24 Aug '16, 9am

Good Class Bungalows: Steady buying interest

remains below the level they were at before the Total Debt Servicing Ratio was imposed in mid-2013, but there remains buying interest for this rare type of property. Developer OUE said on Thursday that it is buying two GCB plots in Nassim Road for $56.58 million. The price of about $1,652 per sq ft (psf) across both plots was deemed attractive, given the last GCB sale in Nassim Road was for about $2,000 psf in February 2012. But prices have not fallen significantly, even though another recent sale was at less than $1,000 psf in Victoria Park Close . Said Newsman Realty managing director K. H. Tan: "Some GCB prices have been high as well. When prices are low, they have their special reasons." Based on caveats lodged and including OUE's purchase, 19 sites in GCB areas have been sold so far this year, with a total value of $438.17 million. Thirty-three of these sites with a t...

Full article: http://www.srx.com.sg/singapore-property-news/22792/good-...

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