GCB prices up, despite weaker sales - Property Auctions News, Property Investment | PropertyGuru

GCB prices up, despite weaker sales: By Romesh Navaratnarajah:Although fewer... property market

Dec 28, 2012 - PropertyGuru.com.sg Comment E-mail to friend Bookmark & Share By Romesh Navaratnarajah : Although fewer good class bungalows (GCBs) were sold in 2012 compared to the previous year, their average selling prices were higher, said analysts. Deals involving GCBs fell due to poor market sentiment caused by the city-state’s property cooling measures and weak global economic situation, reported The Straits Times . In total, there are around 2,400 GCBs in 39 gazetted areas such as Tanglin, Dalvey and Nassim. Compared with 2011’s full-year sales of 56 homes, only 49 were transacted as of the first week of December 2012. Overall transaction value slipped to S$1.05 billion compared to last year’s $1.16 billion. However, psf prices have increased significantly. This year, the average price of GCBs rose 10 percent to S$1,406 psf from last year’s S$1,276 psf. Douglas Wong...

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