1st deal of 2014 GCB in East Sussex Lane inked

The first deal of the year has been inked. It is understood that a Good Class Bungalow in East Sussex Lane has been successfully brokered for $22.5 million, on a freehold land site of of 15,102 sq ft. or $1,490 psf. by CBRE and Jones Lang LaSalle.

The two-storey bungalow house completed in 2006 comes with a koi pond and  a 27-metre infinity lap pool, a basement and an attic-roof terrace.

The luxurious settings of the house include six fully furnished ensuite bedrooms with built-in furniture and beds and a basement family area with state-of- the-art home theatre, a billiard room and a maid room.

The master bedroom is endowed with a walk-in wardrobe, steam bath and twin jacuzzis while the gym at the attic on the upper level opens up to a flat roof-garden with timber platform.

In 2013, 27 deals worth $650 million were transacted, which was half of the 54 deals with a total value of $1.17 billion done in 2012. The halfing of the GCB transactions was due in no small part to the introduction of the Total Debt Servicing Ratio (TDSR) framework in June and the crippling effect it had on a surging property market.

The TDSR stipulates that financial institutions exercise financial prudence when granting property loans to individuals, capping borrower's monthly total debt repayments to 60 per cent of his gross monthly income.

MARKET watchers anticipate that activities may hopefully picked up in the second quarter for  the Good Class Bungalow Areas.

For the full year, the number of transactions is expected to match last year's.

source: Business Times - 14 Jan 2014