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  1. #1
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    http://www.businesstimes.com.sg/sub/...41997,00.html?

    Published July 16, 2009

    LANDED HOMES

    In a class of their own

    Some 1,000 Singaporeans are said to own the majority of Good Class Bungalows here, reports ARTHUR SIM


    VERY few people live in landed homes in Singapore and even fewer live in Good Class Bungalows (GCBs), which probably explains why they are so desirable. There are about one million or so homes here. These comprise terrace houses, semi-detached houses, bungalows and of course high-rise homes - condominiums, apartments and public housing flats.


    Exclusive: While it is not inconceivable that there could be more GCB areas added in the future, given the need to intensify land use in Singapore, the likelihood is slim

    But GCBs stand quite far apart from all of these in that they not only have to sit on land that is of a certain size - not less than 1,400 square metres - but also have to be located in areas that have been specially designated for them. Indeed, there are estimated to be less than 2,500 GCBs in Singapore.

    GCB areas were officially gazetted in 1980 with 39 areas formally safeguarded. A spokesman for the Urban Redevelopment Authority (URA) explained that the purpose of the gazette was to 'protect the high environmental quality of these established large bungalow areas from the intrusion of more intensive forms of housing such as semi-detached or terrace houses'.

    Walk or drive around these GCB areas and often you will notice not only stately houses but stately trees as well with many protected for posterity. There are two zones in Singapore under the National Parks Board's Tree Conservation Areas with the main zone covering central Singapore where most of the GCBs are located.

    To control development in these areas, URA set certain guidelines for planning purposes. For instance, the minimum plot size for any newly created bungalow within the 39 GCB areas must be at least 1,400 sq m. For this reason, a GCB plot cannot be developed to accommodate more intensive forms of housing. And unless it is at least 2,800 sq m in size, it cannot be sub-divided into two GCB plots either.

    Of the GCB areas, the best known are the Nassim, Cluny, Bishopsgate and White House Park estates. While it is not inconceivable that there could be more GCB areas added in the future, given the need to intensify land use in Singapore, the likelihood is slim.

    URA's spokesman said: 'In drawing up our land use plans for Singapore, we aim to provide a variety of housing options for Singaporeans, from waterfront housing to garden living to city living. This includes low-density and landed housing, such as those found within existing GCB areas. The detailed housing form for future landed housing areas will be determined when the area is ready to be developed.'

    URA said that there are currently no plans to release new sites or designate new areas as GCB areas. 'Nevertheless, there is scope for the number of GCB plots within existing GCB areas to increase, for example through sub-division of larger GCB plots into several GCB plots, so long as each bungalow plot meets the minimum land size of 1,400 sq m,' URA added.

    Big GCB plots do not come by often. In 1994, a plum site in the Tanglin GCB area came up for sale by public tender. The 194,000 sq ft parcel was the official residence of the Australian high commissioner at White House Park/Dalvey Road. Property valuers had estimated that the site could fetch as much as $70 million, or around $400 per square foot (psf). The site eventually sold for $98 million or $505 psf.

    In 1997, developer Wharf Group sold five units of the 11-unit development of GCBs at an average of $14.1 million each. Ten years later, in 2007, a house in this development sold for $28.8 million. There have been other public tenders of large sites.

    In 2000, Hongkong and Shanghai Banking Corporation (HSBC) sold a 201,782 sq ft freehold bungalow site it owned since the 1960s in Jervois Road for $60 million, or slightly over $330 psf. Then in 2003, HSBC sold a 276,112 sq ft site at Bishopsgate for $69.8 million. Together, all three sites would have yielded less than 40 new GCBs.

    Occasionally, individual GCB sites will come up for auction. In 2008, the Singapore Land Authority auctioned a site at Ridout Road which saw 34 bids lodged by three prospective buyers. The winning bid came in at $8.96 million or $579.55 psf. This was 22.6 per cent above the opening bid of $7.31 million or $473 psf. Being fresh government land sale sites, however, it came with a 99-year lease.

    SLA also said that recently, three parcels of land have been sold under the Sale of Infill Sites programme on 99-year leases. 'The owners have to comply with URA's GCB guidelines as the land parcels are within GCB areas,' it added.

    Because the environment is an important factor in GCB areas, there are guidelines that control how big the house can be. For instance, the house cannot cover more than 35 per cent of the site. This is to ensure that there are adequate green buffers between each house.

    There are also more prosaic restraints - childcare centres are not allowed in GCB areas for instance. But perhaps the most important constraint on GCB ownership to note is that foreigners are not allowed to own these, thus reducing the buying pool of GCBs.

    Some 1,000 Singaporeans are said to own the majority of GCBs here and are mostly intent on holding on to them as long-term investments. If you have bought one through the open market, you can count yourself lucky indeed.


  2. #2
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    Quote Originally Posted by mr funny
    http://www.businesstimes.com.sg/sub/...41997,00.html?

    Published July 16, 2009

    LANDED HOMES

    In a class of their own

    Some 1,000 Singaporeans are said to own the majority of Good Class Bungalows here, reports ARTHUR SIM


    VERY few people live in landed homes in Singapore and even fewer live in Good Class Bungalows (GCBs), which probably explains why they are so desirable. There are about one million or so homes here. These comprise terrace houses, semi-detached houses, bungalows and of course high-rise homes - condominiums, apartments and public housing flats.


    Exclusive: While it is not inconceivable that there could be more GCB areas added in the future, given the need to intensify land use in Singapore, the likelihood is slim

    But GCBs stand quite far apart from all of these in that they not only have to sit on land that is of a certain size - not less than 1,400 square metres - but also have to be located in areas that have been specially designated for them. Indeed, there are estimated to be less than 2,500 GCBs in Singapore.

    GCB areas were officially gazetted in 1980 with 39 areas formally safeguarded. A spokesman for the Urban Redevelopment Authority (URA) explained that the purpose of the gazette was to 'protect the high environmental quality of these established large bungalow areas from the intrusion of more intensive forms of housing such as semi-detached or terrace houses'.

    Walk or drive around these GCB areas and often you will notice not only stately houses but stately trees as well with many protected for posterity. There are two zones in Singapore under the National Parks Board's Tree Conservation Areas with the main zone covering central Singapore where most of the GCBs are located.

    To control development in these areas, URA set certain guidelines for planning purposes. For instance, the minimum plot size for any newly created bungalow within the 39 GCB areas must be at least 1,400 sq m. For this reason, a GCB plot cannot be developed to accommodate more intensive forms of housing. And unless it is at least 2,800 sq m in size, it cannot be sub-divided into two GCB plots either.

    Of the GCB areas, the best known are the Nassim, Cluny, Bishopsgate and White House Park estates. While it is not inconceivable that there could be more GCB areas added in the future, given the need to intensify land use in Singapore, the likelihood is slim.

    URA's spokesman said: 'In drawing up our land use plans for Singapore, we aim to provide a variety of housing options for Singaporeans, from waterfront housing to garden living to city living. This includes low-density and landed housing, such as those found within existing GCB areas. The detailed housing form for future landed housing areas will be determined when the area is ready to be developed.'

    URA said that there are currently no plans to release new sites or designate new areas as GCB areas. 'Nevertheless, there is scope for the number of GCB plots within existing GCB areas to increase, for example through sub-division of larger GCB plots into several GCB plots, so long as each bungalow plot meets the minimum land size of 1,400 sq m,' URA added.

    Big GCB plots do not come by often. In 1994, a plum site in the Tanglin GCB area came up for sale by public tender. The 194,000 sq ft parcel was the official residence of the Australian high commissioner at White House Park/Dalvey Road. Property valuers had estimated that the site could fetch as much as $70 million, or around $400 per square foot (psf). The site eventually sold for $98 million or $505 psf.

    In 1997, developer Wharf Group sold five units of the 11-unit development of GCBs at an average of $14.1 million each. Ten years later, in 2007, a house in this development sold for $28.8 million. There have been other public tenders of large sites.

    In 2000, Hongkong and Shanghai Banking Corporation (HSBC) sold a 201,782 sq ft freehold bungalow site it owned since the 1960s in Jervois Road for $60 million, or slightly over $330 psf. Then in 2003, HSBC sold a 276,112 sq ft site at Bishopsgate for $69.8 million. Together, all three sites would have yielded less than 40 new GCBs.

    Occasionally, individual GCB sites will come up for auction. In 2008, the Singapore Land Authority auctioned a site at Ridout Road which saw 34 bids lodged by three prospective buyers. The winning bid came in at $8.96 million or $579.55 psf. This was 22.6 per cent above the opening bid of $7.31 million or $473 psf. Being fresh government land sale sites, however, it came with a 99-year lease.

    SLA also said that recently, three parcels of land have been sold under the Sale of Infill Sites programme on 99-year leases. 'The owners have to comply with URA's GCB guidelines as the land parcels are within GCB areas,' it added.

    Because the environment is an important factor in GCB areas, there are guidelines that control how big the house can be. For instance, the house cannot cover more than 35 per cent of the site. This is to ensure that there are adequate green buffers between each house.

    There are also more prosaic restraints - childcare centres are not allowed in GCB areas for instance. But perhaps the most important constraint on GCB ownership to note is that foreigners are not allowed to own these, thus reducing the buying pool of GCBs.

    Some 1,000 Singaporeans are said to own the majority of GCBs here and are mostly intent on holding on to them as long-term investments. If you have bought one through the open market, you can count yourself lucky indeed.


    theres none in east coast area .. and yet i always see agent advertising some bungalows in east coast as GCB ..

  3. #3
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    Quote Originally Posted by proud owner
    theres none in east coast area .. and yet i always see agent advertising some bungalows in east coast as GCB ..
    GCB is area that is designated for huge bungalow with restriction in min plot size per unit, height, purpose of the unit. so that not every TDH can be their neighbour.

  4. #4
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    maybe these agents thought more than or equal to 15070sq ft then can advertise as GCB liao, without realising it has also to be in these designated GCB areas.


    Quote Originally Posted by proud owner
    theres none in east coast area .. and yet i always see agent advertising some bungalows in east coast as GCB ..

  5. #5
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    Just curious.. how many landed homes are there in total in Singapore? Are these types of info published anywhere?



    Quote Originally Posted by mr funny
    http://www.businesstimes.com.sg/sub/...41997,00.html?

    Published July 16, 2009

    LANDED HOMES

    In a class of their own

    Some 1,000 Singaporeans are said to own the majority of Good Class Bungalows here, reports ARTHUR SIM


    VERY few people live in landed homes in Singapore and even fewer live in Good Class Bungalows (GCBs), which probably explains why they are so desirable. There are about one million or so homes here. These comprise terrace houses, semi-detached houses, bungalows and of course high-rise homes - condominiums, apartments and public housing flats.

  6. #6
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    Quote Originally Posted by SL
    Just curious.. how many landed homes are there in total in Singapore? Are these types of info published anywhere?
    From Year 2000 Data (data a bit old but then landed properties don't change much).

    Bungalows: 7,553 (Of which approximately 2,500 are GCBs)
    Semi-Detached: 16,423
    Terrace Houses: 22,988

    Total Landed: 46,964

  7. #7
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    Latest stats as of 1Q 2010

    Detached : 10,283
    Sem- D : 21,174
    Terrace : 38,112

    Total :69,569

  8. #8
    Junior

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    Quote Originally Posted by proper-t
    Latest stats as of 1Q 2010

    Detached : 10,283
    Sem- D : 21,174
    Terrace : 38,112

    Total :69,569
    Where can get latest info? I cannot find.

  9. #9
    Junior

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    You can find from Dept of statistics. They publish quarterly report



  10. #10
    Junior

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    Default Company to buy GCB

    For a company owned by Singaporeans, is it eligible to buy GCB?

    Not sure how realistic to pool the money from the forumers to buy a GCB. With the new formula for minister salary, I see GCB will be the only investment grade property in Singapore.

    Thanks,
    Richard

  11. #11
    Has Nothing, Is Nothing

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    From Lawhub:

    "The Residential Property Act defines a "foreign person" as any person who is not a citizen of Singapore, a permanent resident and any foreign company or converted foreign company. Any person or entity falling under this category is totally restricted from owning landed residential property unless approval is obtained from the Controller of Residential Property."

    It would seem that a local company (perhaps with only shareholders who are Singapore citizens) is excluded from the restricted list and should be eligible to buy any landed properties in Singapore.

    Quote Originally Posted by richwang
    For a company owned by Singaporeans, is it eligible to buy GCB?

    Not sure how realistic to pool the money from the forumers to buy a GCB. With the new formula for minister salary, I see GCB will be the only investment grade property in Singapore.

    Thanks,
    Richard

  12. #12
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    Default Form Our Own Company

    If we are aiming at a GCB mainly for capital gain purpose, can we form our own company?

    Let's say we need S$50M in total, what is the leverage allowed? LTV 40%? Then we need S$20M owner's capital.

    So we need 20 - 100 people to form this company.

    What is the legal structure? Limited Liability Parteners?

    Any serious takers? I truely believe the new ministers' pay structure (pegged with the richest 500 earners) will make GCB price fly.

    Thanks,
    Richard

  13. #13
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    Quote Originally Posted by richwang
    If we are aiming at a GCB mainly for capital gain purpose, can we form our own company?

    Let's say we need S$50M in total, what is the leverage allowed? LTV 40%? Then we need S$20M owner's capital.

    So we need 20 - 100 people to form this company.

    What is the legal structure? Limited Liability Parteners?

    Any serious takers? I truely believe the new ministers' pay structure (pegged with the richest 500 earners) will make GCB price fly.

    Thanks,
    Richard
    If I can get $20mil capital and a few JV partners, I would rather buy land and develop. That one can sell 50% of units and then the rest is yours free to rent out. Or you can sell 100% and try another new landed.

    On a side note, the power of the RICH is scary..
    My dad met an indonesian who lives in IonOrchard. My dad went up to view his apartment of around 3000sqft and he bought it around $11mil(according to the guy). According to my dad, the condo is only for family members to come for holidays stay. Rest of the time, it is empty. And the guy is not in a hurry to dispose his property, talk about holding power....

    Anyway, my dad sour grapes..hehe.. He said nothing special abt the place except got lotsa marbles...

  14. #14
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    Quote Originally Posted by richwang
    ............

    Any serious takers? I truely believe the new ministers' pay structure (pegged with the richest 500 earners) will make GCB price fly.

    Thanks,
    Richard
    errr what is the difference between the top 48 earners (top 8 from 6 groups) and the top 1000 earners?
    from:
    http://www.salary.sg/2007/salary-ben...for-ministers/

    is there somebody that is outside the 6 profession that earn more?
    property developer?

  15. #15
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    Quote Originally Posted by focus
    ........
    On a side note, the power of the RICH is scary..
    My dad met an indonesian who lives in IonOrchard. My dad went up to view his apartment of around 3000sqft and he bought it around $11mil(according to the guy). According to my dad, the condo is only for family members to come for holidays stay. Rest of the time, it is empty. And the guy is not in a hurry to dispose his property, talk about holding power....
    ......
    Who clean the house before they come?
    Hope they dont bring the maids to Singapore.

    I am critical of the way the rich Indonesian Chinese conduct themselves in Indonesia.
    They boast of their expenditure and travel to their employees, maids, servants of native origin. At Changi airport, I overheard one lady telling her maid that she go to singapore like riding a "becak" (trishaw). . Another time, one boss told his employee they spend $1000 on a meal, inclusive of lobster in Singapore. . That employee probably have to work like 3 months to get that amount.

    Hope the rich chinese conduct themselves when amongst the natives.If unrest in Indonesia, they can fly out anytime but common chinese like myself have to bear the consequences of their arrogance.

  16. #16
    mutant powerpuff

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    Quote Originally Posted by hopeful
    Who clean the house before they come?
    Hope they dont bring the maids to Singapore.

    I am critical of the way the rich Indonesian Chinese conduct themselves in Indonesia.
    They boast of their expenditure and travel to their employees, maids, servants of native origin. At Changi airport, I overheard one lady telling her maid that she go to singapore like riding a "becak" (trishaw). . Another time, one boss told his employee they spend $1000 on a meal, inclusive of lobster in Singapore. . That employee probably have to work like 3 months to get that amount.

    Hope the rich chinese conduct themselves when amongst the natives.If unrest in Indonesia, they can fly out anytime but common chinese like myself have to bear the consequences of their arrogance.
    Hi hopeful, so far all of the Indonesian Chinese whom I have encountered are all very humble and nice people, although they are rich.
    So I guess these are the rich but not the super rich ones?

  17. #17
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    Quote Originally Posted by hopeful
    errr what is the difference between the top 48 earners (top 8 from 6 groups) and the top 1000 earners?
    from:
    http://www.salary.sg/2007/salary-ben...for-ministers/

    is there somebody that is outside the 6 profession that earn more?
    property developer?
    I dun even earn $1M a year as an accountant. This report is BS.

  18. #18
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    GCB (Good class bungalows) is related to the highest and most precious type of land housing in Singapore. The term "Good Class Bungalow" is actually a URA planning term. There are about 39 other residential areas which we say as Good Class Bungalow areas.
    Only after the destruction there is construction.
    Gold Coast Medical Architects

  19. #19
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    I think we shd not generalise the rich chinese indonesians. Bless the rich to be richer.


    Quote Originally Posted by buttercarp View Post
    Hi hopeful, so far all of the Indonesian Chinese whom I have encountered are all very humble and nice people, although they are rich.
    So I guess these are the rich but not the super rich ones?

  20. #20
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    Quote Originally Posted by hopeful View Post
    Who clean the house before they come?
    Hope they dont bring the maids to Singapore.

    I am critical of the way the rich Indonesian Chinese conduct themselves in Indonesia.
    They boast of their expenditure and travel to their employees, maids, servants of native origin. At Changi airport, I overheard one lady telling her maid that she go to singapore like riding a "becak" (trishaw). . Another time, one boss told his employee they spend $1000 on a meal, inclusive of lobster in Singapore. . That employee probably have to work like 3 months to get that amount.

    Hope the rich chinese conduct themselves when amongst the natives.If unrest in Indonesia, they can fly out anytime but common chinese like myself have to bear the consequences of their arrogance.

    Arrogance is nothing to do with Rich and Wealth. You mean you don not mind when other rich people behave arrogance as long as the are not Indonesian Chinese. Or you really believe that only rich Indonesian Chinese that can behave arrogance and the rest or rich Chinese from other part of the world none of them do not behave arrogance.

    You confuse me

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