Good Class Bungalows
For Family Offices aspiring to purchase Good Class Bungalows, this article provides an overview of these treasured properties, regarded as the highest echelon of residential properties in Singapore.
Why are Good Class Bungalows highly sought after by Ultra High Networth Individuals?
Good Class Bungalows (GCBs) are often regarded as the most coveted type of residential properties in the Singapore.
All GCBs are freehold properties. There are about 2,800 plots spread over 39 gazetted Good Class Bungalow Areas (GCBAs) in the 1980 Master Plan.
Are Good Class Bungalows The Right Fit For Your Portfoilio?
Most of the Good Class Bungalow Areas are located in four of the traditional prime districts (9, 10, 11, 21). There are also very elegant Good Class Bungalows located at Chestnut Avenue in upper Bukit Timah area (district 23) and Windsor Park in Upper Thomson (district 20).
physical criteria for a good class bungalow
According to URA planning guidelines, the minimum land size of each GCB is 1,400 sq. m. or about 15,070 sq. ft. Good Class Bungalows are subjected to a height restriction of two storeys with the flexibility to add an attic and basement.
There are special planning parameters for site coverage control and building setbacks to ensure enough open space around each bungalow. These guidelines also protect the unique exclusive environment of these good class bungalow neighbourhoods.
what are the prices of good class bungalows
The bungalows in the GCBAs are of different size, age, architectural design and built-quality. Some buyers specifically look for older plots of land for rebuild, while some may prefer to avoid the hassle and are only interested in newer homes.
Based on these factors, each GCB commands different price tags up to more than $200 million.
In fact, the most expensive Good Class Bungalow (GCB) at 33 Nassim Road was sold for S$230 million on May 10, 2019.
Depending on the locations and other factors, Good Class Bungalows of less than 20,000 sqft could be looking at a price tag of between $30M to $40M.
Are Family Offices eligible to buy Good Class Bungalows?
Good Class Bungalows are classified as “restricted properties” and only Singapore citizens are allowed to buy the landed properties in GCBAs. There could be a few rare cases where a non citizen may be approved for such purchase.
According to the official documentation, each applicant is assessed on a case-by-case basis, taking into consideration, including but not limited to, the following factors:
(a) You should be a permanent resident of Singapore for at least five years; and
(b) You must make exceptional economic contribution to Singapore. This is assessed taking into consideration factors such as your employment income assessable for tax in Singapore.
As Good Class Bungalows are very exclusive, many owners do not prefer to splash information of their prized assets all over the internet.
In fact, many of such deals are done via word of mouth in our network of Ultra High Networth Clients.
We have currently 11 Good Class Bungalows for sale. Depending on the preference of architectural designs and price range, our GCB team would be able to offer more insights.
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