Who are buying Good Class Bungalows (GCBs) in Singapore?
Forget almost luxury condos. In Singapore, Skilful Class Bungalows (GCBs) are the highest form of prestigious housing.
Just ask some of Singapore's most successful tech CEOs, who take of tardily scrambled to purchase GCBs. As tech CEOs are basically the royalty of our age, this has fabricated people sit upwardly, pay attention and take a new involvement in these ultra-exclusive houses.
Before we jump into reviewing who are the individuals behind some of the most loftier-contour GCB purchases this yr, permit'southward take a expect at GCB pricing trends and transaction data to go a sensing of the GCB market place.
GOOD CLASS BUNGALOW Toll AND TRANSACTION TRENDS IN SINGAPORE
Transaction Tendency for Good Class Bungalows
GCBs have always been an asset perceived as a status symbol. Of late, the need for luxury holding in Singapore has been booming and the same can exist said for the GCB market.
In this chart tracking the overall transaction volumes in the iv districts with GCBs (Districts x, eleven, xx and 21), yous'll encounter that there has been an increment in the number of transactions over the by v years.
The number of annual GCB transactions have picked up over the past two years, with the bulk of transactions coming from District 10 (Tanglin/Holland). Interestingly, in that location were no transactions at all for District 21 (Upper Bukit Timah/Ulu Pandan/Clementi Park) in 2020, but there have already been 6 transactions in 2022 then far.
Median PSF Price Tendency for Good Form Bungalows
Here's a look at the median price (psf) trend for GCBs over the years.
You'll see that prices for GCBs spiked drastically from 2005 to 2011. It was then that the Government introduced the Additional Buyer'due south Stamp Duty as a cooling mensurate in December 2011. Since and then, median psf prices for GCBs have held steady over the next 10 years. There has been a slight increase in price since a decade ago, but it's naught as well extreme.
While the demand for GCBs has picked upward in 2021, it'due south besides soon to say the aforementioned for median psf prices.
When we look at the fluctuations in median psf prices per district, this trend holds true also. If y'all'd like to option autonomously the data for yourself, yous can practice and then hither past clicking on the circles representing each district. Requite it a try!
And so comes the question, but who are the ones ownership GCBs in Singapore? Let'southward observe out!
WHO ARE Buying GOOD CLASS BUNGALOWS IN SINGAPORE? (2021)
i. Chew Shou Zi, TikTok CEO
TikTok is THE social media app of the 2020s, and newly appointed Singaporean CEO Chew Shou Zi has surely cashed in on the Chinese visitor's success, having recently purchased an S$86 million Good Course Bungalow at Queen Astrid Park in the Holland/Bukit Timah expanse.
The property sits on a sprawling state area of 31,800 square feet, with 38-yr-old Chew's expenditure working out to a hefty S$2,700 psf.
two. Chloe Tong, Wife of Grab CEO Anthony Tan
Take hold of has supplanted taxis as an essential form of transport in Singapore, and thirty-year-old Chloe Tong, wife of Catch CEO, Anthony Tan, recently celebrated the company's success by purchasing a S$40 million, S$1,849 psf Expert Course Bungalow in Bin Tong Park.
Bin Tong Park is sandwiched in between the affluent enclaves of Sixth Artery and Holland Hamlet. Built in the nineties, the holding sits on 21,637 square feet of state and was previously owned by a doctor.
three. Tan Min-Liang, Razer CEO
Razer's famous gaming mice have catapulted co-founder and CEO Tan Min-Liang to the A-list of tech entrepreneurs. Tan recently entered into an understanding to purchase a S$52.8 million, S$ane,706 psf Good Course Bungalow on 3rd Avenue. The property'south country area measures thirty,954 square feet and is situated in the Bukit Timah expanse, right side by side to the prestigious Sixth Avenue.
iv. Ian Ang, Secretlab CEO
Ian Ang is sitting pretty thank you to the success of Secretlab, the gaming chair company that he co-founded. In fact, the visitor is doing so well that 28-year-old Ang recently purchased ii luxury properties, a penthouse at Leedon Residence and a 23,424 square foot Adept Class Bungalow on Caldecott Hill in the Thomson area.
The latter toll S$36 1000000 or Due south$iv,291 psf and offers panoramic views of the surrounding area. Ang intends to have the house rebuilt and redesigned.
5. Jin Xiao Qun, married woman of Nanofilm Technologies CEO Shi Xu
Nanofilm Technologies, which was founded in 1999 by Dr Shi Xu, turned its founder and CEO into a billionaire when the company was listed on the Singapore Stock Exchange last year. Shi'southward married woman, Jin Xiao Qun, who immigrated to Singapore with him from China in the nineties, recently purchased a Practiced Class Bungalow for Southward$128,800,800 or Southward$iv,005 psf.
The 1964 belongings, known as the LadyVale Bungalow, is located on Nassim Road in betwixt the Botanic Gardens and the Orchard area.
6. Zhang Hanzhi, son of Haidilao CEO Zhang Yong
Founder and chairman of everyone'due south favourite hotpot chain, Haidilao, Zhang Yong is besides Singapore's richest person at the moment and together with his wife has a internet worth of S$25.02 billion. In 2016, he bought a S$27 one thousand thousand, Due south$one,700 psf property nicknamed The Winged House.
This time, information technology's Zhang Yong's son, Zhang Hanzhi, making the news for a GCB purchase. Zhang Yong, who is, like his father, a naturalised Singapore citizen, recently purchased a Due south$42 one thousand thousand, S$i,940 psf Proficient Class Bungalow on Gallop Road near the Botanic Gardens, correct next door to his father's existing business firm.
7. Tommy Ong, CEO of Stamped.io
A thirty-something local entrepreneur is rumoured to accept purchased a Good Class Bungalow on Cluny Hill for Due south$63.7 one thousand thousand or a record-breaking Southward$four,291 psf. The house is currently under construction and sits on 14,843 foursquare anxiety of state.
Co-ordinate to sleuthing by The Business Times, the buyer is believed to be Tommy Ong, founder and CEO of Stamped.io, an east-commerce marketing platform that was recently caused by WeCommerce Holdings.
WHAT IS A GCB IN SINGAPORE?
For the uninitiated, Good Grade Bungalows incorporate a category of almost 2,800 landed homes built in 39 gazetted areas at some of Singapore's most exclusive addresses. They are mostly amassed in the Orchard, Holland and Bukit Timah areas, including Chatsworth, Leedon Park and Rex Albert Park.
HOW DO YOU Qualify FOR THE GCB?
Typically, you lot have to be a Singapore citizen earlier you tin can buy a Good Class Bungalow or landed property in Singapore. However, from 2022 to 2019, seven Singapore permanent residents who "fabricated exceptional economic contributions to the Commonwealth" were given the approval to buy a Good Class Bungalow.
Otherwise, foreigners who desire to buy landed properties in Singapore can just buy Sentosa Cove properties.
WHAT CLASSIFIES Every bit A GCB?
According to the URA, Good Class Bungalows must occupy land measuring at least i,400 square metres (although in that location are some Good Grade Bungalows on smaller country areas), of which a maximum of only 40 per cent can be allotted to the actual firm. This leaves a huge corporeality of space for sprawling gardens, swimming pools and other luxurious features.
In that location are a number of other regulations the property must bide past in social club to qualify as a Expert Class Bungalow, such as not beingness more than two storeys high and the need to maintain a minimum amount of greenery in between properties.
Call back you lot take what it takes to buy a Proficient Grade Bungalow? Detect Good Form Bungalows for auction on PropertyGuru.
This article was first published on PropertyGuru.
Source: https://cnalifestyle.channelnewsasia.com/exceptional-homes/who-are-buying-good-class-bungalows-singapore-285271
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