News

Residential Property

Staff Reporter

Published:

8 months ago

Graph from Huttons

GCB market stagnates with only 5 sales in 1Q24

The value of transacted GCBs also fell 10.6% QoQ.

The total value of Good Class Bungalows (GCBs) sold in 1Q24 fell to $118.4m, 10.6% lower than the preceding quarter.

Volume, meanwhile, was at a similar level in 4Q23, with five GCBs sold.

Huttons said buyers were “unwilling to pay a high premium for a GCB," resulting in a quiet 1Q24.

The expert attributed buyers’ reluctance to |uncertain economic climate and high for longer interest rates.”

The top GCB deal by quantum was in 15 Ford Avenue, bought for $39.5m.

Whilst the sales market was quiet in 1Q24, the rental market experienced increased interest.

“Tenants were still cautious, preferring not to pay high rents for a GCB, seeking out deals that were below $30,000 per month,” Huttons reported.

“The top rental deal in the GCB rental market in 1Q24 was in Tanglin Hill, which fetched a monthly rent of $120,000,” it added.

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Huttons Asia

Chart of the Day

Good Class Bungalow

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