27 Sep '13, 5am

GCB market bracing for another sluggish year: You know the cooling measu... property market

You know the cooling measures are working when even the wealthy put off buying luxury homes. One such example is the good class bungalow (GCB) market which is expected to see a slowdown in sales activity this year. By definition, these properties have a minimum land plot size of 1,400 sq m (15,070 sq ft) and building height of two-storeys only. Location-wise, they are limited to areas within Districts 10, 11, 20, 21 and 23. NO LONGER A PLAYGROUND FOR THE RICH? CBRE’s Head of Luxury Homes Douglas Wong, who specialises in GCBs, told The PropertyGuru that he expects a total of 40 to 45 such bungalows to be sold in 2013 with a transaction value in the region of S$850 million – S$950 million. This is notably lower than the sales volume in 2012 which saw 54 deals done amounting to a stunning S$1.17 billion. “GCB buyers, most of whom own more than one property, will need to fork ...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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