Singapore Good Class Bungalows sold at record prices in H1

Total investment volume hit a whopping $1.8 billion.

A slew of Good Class Bungalows (GCB) were sold in Singapore at record prices during the first half of 2021. According to CBRE, there were 60 transactions recorded during the period, with total investment volume hitting $1.813 billion. There were only 44 transactions recorded in the full year 2020, while investment volume was just $757.81 million in H2 2020. CBRE says investment volumes are on track to exceed 2010’s peak of $2.368 billion.

Demand for GCBs mainly came from digital economy entrepreneurs and new citizens. 

“The CEO and co-founder of gaming chair manufacturer Secretlab purchased 27 Olive Road for $36 million. The wife of Grab’s founder bought 55 Bin Tong Park for $40 million, and the wife of Nanofilm’s founder bought 30 Nassim Road for $128.8 million. A technopreneur bought a bungalow under construction in Cluny Hill for $63.7 million,” notes CBRE. 

Nine GCB transactions crossed the $2,000 psf threshold. According to CBRE, such deals drove average GCB prices up to $1,728 psf, up 21.8% on 2020’s $1,419 psf, and 6.9% above the 2019 peak of $1,617 psf. 

Get the full report here.