Despite the depleting sales of good class bungalows (GCBs) amid a depressed real estate market, prices of these ultra-luxury homes have held firm, according to property agency ERA Realty.
Between 2010 and 2014, GCB transactions fell from 80 units to a low of 15 while the median psf price for each unit increased sharply by about 35 percent from $1,107 to $1,490 psf.
The agency stated that a limited supply in the market is helping to prop up prices. A check online reveals there are an estimated 2,500 GCBs only.
“Prices will continue to rise in the GCB market due to the depleting supply in this luxury landed market segment,” shared Henry Lim, Head of ERA’s GCB division.
Many sellers in the GCB market also have holding power as they are generally affluent individuals who are unaffected by market changes.
GCB price trends from 2010-2015
Currently, ERA is marketing a two-storey GCB (pictured) along Holland Road with an indicative price of about $30 million. The rare black and white bungalow-lookalike sits on 15,000 sq ft of prime land with a built-up area of 10,000 sq ft, and comes with six bedrooms, a wine cellar, sauna room and swimming pool.
The property is located close to shops and other amenities at Holland Village and Orchard Road, reputable schools and major expressways.
Image source: ERA Realty