Singapore's luxury homes survive cooling measures


A bungalow near Botanic Gardens is entering the market for a record $3,500 psf.

Bloomberg reports that Singapore’s Good Class Bungalows are continuing to break transaction records even as July’s cooling measures have hammered hard on the mass residential segment.

In a record GCB deal, Tony Tung, the chairman of Hong Kong-based oil trader Winson Group, bought a bungalow near the Botanic Gardens for $105.3m ($78 million) which comes on the heels of an earlier acquisition by, a Singaporean member of the Tsai family, who made their fortune in insurance in Taiwan, which snapped up a bungalow for $93.9m.

And more records are set to broken as a new bungalow near the Botanic Gardens will soon hit the market with an asking price of $3,500 per square foot to exceed . the previous record of $2,700 per square foot set in 2018.

Sales activity in the GCB market remained heated as the number of transactions surged 47% in the second half of 2018 compared with the first six months of the year, according to CBRE. “GCBs have proven to be a resilient asset class through market cycles,” Sammi Lim, director of capital markets at real estate agency CBRE Group Inc told Bloomberg.