"The price is right": Not for Good Class Bungalows

Offer and asking prices are said to be not seeing eye to eye.

DMG Research noted a slowdown in Good Class Bungalow (GCB) transactions “as the gap between offer and asking prices widens.”

Here’s more:

So far, $750m worth of deals have been sealed this year, compared to $2.3b worth of transactions last year. Among the recent transactions, a 21,388 sqft plot in Leedon Park was transacted for $29.8m or $1,395 psf of land area, while a bungalow on Dalvey Road was sold for $34m or $1,688 psf. The slowdown in transactions can partly be traced to the withdrawal of speculative activity following the introduction of seller’s stamp duty of 16% for those who bought their units after 16 January this year and selling it within a year. Over the past decade, GCBs in Singapore had tripled in value and given their target market of the ultra-rich and limited supply, this segment is likely to see less price volatility even as the government continues to inject new residential sites into the market. In the stock market, the closest proxy to landed housing exposure is Bukit Sembawang (UNRATED), with its 3.2m sqft of saleable GFA in the Sembawang/Seletar enclaves. With its cheap land bank, company is well-positioned to ride through the turbulence in the property market. The upcoming launch of its Skyline Residences at Telok Blangah with ASP reportedly above $1900 psf should continue to unlock value within the group.

Also Read

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Portfolio of three freehold co-living properties on sale via EOI

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