporeans can buy in GCB areas. Foreigners were previously allowed to purchase such homes subject to permission from the Land Dealings (Approval) Unit, but only if the land area didn’t exceed 15,000 sq ft.
Good class bungalows for $35 mil
adapted from the City & Country of Issue 647 (Oct 13) of The Edge Singapore.
Cecilia Chow | October 13, 2014 12:00 AM MYT
Good-Class_Bungalow_GCB_Rebecca_Road.png
SINGAPORE: A rare property on Rebecca Road with a land area of 20,450 sq ft and a well- designed house by Timur Designs built less than two years ago is on the market.
On a recent Friday afternoon, the owner of a Good Class Bungalow (GCB) on Rebecca Road was seen leisurely reading the newspapers at the dining table, while his daughter-in-law was about to start baking a cake, with her son perched on a high stool at the kitchen counter, finishing his homework. This heart-warming scene could easily have been set in an HDB apartment, if not for the astute house owner. He made the leap from HDB occupier to GCB owner in a single, well-timed bound in March
1999 — which, on hindsight, was the trough of the property cycle. According to a caveat lodged with URA Realis, he paid just $5.5 million for the GCB, which sits
on a sprawling 20,450 sq ft site. Not only is it the largest land plot in the Rebecca Road Good Class Bungalow (GCB) area, but his purchase price, when translated into price per sq ft, stood at $269, the lowest on record for the neighbourhood. Even if one were to include the other GCB enclaves in the vicinity, such as Bin Tong Park Good Class Bungalow (GCB) area, Coronation Road Good Class Bungalow (GCB) area and Coronation Road West Good Class Bungalow (GCB) area , as well as Victoria Park Good Class Bungalow (GCB) area , that transaction still ranks among the lowest in terms of price psf, based on caveat data going back nearly 20 years.
Indeed, in the post-Asian financial crisis property market hangover of 1998/99 and the economic recession of 2001 to 2003, quite a number of HDB occupiers made that same transition into the landed housing market, snapping up semi-detached and detached houses at distressed prices, recalls Grace Ng, deputy managing director at Colliers International. “However, only a rare few had jumped from an HDB to a GCB.”
Today, 5.5% of Singaporean households live in landed homes, and an even smaller fraction live in GCBs, the most luxurious of bungalows with land sizes of at least 15,070 sq ft. After all, there are only 2,800 GCBs in Singapore and they are located in 39 residential Good Class Bungalow (GCB) area gazetted by the URA, according to CBRE Research. Meanwhile, a good 81.9% of Singapore residents live in HDB flats, according to the Department of Statistics.
Complete Rebuilt
The owner of the Rebecca Road GCB made only minor additions and alterations to it over the years. However, in mid-2011, he decided to tear down the original structure and redevelop the property to suit the needs of his now-extended family. As the natural terrain of the site is on a downslope, the then single-storey Good Class Bungalow (GCB) used to sit at the bottom of the garden, below street level. Upon the recommendation of friends, the owner engaged Timur Designs, a name long
associated with private luxury homes in the prime districts of Singapore and in Sentosa Cove, to design his new GCB. The only brief he gave the architect was that he and his wife wanted a home where they could age in place, with wheelchair-friendly floors and provision for a home lift in the future. The owner’s son, who was living in the same house with his wife and two young children, asked for their own private wing fitted with a kitchenette, like a self-contained apartment, with direct access to the swimming pool. Timur Designs partner Chan Wai Kin, the design architect for the house, cleverly created a formal entrance with a drop-off point at the front of the building. “The idea was to create a sense of mystery when you first arrive,” explains the owner. By moving the formal entrance to the front of the grounds, the architect capitalised on the downsloping terrain to create a spacious, double- storey house with two wings, and ample space for the swimming pool and garden. There is a separate entrance from the garage at the side of the house for the family. Chan created indoor-outdoor spaces, where the main focus is the swimming pool. There is even an outdoor powder room that looks like a secret garden, complete with a stone bench. The communal gathering point for the family is the semi-outdoor dining patio with doublevolume ceiling. The adjoining dry kitchen and dining patio command the best view of the pool and garden. Glass louvres at the top of the patio can be opened for breeze to flow into the house, or closed to prevent rain from coming in. An enormous ceiling fan has been installed to keep the place cool. “We seldom need to turn on the air-conditioner,” says the owner. “We like the architect’s design, which has a rustic feel, and his play with glass and timber. We didn’t want a show house. We wanted a home we can relax in.”
Three-generation Good Class Bungalow (GCB)
The house has a built-up area of 7,440 sq ft. On the first level, apart from the dining patio, a spacious living room opens out to the swimming pool. There is a separate wet kitchen adjoining the dry kitchen, an aviary, a helper’s room and a yard. The master suite for the owner and his wife is also on the first level. It has a big en suite study — the owner’s favourite room — with a door leading directly to the swimming pool. Two other bedrooms are on this level; one serves as a guest room, while the other has been converted into a hobby room, complete with musical instruments and model airplanes. The second level was designed as a standalone apartment for the younger family. It has a junior master suite with a dramatic ceiling, an equally luxurious bathroom, two bedrooms for the children, another study and a fully-equipped galley kitchen. There is also a private balcony, with staircase leading straight to the swimming pool. Construction of the new house took 17 months and cost $3 million, with the family moving back into their “new” home in December 2012. “It’s a well-thought-out design for an extended family,” says Chia, director of boutique
property agency . On the market The Good Class Bungalow (GCB) was recently put on the market with a price tag of $35 million or $1,711 psf. “Given a choice, I wouldn’t want to sell it,” admits the owner. “My wife is the one who wants to sell it.” Chia has been appointed the marketing agent for the GCB on Rebecca Road. He has noticed an increase in the number of enquiries from potential buyers looking for GCBs with bigger land plots in recent months. This is also evident from the GCB transactions in 3Q2014: of the half-dozen transactions in the months of July and August, three were for large GCB plots that fetched above $30 million. The most recent transaction was for a GCB sitting on a freehold plot of 26,458 sq ft on Belmont Road Good Class Bungalow (GCB) area, that was sold for $33.5 million ($1,266 psf), according to a caveat lodged on Aug 21. The other GCB on Dalvey Road Good Class Bungalow (GCB) area sits on a land area of 18,493 sq ft, and changed hands for $30.8
million ($1,666 psf) at end- July. The Good Class Bungalow (GCB) on Dalvey Road is a brand new GCB sitting on a smaller land parcel, notes Wong, managing director of RealStar Premier and a specialist in marketing landed homes. In mid-July, a GCB sitting on a freehold plot of 33,691 sq ft on Ridout Road Good Class Bungalow (GCB) area was reportedly sold to Lim Hock Leng, managing director of listed grocery chain Sheng Siong, for $30 million ($1,039 psf). The GCB is said to be an old Good Class Bungalow (GCB) located on a downslope site.
New rich, new citizens
The buyers looking to purchase big GCB plots today tend to be “the new rich” and “firsttime GCB buyers”, says Samuel Eyo, director of Savills Prestige Homes.
“It also shows that there’s still a lot of money out there.” Tan, founder and managing director of luxury property specialist Newsman Realty, agrees. He has seen an increase in enquiries and viewing requests from newly minted Singapore citizens interested in buying big GCB plots with land sizes above 20,000 sq ft.
“These are mainly former mainland Chinese who are buying their first landed property in Singapore,” Tan notes. There are some Singaporeans who, having lived abroad for many years, have returned home and are looking to buy a GCB as well, he adds. However, more than half the enquiries are from newly minted Singapore citizens.
Figures from CBRE Research show that for the full year of 2013, a total of 27 GCBs were sold for $654 million, or an average of $1,323 psf. For the first nine months of 2014, only 18 GCBs were transacted, with total sales worth $467.8 million. The average price of these transactions yearto- date was $1,419 psf, which is higher than that
in 2013. However, this is only a ballpark for GCB prices, and does not fully account for location, size, age, design, terrain, frontage and other characteristics of the individual GCBs, explains Wong, CBRE’s head of luxury homes, and a specialist in the GCB market. “At best, it shows that GCB prices in 2014 are still holding up even though the wider residential market prices are softening.” Newsman’s Tan agrees. GCBs sitting on good plots, for instance those that are either elevated or flat, and regular in shape, have seen prices holding up relatively well on a per sq ft basis, he says. Those that are not as well situated, for instance those on a steep downslope or sitting on an irregular plot, have seen prices soften a little. However, he expects activity in the GCB market.
Scarcity factor
“I think we are probably close to the bottom in terms of transaction volume this year,” reckons RealStar’s Wong. “But the real-estate market as a whole should start to improve next year. As such, it is unlikely that there will be a great correction ahead in the landed housing market, especially for GCBs, where the vast majority of owners have great holding power.” The gap between buyers’ bid prices and sellers’ asking prices could narrow in the coming months owing to the scarcity of big plots, notes Land Empire’s Chia. Many GCB owners are prepared to withdraw their property from the market if buyers’ offers are below their asking prices, says Savills’ Eyo. “That’s why there isn’t much GCB stock in the market.” CBRE’s Wong concurs with that. GCB owners who have the holding power will not reduce their prices just to achieve a sale, he says. “They are more likely to wait for the market to recover before looking for buyers again.” According to Chia, buyers attracted to the Rebecca Road Good Class Bungalow (GCB) area in prime district 10 are usually those familiar with the Leedon Park Good Class Bungalow (GCB) area, Bin Tong Park Good Class Bungalow (GCB) area and Belmont Good Class Bungalow (GCB) area as well. Besides the recent transaction in Belmont Good Class Bungalow (GCB) area for $33.5 million, another transaction in the neighbourhood this year was for a GCB in Bin Tong Park, sitting on a freehold land area of 20,312 sq ft. It was sold for $31.5 million ($1,551 psf) in February. “The owner [of the GCB on Rebecca Road] is in no rush to sell,” emphasises Chia. “If we find the right buyer who can appreciate the house as much as they do, and if there’s a serious offer, we will sit together with the family to discuss [the deal].”
Defining and buying bungalows in Singapore
-Adapted from Aug 27, 2012 – By: James Chen, iProperty.com.sg
A bungalow in Singapore has to be on a site no smaller than 400sqm and no less than 10m wide. This is about twice the size of a semidetached house (200sqm) and more than 2.5x the size of a terrace house. Many are in locations such as Eng Neo Avenue, Faber Park, Jalan Binchang, Serangoon Gardens, Sunset Way and Westlake estate.
However, not all bungalows in Singapore are Good Class Bungalows (GCBs), as to be classified as such, bungalows have to meet an even stricter criterion.
Good Class Bungalows (GCBs) need to have a plot size of at least 1,400sqm and be located in one of the 39 areas in Singapore designated for Good Class Bungalows (GCBs). These include Districts 9, 10, 11, 21 and 23. Many Good Class Bungalows (GCBs) though are situated in Bishopsgate, Nassim and Ladyhill. Other prerequisites include a maximum site coverage control of 35% and a height restriction of two stories.
Both the size and location criteria need to be fulfilled before a bungalow can be classified as a Good Class Bungalow (GCB). As such, Good Class Bungalows (GCBs) are at the highest end of the luxury segment in Singapore’s property market.
How to go about buying your very own Good Class Bungalows (GCBs)
An interested buyer first needs to verify if the property is in an area designated for Good Class Bungalows (GCBs) by the Urban Redevelopment Authority (URA), as mentioned earlier in this article, not all properties with a land size of more than 1,400sqm are actually Good Class Bungalows (GCBs).
An interested buyer should also be aware of the property conservation scheme in Singapore. Those Good Class Bungalows (GCBs) earmarked for conservation cannot be torn down and rebuilt. A general guide would be that if what you are interested to buy is an older bungalow with colonial architecture, chances are that it would be ear marked for conservation.
The growing GCB market
Prices have more than doubled over the last decade
-Adapted -Adapted from 2009 – By: www.stproperty.sg
PRICES of good class bungalows (GCBs) have picked up strongly since early this year, topping prices fetched in the last property peak in 2007. GCBs are owned by a select group of wealthy individuals, who may well own more than one such good class bungalow (GCB). There are an estimated 2,800 good class bungalows (GCBs) in Singapore today. By definition, good class bungalows (GCBs) need to have a plot size of at least 1,400 sq m (15,070 sq ft) and be located in one of the areas zoned for good class bungalows (GCBs).
Good class bungalows (GCBs) prices have more than doubled over the last decade, with the average price in 2009 being about $1,000 per sq ft (psf) to $1,200 psf of land in prime areas such as Tanglin good class bungalow area (GCBAs). For example, a Good class bungalow (GCB) in Ladyhill Road with a land area of 16,340 sq ft was sold at $8.23 million in September 2000. This works out to $504 psf. In the current market, the same Good class bungalow (GCB) would easily fetch more than $18 million, or about $1,100 psf. Similarly, a Good class bungalow (GCB) in Bishopsgate with a land area of 19,300 sq ft was sold for $11 million or about $570 psf in November 2000. A similar unit today would fetch $20-22 million.
The rising number of high net worth foreigners who become Singapore permanent residents (PR) and citizens form the bulk of prospective buyers for Good class bungalows (GCBs). Apart from this group, we are also starting to see investment companies acquiring Good class bungalows (GCBs) for their portfolios. It is generally perceived that with the pricing of premier condominiums ranging between $2,500 psf and $3,500 psf, there is a lot of upside growth for Good class bungalows (GCBs) whose average price is about $1,000 psf.
With the strong demand for Good class bungalows (GCBs) , we are beginning to see a shortage of such properties for sale, especially in the prime areas. Good class bungalows (GCBs) prices have risen steadily since the start of this year, and have climbed by nearly 25 per cent in less than a year.
Lately, we are seeing more Good class bungalows (GCBs) buying from new PRs and citizens. In addition, we are seeing situations where Singaporeans are prepared to buy Good class bungalows (GCBs) with existing tenancies although the Good class bungalows (GCBs) rental yield is generally low at about 2 per cent. Good class bungalows (GCBs) can be found in popular locations ranging from districts 10 and 11 to districts 21 and 23. Of these, the most sought after Good class bungalows (GCBs) are in the prime district 10.
The most expensive Good class bungalows (GCBs) are located in the Nassim and Ladyhill area, followed by those in Tanglin, such as Bishopsgate, Chatsworth and Rochalie, and those in the Tanglin-Holland vicinity, such as Swettenham and Peirce roads. Bungalows around the Botanic Gardens, such as Cluny and Dalvey, are also in demand.
There is no special preference for old or new properties among Good class bungalow (GCB) buyers. Generally, key deciding factors for Good class bungalows (GCBs) buyers are the site’s location and land specification, ie, regular shape, above or below road level, gradient, etc. This is because most Good class bungalows (GCBs) buyers often rebuild the Good class bungalow (GCB) , whether the existing one is a old Good class bungalow (GCB) or a new Good class bungalow (GCB).
Tips on purchasing Good class bungalows (GCBs)
The first thing a buyer needs to know is if the property is in an area designated for Good class bungalows (GCBs) by the Urban Redevelopment Authority (URA). Not all properties with a land size of more than 1,400 sq m qualify as Good class bungalows (GCBs).
Prospective buyers should also be aware of the property conservation scheme in Singapore. Those Good class bungalows (GCBs) earmarked for conservation cannot be torn down and rebuilt. This is especially true for older Good class bungalows (GCBs) with colonial architecture.
The outlook for the GCB market for the rest of the year and 2010 is good, with the buying momentum expected to continue.
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Is it a Good time to make the leap to a Good class Bungalow (GCB) when prices are depressed?
Interested t0 buy a GOOD CLASS BUNGALOW in land scarce Singapore?
SELL/ BUY/ RENT- Good Class bungalows
Call me Serene Chua @ HP 98-199-199
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