Good Class Bungalows (GCB) ,
with their stringent planning requirements, are the creme de la creme of the housing market, at least on mainland Singapore. There are only about 2,400 such bungalows in 39 gazetted Good Class Bungalows areas.
Good Class Bungalows (GCB)
are owned by a select group of wealthy individuals, who may well own more than one such bungalow. There are an estimated 2,500 Good Class Bungalows in Singapore today. By definition, Good Class Bungalows need to have a plot size of at least 1,400 sq m (15,070 sq ft) and be located in one of the areas zoned for Good Class Bungalows (GCB).
The most expensive Good Class Bungalows are located in the Nassim area, followed by those in Tanglin, such as Bishopsgate, Chatsworth and Rochalie, and those in the Tanglin-Holland vicinity, such as Swettenham and Peirce roads. Bungalows around the Botanic Gardens, such as Cluny and Dalvey, are also in demand.
Good Class Bungalow areas can also be found in Ford Avenue / Leedon Park, off Holland Road, along Duchess Road, Brizay Park and King Albert Park, off the popular Bukit Timah Road.
The Good Class Bungalow area boundary extends into Chee Hoon Avenue, Eng Neo Avenue and Swiss Club Road in District 11. Within district 21, areas designated include the prestigious Binjai Park and Yarwood Avenue and Chestnut Avenue in District 23. While many people are aware of the beautiful homes of the elites located at the prime districts of 9,10 and 11, not many are aware that Windsor Park – a favourite among the resdients in the North Eastern Singapore – is also a GCB enclave near upper Thomson area.
The below chart indicates the 39 designated Good Class Bungalow areas:
A huge majority of the local Good Class Bungalows (GCB) owners are high profile professionals, businessmen and corporate top management individuals – many of whom could be classified under the Ultra High Networth Individuals. High net-worth mainland Chinese, Indians , Indonesians and others who have become Singapore PRs/citizens are also buying Good Class Bungalows.
Local players, such as those upgrading from smaller homes as well as investors who own several Good Class Bungalows, have also been active in the Good Class Bungalow market.
Foreigners need permission from the Land Dealings (Approval) Unit (LDAU) before they can own landed property. On mainland Singapore, the main criteria are that they are Singapore PRs and that they make an adequate economic contribution.
Non-PR foreigners may buy landed homes on Sentosa Cove subject to LDAU approval.
Whether on the mainland or on Sentosa Cove, the landed home a foreigner is allowed to buy usually must not exceed 15,000 sq ft in land area, although in some instances, approval has been granted for PRs to buy Good Class Bungalows with land areas slightly larger than this if part of the site is ‘wasted’ – such as a sloping ground which cannot be built on.
Foreigners may at any one time own just one landed home in Singapore and that too for owner occupation only.
On Singapore mainland, foreigners need to hold the property for at least three years before they could resell it. There is no minimum holding period for Sentosa Cove, unlike Good Class Bungalows in Singapore.