Bucking the trend: Bungalow prices climb 6.7% in 1H14

The most expensive unit fetched $31.8m.

Luxury condominiums are the hardest hit by the government’s property cooling measures, but another kind of upscale property investment is bucking the dismal sales trend. Prices of good class bungalows (GCBs_ climbed 6.7% in the first half of the year, a report by CBRE revealed.

According to the report, only 15 GCB transactions were registered in H1, compared to 29 GCBs sold in the same period last year. However, the land rate was pegged at $1,488 psf, 6.7% higher than the
S$1,395 psf for 2013.

“The rise could be attributed to the sale of four smaller bungalows – those with land areas less than 15,000 sf – which were transacted at between S$1,494 psf and S$1,811 psf,” noted the report.

“Among the 15 bungalows sold im H1 2014 five units fetched prices above $30 million each. The most expensive bungalow sold was one located at Cable Road which fetched S$31.80 million or S$1,904 psf. Separately, a 15,100-sf GCB land parcel at Cluny Road was sold for S$25.00 million,” CBRE added.