Good Class Bungalow sales hit $624.5m in H122

The top deal for H122 was the sale of a property at Chancery Lane for $66.1m.

The Good Class Bungalow market closed 24 deals in the first half of 2022, translating to a sales value of $624.5m, data from PropNex showed.

The H122 figure, however, will not be enough for the market to surpass its full-year record in 2021 of 88 deals amounting to more than $2.5b.

On the flip side, prices of GCBs were much higher than last year, leaping to $2,000 psf on land area in Q122 from a range of $1,600 to $1,700 psf.

PropNex said the price increase is on the back of a "tight supply of GCBs up for sale and owners raising their asking prices, after the strong showing in 2021."

Topping the list of transacted GCBs in H122 in terms of price was a property at Chancery Lane, which was sold for  $66.1m or, $1,931 psf. The property was sold to Kelsey Cheng Tan, who is married to Kester Tan, the son of a Filipino tycoon.

Following behind was a property at Olive Road in the Caldecott GCB Area. The property changed hands for $50.2 m or $1,800 psf for a land area of 27,909 sq ft.

In the near term, PropNex said prices of GCBs will remain elevated as sellers remain firm on their higher asking prices for exclusive homes. 

"However, the interest rate hikes and a potential global economic slowdown may tame GCB demand and could, in turn, weigh on prices in the medium term," PropNex added.