Why Are Good Class Bungalows (GCBs) Headed For A Record High In 2021?

Property prices really have gone up across all segments, even the extreme luxury end. Good class bungalows (GCBs) have been all the rage in 2021: from $144 million worth in transactions in 48 hours (in July), to news of tech billionaires developing a penchant for these. There’s also a good likelihood that, with Covid-19 continuing to wreak havoc, the GCB trend will be ongoing for quite a while longer. Here’s what’s happening:

GCB transaction volumes are close to the last highs of 2010

The last peak for GCBs was in 2010, when transactions totalled $1.85 billion, with around 101 transactions. By comparison, the first half of 2021 alone saw about $2.05 billion in transactions, with 68 transactions. 

The contrast is even sharper, between 2020 and 2021. Last year, total GCB transactions only reached around $415.8 million, with 21 transactions. On a year-on-year basis (January to August), GCB prices averaged $1,391 psf in 2021, but have since jumped to about $1,713 psf. 

The highlight of the year was in July, when four GCBs transacted at around $36 million each, all within the span of 48 hours. These were:

• Binjai Park ($1,318 psf)
• Swettenham Road ($1,954 psf)
• Coronation West Road (no caveat lodged)
• Olive Road ($1,536)

Meanwhile, the most expensive GCB transaction of the year was at Nassim Road, where a 32,160+ sq. ft. home transacted at $128.8 million, or around $4,005 psf. 

It’s also been noticed that most buyers, in 2021, seem to be in tech-related businesses. For example, the record-breaking Nassim Road GCB was bought by the wife of Nanofilm Technologies head Shi Xu. 

Secretlab founder Ian Ang bought a GCB on Caldecott Hill, while Razer CEO Tan Min-Liang bought a unit at Third Avenue. 

There doesn’t seem to be a specific reason why tech entrepreneurs are more inclined toward real estate these days. However, some theories we’ve heard are having a more stable component to their overall portfolio, cheap leveraging, and financing options like home equity loans. 

(This refers to taking out a loan against the appreciated property, at a very low-interest rate).

How much have GCB prices moved since 2010?

252 rows

Address	Price	Land area (sq ft)	$PSF	Sale date	District	Tenure	GCB area
57 Chestnut Drive	$16,100,000	17,184	$937	12 Jan 2011	D23	999 yrs from 25/09/1882	GCBA Chestnut Avenue
10E Dalvey Estate	$25,000,000	15,211	$1,644	13 Jan 2011	D10	Freehold	GCBA Dalvey Estate
17 Brizay Park	$23,000,000	17,808	$1,292	9 Feb 2011	D10	Freehold	GCBA Brizay Park
16 Cluny Road	$33,000,000	16,199	$2,037	28 Feb 2011	D10	Freehold	GCBA Cluny Park
21C King Albert Park	$18,000,000	15,070	$1,194	28 Feb 2011	D21	Freehold	GCBA King Albert Park
21B Yarwood Avenue	$15,625,000	16,148	$968	9 Mar 2011	D21	999 yrs from 26/03/1885	GCBA Kilburn Estate
64 Binjai Park	$18,000,000	17,412	$1,034	15 Mar 2011	D21	Freehold	GCBA Binjai Park
3B Tanglin Hill	$38,800,000	23,979	$1,618	22 Mar 2011	D10	Freehold	GCBA Ridley Park
11 Maryland Drive	$29,000,000	19,170	$1,513	25 Mar 2011	D10	999 yrs from 21/06/1877	GCBA Maryland Estate
48 Belmont Road	$16,000,000	15,762	$1,015	28 Mar 2011	D10	Freehold	GCBA Belmont Park
25B Cornwall Gardens	$23,500,000	15,706	$1,496	31 Mar 2011	D10	Freehold	GCBA Cornwall Gardens
62 Belmont Road	$30,000,000	32,627	$919	4 Apr 2011	D10	Freehold	GCBA Belmont Park
13 Astrid Hill	$35,000,000	22,016	$1,590	12 Apr 2011	D10	Freehold	GCBA Queen Astrid Park
20 Jervois Hill	$18,000,000	15,270	$1,179	13 Apr 2011	D10	Freehold	GCBA Chatsworth Park
22 Olive Road	$14,080,000	15,207	$926	14 Apr 2011	D11	Freehold	GCBA Caldecott Hill Estate
23 Yarwood Avenue	$59,500,000	69,541	$856	15 Apr 2011	D21	999 yrs from 26/03/1885	GCBA Kilburn Estate
6 Ewart Park	$38,585,950	33,554	$1,150	11 May 2011	D10	Freehold	GCBA Ewart Park
32 Fifth Avenue	$23,500,000	15,070	$1,559	7 Jun 2011	D10	Freehold	GCBA Fourth/Sixth Avenue
2 Maple Lane	$22,000,000	16,368	$1,344	7 Jun 2011	D10	Freehold	GCBA Garlick Avenue
62 Dalvey Road	$34,000,000	20,144	$1,688	24 Jun 2011	D10	Freehold	GCBA White House Park
1 Binjai Hill	$22,380,000	18,903	$1,184	6 Sep 2011	D21	Freehold	GCBA Binjai Park
35 Bukit Tunggal Road	$22,388,000	16,356	$1,369	30 Sep 2011	D11	Freehold	GCBA Bukit Tunggal
23 Gallop Park	$23,500,000	18,855	$1,246	30 Sep 2011	D10	Freehold	GCBA Cluny Hill
9A Swettenham Road	$23,000,000	15,381	$1,495	18 Oct 2011	D10	Freehold	GCBA Ridout Park
28 Chee Hoon Avenue	$28,000,000	16,866	$1,660	3 Nov 2011	D11	Freehold	GCBA Chee Hoon Avenue
3 Tanglin Hill	$57,000,000	34,579	$1,648	3 Nov 2011	D10	Freehold	GCBA Ridley Park
8G Gallop Road	$23,500,000	15,101	$1,556	16 Nov 2011	D10	Freehold	GCBA Gallop Road/Woollerton Park
20 Victoria Park Road	$48,000,000	32,078	$1,496	23 Nov 2011	D10	999 yrs from 27/12/1875	GCBA Victoria Park
202A Lornie Road	$16,500,000	19,155	$861	3 Feb 2012	D11	Freehold	GCBA Caldecott Hill Estate
68 Binjai Park	$31,000,000	20,002	$1,550	9 Apr 2012	D21	Freehold	GCBA Binjai Park
24 Olive Road	$27,500,000	35,703	$770	11 May 2012	D11	Freehold	GCBA Caldecott Hill Estate
30 Third Avenue	$25,600,000	17,659	$1,450	15 May 2012	D10	Freehold	GCBA Fourth/Sixth Avenue
26 Swettenham Road	$25,830,000	15,070	$1,714	15 May 2012	D10	Freehold	GCBA Ridout Park
15D Chatsworth Road	$30,000,000	15,116	$1,985	18 May 2012	D10	Freehold	GCBA Chatsworth Park
22 Swettenham Road	$28,000,000	15,838	$1,768	18 May 2012	D10	Freehold	GCBA Ridout Park
202 Lornie Road	$20,800,000	23,452	$887	1 Jun 2012	D11	Freehold	GCBA Caldecott Hill Estate
783 Old Holland Road	$20,800,000	21,692	$959	25 Jun 2012	D10	Freehold	GCBA Brizay Park
52 Binjai Park	$32,899,999	22,360	$1,471	30 Jul 2012	D21	Freehold	GCBA Binjai Park
2 Peirce Hill	$23,800,000	15,155	$1,570	30 Jul 2012	D10	Freehold	GCBA Ridout Park
33 Olive Road	$30,000,000	25,319	$1,185	6 Aug 2012	D11	Freehold	GCBA Caldecott Hill Estate
21A Yarwood Avenue	$19,500,000	16,278	$1,198	17 Aug 2012	D21	999 yrs from 26/03/1885	GCBA Kilburn Estate
72 Andrew Road	$21,000,000	31,108	$675	24 Aug 2012	D11	Freehold	GCBA Caldecott Hill Estate
16A Leedon Park	$33,000,000	15,636	$2,111	8 Oct 2012	D10	Freehold	GCBA Leedon Park
27 Olive Road	$26,100,000	23,424	$1,114	19 Oct 2012	D11	Freehold	GCBA Caldecott Hill Estate
24 Yarwood Avenue	$26,540,574	26,541	$1,000	28 Nov 2012	D21	999 yrs from 07/05/1879	GCBA Kilburn Estate
51 Holland Road	$25,000,000	17,141	$1,459	7 Dec 2012	D10	Freehold	GCBA Holland Park
2B Wilby Road	$22,800,000	16,146	$1,412	28 Dec 2012	D10	Freehold	GCBA Brizay Park
55 Windsor Park Road	$27,000,000	19,280	$1,400	2 Jan 2013	D20	Freehold	GCBA Windsor Park
18 Yarwood Avenue	$21,980,000	18,657	$1,178	4 Jan 2013	D21	999 yrs from 07/05/1879	GCBA Kilburn Estate
2 Windsor Park Hill	$25,300,000	22,481	$1,125	18 Jan 2013	D20	Freehold	GCBA Windsor Park
19 Camden Park	$25,000,000	15,070	$1,659	1 Feb 2013	D11	Freehold	GCBA Camden Park
8 Chee Hoon Avenue	$22,900,000	15,184	$1,508	27 Feb 2013	D11	Freehold	GCBA Chee Hoon Avenue
7 Brizay Park	$24,500,000	24,087	$1,017	18 Apr 2013	D10	Freehold	GCBA Brizay Park
30 Chancery Lane	$28,500,000	20,684	$1,378	8 May 2013	D11	Freehold	GCBA Bukit Tunggal
22B Cornwall Gardens	$42,500,000	20,720	$2,051	16 May 2013	D10	Freehold	GCBA Cornwall Gardens
22 Coronation Road West	$28,000,000	25,429	$1,101	22 May 2013	D10	Freehold	GCBA Oei Tiong Ham Park
70 Eng Neo Avenue	$14,800,000	16,690	$887	21 Jun 2013	D11	99 yrs from 26/02/2008	GCBA Eng Neo Avenue
51 Holland Park	$28,800,000	15,210	$1,894	25 Jun 2013	D10	Freehold	GCBA Holland Park
16 Second Avenue	$11,500,000	18,012	$638	28 Jun 2013	D10	Freehold	GCBA First Third Avenue
2D Jalan Asuhan	$31,399,466	26,166	$1,200	2 Jul 2013	D11	Freehold	GCBA Chee Hoon Avenue
17 Second Avenue	$37,000,000	19,988	$1,851	11 Jul 2013	D10	Freehold	GCBA First Third Avenue
18A Joan Road	$23,300,000	15,775	$1,477	1 Aug 2013	D11	Freehold	GCBA Caldecott Hill Estate
19 Gallop Park	$25,200,000	16,009	$1,574	16 Oct 2013	D10	Freehold	GCBA Cluny Hill
24 White House Park	$20,000,000	16,468	$1,214	13 Nov 2013	D10	Freehold	GCBA White House Park
12 East Sussex Lane	$22,500,000	15,102	$1,490	10 Jan 2014	D10	Freehold	GCBA Holland Rise
42,42A,44,44A Belmont Road	$30,500,000	21,904	$1,392	16 Jan 2014	D10	Freehold	GCBA Belmont Park
44 Mount Echo Park	$25,000,000	16,729	$1,494	27 Jan 2014	D10	Freehold	GCBA Chatsworth Park
29 Margoliouth Road	$30,800,000	18,161	$1,696	29 Jan 2014	D10	Freehold	GCBA Whitehouse Park
10 Bin Tong Park	$31,500,000	20,315	$1,551	3 Feb 2014	D10	Freehold	GCBA Bin Tong Park
72 Andrew Road	$27,000,000	31,108	$868	12 Feb 2014	D11	Freehold	GCBA Caldecott Hill Estate
837 Old Holland Road	$28,500,000	20,345	$1,401	15 Feb 2014	D10	Freehold	GCBA Brizay Park
33 Cluny Hill	$30,000,000	15,179	$1,976	18 Feb 2014	D10	Freehold	GCBA Cluny Hill
6B Cable Road	$31,800,000	16,704	$1,904	30 Jun 2014	D10	Freehold	GCBA Chatsworth Park
201 Jervois Road	$18,800,000	15,073	$1,247	18 Jul 2014	D10	Freehold	GCBA Chatsworth Park
27 Ridout Road	$35,000,000	33,691	$1,039	18 Jul 2014	D10	Freehold	GCBA Ridout Park
62A Dalvey Road	$30,800,000	18,488	$1,666	30 Jul 2014	D10	Freehold	GCBA White House Park
74 Belmont Road	$33,500,000	26,456	$1,266	21 Aug 2014	D10	Freehold	GCBA Belmont Park
65 Holland Park	$30,000,000	15,071	$1,991	10 Nov 2014	D10	Freehold	GCBA Holland Park
28 Chancery Lane	$25,388,800	23,933	$1,061	11 Dec 2014	D11	Freehold	GCBA Bukit Tunggal
10B Gallop Road	$24,000,000	15,341	$1,564	8 Jan 2015	D10	Freehold	GCBA Gallop Road/Woollerton Park
5 Swettenham Road	$23,520,000	15,240	$1,543	28 Jan 2015	D10	Freehold	GCBA Ridout Park
13 Mount Echo Park	$22,000,000	15,117	$1,455	4 Feb 2015	D10	Freehold	GCBA Chatsworth Park
8G Gallop Road	$25,800,000	15,101	$1,709	24 Mar 2015	D10	Freehold	GCBA Gallop Road/Woollerton Park
35 Ridout Road	$91,688,888	73,278	$1,251	19 May 2015	D10	Freehold	GCBA Ridout Park
2P Bishopsgate	$33,000,000	15,070	$2,190	21 May 2015	D10	Freehold	GCBA Chatsworth Park
26 Bin Tong Park	$30,000,000	21,426	$1,400	2 Jun 2015	D10	Freehold	GCBA Bin Tong Park
45 Belmont Road	$44,188,000	31,125	$1,420	5 Jun 2015	D10	Freehold	GCBA Belmont Park
6 First Avenue	$25,000,000	20,001	$1,250	3 Jul 2015	D10	Freehold	GCBA First/Third Avenue
21 Queen Astrid Park	$32,000,000	27,371	$1,169	22 Jul 2015	D10	Freehold	GCBA Queen Astrid Park
37 Chee Hoon Avenue	$21,390,000	17,868	$1,197	30 Jul 2015	D11	Freehold	GCBA Chee Hoon Avenue
25 Cluny Hill	$21,520,000	15,098	$1,425	23 Sep 2015	D10	NA	GCBA Cluny Hill
5 Tanglin Hill	$25,000,000	16,243	$1,539	29 Sep 2015	D10	Freehold	GCBA Ridley Park
122 Windsor Park Road	$21,800,000	20,383	$1,070	6 Oct 2015	D20	Freehold	GCBA Windsor Park
2 Peel Road	$19,500,000	15,504	$1,258	16 Nov 2015	D10	Freehold	GCBA Ridout Park
16 Cable Road	$22,000,000	17,014	$1,293	25 Nov 2015	D10	Freehold	GCBA Chatsworth Park
61 Dalvey Road	$26,000,000	15,081	$1,724	29 Nov 2015	D10	Freehold	GCBA White House Park
6 Bukit Sedap Road	$20,000,000	19,919	$1,004	8 Dec 2015	D10	Freehold	GCBA Bukit Sedap
26 King Albert Park	$25,000,000	16,750	$1,493	4 Jan 2016	D21	Freehold	GCBA King Albert Park
21 Yarwood Avenue	$15,700,000	16,163	$971	11 Jan 2016	D21	999 yrs from 26/03/1885	GCBA Kilburn Estate
10 Mount Echo Park	$22,250,000	16,826	$1,322	27 Jan 2016	D10	Freehold	GCBA Chatsworth Park
12 Peirce Road	$23,999,000	16,225	$1,479	11 Feb 2016	D10	Freehold	GCBA Ridout Park
2 Swiss Club Road	$20,250,000	19,585	$1,034	3 Mar 2016	D11	Freehold	GCBA Swiss Club Road
25 Gallop Road	$27,000,000	15,884	$1,700	21 Mar 2016	D10	Freehold	GCBA Gallop Road/Woollerton Park
3A Tanglin Hill	$27,500,000	17,725	$1,551	21 Mar 2016	D10	Freehold	GCBA Ridley Park
32 Fifth Avenue	$24,500,000	15,070	$1,626	29 Mar 2016	D10	Freehold	GCBA Fourth/Sixth Avenue
5 Swettenham Close	$22,480,000	16,594	$1,355	30 Mar 2016	D10	Freehold	GCBA Ridout Park
11 Kingsmead Road	$29,000,000	27,229	$1,065	26 May 2016	D10	Freehold	GCBA Victoria Park
24 White House Park	$18,000,000	16,468	$1,093	8 Jun 2016	D10	Freehold	GCBA White House Park
2 Queen Astrid Park	$44,500,000	35,012	$1,271	1 Jul 2016	D10	Freehold	GCBA Queen Astrid Park
21 Gallop Park	$16,800,000	16,306	$1,030	6 Jul 2016	D10	Freehold	GCBA Cluny Hill
18 Peirce Hill	$27,000,000	15,422	$1,751	8 Aug 2016	D10	Freehold	GCBA Ridout Park
4 Brizay Park	$33,000,000	29,787	$1,108	22 Aug 2016	D10	Freehold	GCBA Brizay Park
6 Cable Road	$23,000,000	15,148	$1,518	1 Sep 2016	D10	Freehold	GCBA Chatsworth Park
1B Ewart Park	$19,000,000	16,363	$1,161	8 Sep 2016	D10	Freehold	GCBA Ewart Park
2 Victoria Park Close	$18,200,000	18,984	$959	9 Sep 2016	D10	999 yrs from 27/12/1875	GCBA Victoria Park
2 Lady Hill Road	$24,000,000	16,863	$1,423	13 Sep 2016	D10	Freehold	GCBA Nassim Road
2E Bishopsgate	$26,800,000	15,070	$1,778	14 Oct 2016	D10	Freehold	GCBA Chatsworth Park
85 Chestnut Drive	$16,000,000	15,599	$1,026	17 Oct 2016	D23	Freehold	GCBA Chestnut Avenue
18 Third Avenue	$20,700,000	19,420	$1,066	16 Nov 2016	D10	Freehold	GCBA First/Third Avenue
10 Ewart Park	$19,350,000	15,070	$1,284	18 Nov 2016	D10	Freehold	GCBA Ewart Park
17 White House Park	$25,500,000	15,126	$1,686	23 Nov 2016	D10	Freehold	GCBA White House Park
67 Holland Park	$25,500,000	15,080	$1,691	2 Dec 2016	D10	Freehold	GCBA Holland Park
28 Jalan Kampong Chantek	$27,588,888	27,504	$1,003	10 Feb 2017	D21	Freehold	GCBA Swiss Club Road
16 King Albert Park	$43,800,000	39,228	$1,117	21 Feb 2017	D21	Freehold	GCBA King Albert Park
1 Garlick Avenue	$23,880,000	27,829	$858	22 Feb 2017	D10	Freehold	GCBA Garlick Avenue
27 Ewart Park	$15,928,950	15,465	$1,030	10 Apr 2017	D10	Freehold	GCBA Ewart Park
7 Victoria Park Close	$40,000,000	29,955	$1,335	12 Apr 2017	D10	999 yrs from 27/12/1875	GCBA Victoria Park
32 Chancery Lane	$21,888,000	17,845	$1,227	21 Apr 2017	D11	Freehold	GCBA Bukit Tunggal
42 Gentle Road	$22,500,000	18,573	$1,211	17 May 2017	D11	Freehold	GCBA Bukit Tunggal
17 Leedon Park	$40,880,000	31,211	$1,310	9 Jun 2017	D10	Freehold	GCBA Leedon Park
12 Queen Astrid Park	$46,000,000	29,710	$1,548	12 Jun 2017	D10	999 yrs from 01/09/1876	GCBA Queen Astrid Park
15 Gallop Park	$22,888,000	17,043	$1,343	19 Jun 2017	D10	Freehold	GCBA Cluny Hill
48 White House Park	$22,000,000	15,330	$1,435	29 Jun 2017	D10	Freehold	GCBA White House Park
68 Andrew Road	$25,600,000	22,218	$1,152	28 Aug 2017	D11	Freehold	GCBA Caldecott Hill Estate
24 Fourth Avenue	$25,868,000	20,204	$1,280	24 Oct 2017	D10	Freehold	GCBA Fourth/Sixth Avenue
96 Fernhill Road	$21,800,000	15,890	$1,372	27 Oct 2017	D10	Freehold	GCBA Nassim Road
6 Garlick Avenue	$16,800,000	18,544	$906	30 Oct 2017	D10	Freehold	GCBA Garlick Avenue
51 Binjai Park	$20,600,000	15,532	$1,326	3 Nov 2017	D21	Freehold	GCBA Binjai Park
4B Swettenham Road	$19,280,000	15,201	$1,268	9 Nov 2017	D10	Freehold	GCBA Ridout Park
14 Cluny Road	$34,500,000	20,238	$1,705	15 Nov 2017	D10	Freehold	GCBA Cluny Park
20 Cluny Hill	$35,500,000	15,105	$2,350	23 Nov 2017	D10	Freehold	GCBA Cluny Hill
1 Bukit Tunggal Road	$26,500,000	20,355	$1,302	5 Dec 2017	D11	Freehold	GCBA Bukit Tunggal
4 Lermit Road	$28,300,000	17,374	$1,629	18 Dec 2017	D10	Freehold	GCBA Cluny Park
28 Rochalie Drive	$33,000,000	16,770	$1,968	22 Dec 2017	D10	Freehold	GCBA Chatsworth Park
35 Leedon Road	$57,500,000	43,927	$1,309	18 Jan 2018	D10	Freehold	GCBA Belmont Park
112 Eng Neo Avenue	$23,300,000	17,067	$1,365	31 Jan 2018	D11	Freehold	GCBA Eng Neo Avenue
21B Yarwood Avenue	$19,400,000	16,148	$1,201	1 Mar 2018	D21	999 yrs from 26/03/1885	GCBA Kilburn Estate
62 Dalvey Road	$35,400,000	20,144	$1,757	8 Mar 2018	D10	Freehold	GCBA White House Park
47A Binjai Park	$20,500,000	19,708	$1,040	16 Mar 2018	D21	Freehold	GCBA Binjai Park
65 Bin Tong Park	$48,000,000	23,270	$2,063	29 Mar 2018	D10	Freehold	GCBA Bin Tong Park
8 Swettenham Road	$23,800,000	15,149	$1,571	28 May 2018	D10	Freehold	GCBA Ridout Park
22 Coronation Road West	$36,000,000	25,429	$1,416	7 Jun 2018	D10	Freehold	GCBA Oei Tiong Ham Park
3 Jervois Hill	$41,200,000	15,094	$2,729	8 Jun 2018	D10	Freehold	GCBA Chatsworth Park
82 Belmont Road	$43,500,000	30,420	$1,430	20 Jul 2018	D10	Freehold	GCBA Belmont Park
15 Binjai Rise	$14,200,000	17,035	$834	11 Aug 2018	D21	Freehold	GCBA Binjai Park
3 Second Avenue	$27,500,000	19,996	$1,375	17 Aug 2018	D10	Freehold	GCBA First/Third Avenue
43 Belmont Road	$33,800,000	15,070	$2,243	21 Aug 2018	D10	Freehold	GCBA Belmont Park
18 Camden Park	$40,000,000	29,144	$1,373	22 Sep 2018	D11	Freehold	GCBA Camden Park
81 Dalvey Road	$93,900,000	52,059	$1,804	25 Sep 2018	D10	Freehold	GCBA White House Park
2G Bishopsgate	$27,888,000	15,085	$1,849	16 Oct 2018	D10	Freehold	GCBA Chatsworth Park
11 Windsor Park Hill	$23,500,000	21,995	$1,068	22 Oct 2018	D20	Freehold	GCBA Windsor Park
12 Bishopsgate	$26,000,000	16,552	$1,571	9 Nov 2018	D10	Freehold	GCBA Chatsworth Park
16 Cluny Road	$30,800,000	16,199	$1,901	23 Nov 2018	D10	Freehold	GCBA Cluny Park
8G Gallop Road	$26,000,000	15,101	$1,722	6 Dec 2018	D10	Freehold	GCBA Gallop Road/Woollerton Park
16 Jervois Hill	$30,880,000	15,194	$2,032	23 Jan 2019	D10	Freehold	GCBA Chatsworth Park
19 Yarwood Avenue	$22,150,000	19,036	$1,164	13 Feb 2019	D21	999 yrs from 26/03/1885	GCBA Kilburn Estate
18 Ewart Park	$30,000,000	27,464	$1,092	18 Feb 2019	D10	Freehold	GCBA Ewart Park
25 Cluny Hill	$40,999,998	15,098	$2,716	21 Feb 2019	D10	Freehold	GCBA Cluny Hill
26B Swiss Club Road	$18,800,000	15,264	$1,232	14 Mar 2019	D11	Freehold	GCBA Swiss Club Road
29B Ridout Road	$25,680,000	22,017	$1,166	21 May 2019	D10	Freehold	GCBA Ridout Park
25 Third Avenue	$18,800,000	16,271	$1,155	23 May 2019	D10	Freehold	GCBA First/Third Avenue
11 Maryland Drive	$25,000,000	19,170	$1,304	3 Jun 2019	D10	999 yrs from 21/06/1877	GCBA Maryland Estate
41 Ford Avenue	$17,000,000	19,842	$857	10 Jun 2019	D10	Freehold	GCBA Ford Avenue
38B Queen Astrid Park	$23,600,000	15,875	$1,487	18 Jun 2019	D10	Freehold	GCBA Queen Astrid Park
16 Leedon Park	$31,000,000	15,500	$2,000	11 Jul 2019	D10	Freehold	GCBA Leedon Park
785 Old Holland Road	$18,600,000	17,903	$1,039	21 Jul 2019	D10	Freehold	GCBA Brizay Park
45 Leedon Park	$28,000,000	18,974	$1,476	23 Jul 2019	D10	Freehold	GCBA Leedon Park
12 Astrid Hill	$47,000,000	26,983	$1,742	7 Sep 2019	D10	Freehold	GCBA Queen Astrid Park
5 Belmont Road	$18,600,000	16,327	$1,139	2 Oct 2019	D10	Freehold	GCBA Cornwall Gardens
80 Belmont Road	$34,500,000	27,000	$1,278	21 Oct 2019	D10	Freehold	GCBA Belmont Park
5E Tanglin Hill	$31,500,000	16,446	$1,915	30 Oct 2019	D10	Freehold	GCBA Ridley Park
7 Maryland Drive	$30,000,000	21,912	$1,369	5 Nov 2019	D10	999 yrs from 21/06/1877	GCBA Maryland Estate
31 Cluny Hill	$30,800,000	15,208	$2,025	25 Dec 2019	D10	Freehold	GCBA Cluny Hill
18 East Sussex Lane	$36,882,500	36,883	$1,000	30 Dec 2019	D10	Freehold	GCBA Holland Rise
16A Dalvey Estate	$36,000,000	18,219	$1,976	31 Jan 2020	D10	Freehold	GCBA Dalvey Estate
30 Oei Tiong Ham Park	$19,500,000	15,217	$1,281	19 Feb 2020	D10	Freehold	GCBA Oei Tiong Ham Park
29A Cornwall Gardens	$28,000,000	20,156	$1,389	25 Feb 2020	D10	Freehold	GCBA Cornwall Gardens
9 Cluny Park	$40,000,000	20,369	$1,964	18 Mar 2020	D10	Freehold	GCBA Cluny Hill
53 Windsor Park Road	$21,680,000	21,092	$1,028	17 Apr 2020	D20	Freehold	GCBA Windsor Park
76 Windsor Park Road	$21,250,000	19,987	$1,063	16 Jun 2020	D20	Freehold	GCBA Windsor Park
25 Garlick Avenue	$16,800,000	19,248	$873	17 Jul 2020	D10	Freehold	GCBA Garlick Avenue
32 Bukit Sedap Road	$18,000,000	15,567	$1,156	18 Aug 2020	D10	999 yrs from 21/06/1877	GCBA Bukit Sedap
25 Gallop Park	$35,000,000	27,491	$1,273	19 Aug 2020	D10	Freehold	GCBA Cluny Hill
860 Old Holland Road	$21,000,000	17,404	$1,207	1 Sep 2020	D10	Freehold	GCBA Garlick Avenue
44 Dalvey Road	$28,500,000	15,568	$1,831	8 Sep 2020	D10	Freehold	GCBA Nassim Road
20 Garlick Avenue	$37,500,000	22,595	$1,660	11 Sep 2020	D10	Freehold	GCBA Garlick Avenue
5 Bin Tong Park	$37,600,000	28,111	$1,338	18 Sep 2020	D10	Freehold	GCBA Bin Tong Park
17A Leedon Park	$73,000,000	44,435	$1,643	23 Sep 2020	D10	Freehold	GCBA Leedon Park
3F Dalvey Estate	$34,700,000	19,938	$1,740	10 Oct 2020	D10	Freehold	GCBA Dalvey Estate
17 Brizay Park	$21,000,000	17,808	$1,179	16 Nov 2020	D10	Freehold	GCBA Brizay Park
44 Andrew Road	$20,488,000	27,530	$744	23 Nov 2020	D11	Freehold	GCBA Caldecott Hill Estate
21 Maryland Drive	$25,680,000	21,862	$1,175	8 Dec 2020	D10	999 yrs from 21/06/1877	GCBA Maryland Estate
1 Chatsworth Park	$44,000,000	21,133	$2,082	11 Dec 2020	D10	Freehold	GCBA Chatsworth Park
40 Mount Echo Park	$32,000,000	18,690	$1,712	18 Dec 2020	D10	Freehold	GCBA Chatsworth Park
61 Bin Tong Park	$37,000,000	21,952	$1,685	20 Dec 2020	D10	Freehold	GCBA Bin Tong Park
4 Lermit Road	$34,749,000	17,374	$2,000	21 Dec 2020	D10	Freehold	GCBA Cluny Park
24 Gallop Road	$42,000,000	21,647	$1,940	22 Dec 2020	D10	Freehold	GCBA Gallop Road/Woollerton Park
14 Cluny Hill	$38,600,000	16,675	$2,315	23 Dec 2020	D10	Freehold	GCBA Cluny Hill
255 Jervois Road	$30,300,000	19,333	$1,567	14 Jan 2021	D10	Freehold	GCBA Chatsworth Park
21 Yarwood Avenue	$19,800,000	16,163	$1,225	15 Jan 2021	D21	999 yrs from 26/03/1885	GCBA Kilburn Estate
8 King Albert Park	$43,350,000	35,482	$1,222	18 Jan 2021	D21	Freehold	GCBA King Albert Park
5 Swettenham Close	$48,000,000	16,594	$2,893	25 Jan 2021	D10	Freehold	GCBA Ridout Park
84 Binjai Park	$31,350,000	22,649	$1,384	27 Jan 2021	D21	Freehold	GCBA Binjai Park
19 Leedon Park	$37,300,000	21,584	$1,728	29 Jan 2021	D10	Freehold	GCBA Leedon Park
3 Dalvey Estate	$40,000,000	22,526	$1,776	1 Feb 2021	D10	Freehold	GCBA Dalvey Estate
4 Peirce Hill	$28,800,000	17,260	$1,669	1 Feb 2021	D10	Freehold	GCBA Ridout Park
26B Peirce Road	$30,880,000	15,826	$1,951	16 Feb 2021	D10	Freehold	GCBA Ridout Park
837 Old Holland Road	$28,000,000	20,345	$1,376	23 Feb 2021	D10	Freehold	GCBA Brizay Park
12A Ford Avenue	$26,500,000	15,902	$1,666	22 Mar 2021	D10	Freehold	GCBA Ford Avenue
30 Nassim Road	$128,800,800	32,160	$4,005	26 Mar 2021	D10	Freehold	GCBA Nassim Road
6 Binjai Hill	$22,800,000	21,694	$1,051	31 Mar 2021	D21	Freehold	GCBA Binjai Park
48,50 Leedon Road	$27,800,000	18,792	$1,479	31 Mar 2021	D10	Freehold	GCBA Cornwall Gardens
29 Ford Avenue	$29,000,000	15,621	$1,857	8 Apr 2021	D10	Freehold	GCBA Ford Avenue
18A Yarwood Avenue	$23,100,000	18,911	$1,221	9 Apr 2021	D21	999 yrs from 07/05/1879	GCBA Kilburn Estate
2 Dalvey Estate	$28,000,000	17,045	$1,643	23 Apr 2021	D10	Freehold	GCBA Dalvey Estate
71 Grange Road	$48,000,000	28,288	$1,697	29 Apr 2021	D10	Freehold	GCBA Chatsworth Park
858 Old Holland Road	$23,200,000	16,569	$1,400	29 Apr 2021	D10	Freehold	GCBA Garlick Avenue
39 Ford Avenue	$23,000,000	15,741	$1,461	5 May 2021	D10	Freehold	GCBA Ford Avenue
209 Jervois Road	$30,000,000	15,071	$1,991	6 May 2021	D10	Freehold	GCBA Chatsworth Park
1 Victoria Park Close	$28,328,000	15,253	$1,857	11 May 2021	D10	999 yrs from 27/12/1875	GCBA Victoria Park
1 East Sussex Lane	$29,000,000	27,181	$1,067	12 May 2021	D10	Freehold	GCBA Holland Rise
831 Old Holland Road	$32,500,000	25,810	$1,259	14 May 2021	D10	Freehold	GCBA Brizay Park
5 Astrid Hill	$44,300,000	31,359	$1,413	14 May 2021	D10	Freehold	GCBA Queen Astrid Park
28 Chancery Lane	$43,500,000	23,403	$1,859	20 May 2021	D11	Freehold	GCBA Bukit Tunggal
16A Cable Road	$35,500,000	19,203	$1,849	27 May 2021	D10	Freehold	GCBA Chatsworth Park
17 Dalvey Estate	$50,000,000	20,049	$2,494	28 May 2021	D10	Freehold	GCBA Dalvey Estate
37 Rebecca Road	$29,000,000	20,449	$1,418	9 Jun 2021	D10	999 yrs from 27/12/1875	GCBA Bin Tong Park
14 Garlick Avenue	$23,500,000	16,464	$1,427	17 Jun 2021	D10	Freehold	GCBA Garlick Avenue
6A Cable Road	$32,000,000	15,173	$2,109	18 Jun 2021	D10	Freehold	GCBA Chatsworth Park
27 Olive Road	$36,000,000	23,424	$1,537	24 Jun 2021	D11	Freehold	GCBA Caldecott Hill Estate
98 Binjai Park	$36,000,000	27,320	$1,318	25 Jun 2021	D21	Freehold	GCBA Binjai Park
31 Swettenham Road	$36,000,000	18,427	$1,954	25 Jun 2021	D10	Freehold	GCBA Ridout Park
3A Chatsworth Park	$30,000,000	22,462	$1,336	28 Jun 2021	D10	Freehold	GCBA Chatsworth Park
26 Third Avenue	$52,800,000	30,954	$1,706	1 Jul 2021	D10	Freehold	GCBA Fourth/Sixth Avenue
3 Bishopsgate	$65,000,000	29,435	$2,208	8 Jul 2021	D10	Freehold	GCBA Chatsworth Park
10 Swiss Club Lane	$24,500,000	17,558	$1,395	14 Jul 2021	D11	Freehold	GCBA Swiss Club Road
11 Queen Astrid Park	$86,000,000	31,807	$2,704	19 Jul 2021	D10	999 yrs from 01/09/1876	GCBA Queen Astrid Park
51 Chestnut Drive	$23,700,000	18,442	$1,285	23 Jul 2021	D23	999 yrs from 25/09/1882	GCBA Chestnut Avenue
2 King Albert Park	$19,550,000	15,713	$1,244	5 Aug 2021	D21	Freehold	GCBA King Albert Park
28 Yarwood Avenue	$23,180,000	15,422	$1,503	11 Aug 2021	D21	999 yrs from 07/05/1879	GCBA Kilburn Estate
62 Belmont Road	$45,000,000	32,627	$1,379	18 Aug 2021	D10	Freehold	GCBA Belmont Park
41 King Albert Park	$16,800,000	15,165	$1,108	2 Sep 2021	D21	Freehold	GCBA King Albert Park

Source: URA

As GCB transactions are few and far between, it’s not easy to get a sense of the overall price movement. However, we can see that Cluny and Nassim appeared to have fared best.

On September 2011, a GCB at Cluny Hill transacted at just $1,246 psf.  By the same time in 2015, any nearby GCB had transacted at $1,425 psf, and the last transaction in December 2020 reached $2,315 psf. 

On September 2016 and October 2017, two GCBs along Nassim Road transacted at $1,423 psf and $1,372 psf respectively. 

But in September 2020 and March 2021, two GCBs along Nassim Road managed to reach $1,831 psf and $4,005 psf. 

While prices appear to have gone up in almost all the 39 GCB areas, the rise is not proportionate. 

For example, King Albert Park saw a GCB transaction at $1,194 psf in February 2011. Another transaction in the same area, in February 2017, was only at $1,117 psf, whilst the latest transactions (August and September this year) were at $1,244 psf and $1,108 psf. 

Why the surge in Good Class Bungalows in 2021?

The reasons are somewhat similar to the overall surge in landed homes, which we covered in a previous article. But to summarise, note that the last peak for GCBs was in 2010, as recovery from the ‘08/09 financial crisis settled in. We’ve seen that investors like to consider Singapore real estate – especially freehold landed homes – as a safe haven in volatile times. With the supply of GCBs limited to just the 39 areas in Singapore, there's seemingly little supply to meet the demand of such luxurious landed living in Singapore.

That aside, agents have noted that the surge among tech industry buyers may be related to Work From Home arrangements, and lockdown measures (worldwide, not just in Singapore). This fuels a surge in digital entertainment and media, and owners of these companies are likely seeking a safe place to park their windfall. There have also been people making eye-popping amounts of money off crypto, and because of the lack of supply in GCBs, these have also contributed to the increasing demand.

As the ultra-rich will not have issues getting financing, the property also doesn’t “lock up” their capital as much as it would many regular buyers. For example, it’s quite common for the ultra-rich to use financing options such as home equity loans, to borrow against their properties at low rates; this allows them to quickly reinvest in other assets. 

There are surprisingly good rental prospects for GCBs

It’s often said that landed homes are bad for rental yields. In terms of more run-of-the-mill landed housing, this tends to be true, with gross rental yields often at two per cent or under. 

However, GCBs tend to outperform their regular counterparts, and can reach yields of close to three per cent. In 2020, for example, we saw GCBs of rental rates hitting records of $75,000 to $85,000 per month; while the record for 2021 is $150,000 per month. 

This is partly helped by restrictions on foreign ownership. Only Singaporeans can buy freehold landed properties such as GCBs (barring special permission). Foreigners can only buy leasehold landed properties on Sentosa Cove, which has not been a popular area in recent years. 

(However, the renewed demand for landed homes could bring a turnaround in Sentosa Cove’s fortunes this year). 

Given that home loan rates are at record lows, averaging 1.3 per cent per annum, owners who rent out their GCBs will find it easy to cover interest and maintenance. 

While GCBs are out of most budget ranges, a conventional landed home may not be as pricey as you think

We compiled some of the cheapest landed properties you can find in Singapore. For those of you who are pure home buyers, you might want to consider looking in the leasehold landed market – prices here haven’t soared as high, but many offer equal comfort in terms of lifestyle. 

For more details as the situation unfolds, follow us on Stacked. You can also get in-depth reviews of new and resale properties alike.