Tuesday, March 13, 2012

GCB asking price sets new record

Earlier this month, a sea-facing bungalow in Sentosa Cove was transacted for a record S$39 million but the property is far from being the most expensive landed home in Singapore.

According to an article on AsiaOne, the costliest home for sale is said to be a five-bedroom good class bungalow (GCB) in Ridout Road, off Holland Road.

With an asking price of S$68 million, or about S$1,670 psf, the bungalow occupies around 40,000 sq ft of land. The sizeable plot, which can accommodate two GCBs, is located on a slope and has its own tennis court and swimming pool.

The bungalow’s price is markedly higher than last year’s top transaction involving a 69,546 sq ft GCB at 23 Yarwood Avenue, which was sold for S$59.5 million, or S$856 psf.

According to Tejaswi Chunduri, Regional Analyst at PropertyGuru, GCB prices vary depending on land size, condition of the property and location.

“Out of 39 locations allotted for GCBs in Singapore, bungalows in districts 10 and 11 command a higher price and record more transactions as these are prime locations and the land is very expensive.”

The most expensive GCBs are located in the Ladyhill and Nassim areas, followed by the Tanglin-Holland and Tanglin vicinity, including Swettenham and Peirce roads.

Despite the high prices, Chunduri expects GCBs to remain popular with the ultra-rich due to their limited supply. In total, there are only about 2,500 such homes in Singapore.

“However, as transaction volumes for the GCB sector are highly dependent on market dynamics, the on-going uncertain economic situation will see prices soften in 2012,” she added.

View the original article here

Source From Property Guru

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