Good Class Bungalow In Demand - S$282m Deals Done In Q2

An old bungalow in Queen Astrid Park has changed hands six times in the past nine years, if the latest count is taken into consideration.

According to market talk, an option for the Queen Astrid Park bungalow is said to be granted over the weekend for S$32 million or close to S$1,170 psf on land size of 27,370 sq ft.

At least 11 deals totalling S$282.3 million is said to be transacted in Good Class Bungalow (GCB) Areas in 2nd Qrt of this year, up from 4 deals of S$95.3 million in Q1.

The current Q2 performance was lifted by the sale of 35 Ridout Road in May at S$91.7 million, the largest sale ever, price wise, in a GCB Area.

A luxurious, three-year-old 2-storey Bishopsgate bungalow with a basement fetching S$33 million in May also lifted the land price in a GCB Area to a record level of S$2,190 psf.

Transactions in June:

1.       A 31,129 sq ft (land area) Belmont Road house sold for S$44.19 million or S$1,419 psf

2.       An over 30 yr old bungalow at Bin Tong Park was transacted at S$30 million or S$1,400 psf.

Buyers looking for a GCB to live in - new citizens and those who aspire to upgrade from a small landed house to a GCB - are exhibiting healthy interests.

According to caveats, the value of transactions in Good Class Bungalow Areas has reached S$378 million in the first half of this year. Transaction figures for the whole of last year was S$626 million.

Are we finally, we've been seeing light at the end of the tunnel?