Good class bungalow Pick Up Pace

The newest GCB traded was a $46 million bungalow consist of 29,709 square feet site, in Queen Astrid Parkon, supposedly bought by the family who manage Hin Leong, an oil trading group.

Sales at Sentosa Cove, high-class waterfront area have jumped to 7 this year, in comparison with merely four for alike period last year.

Nevertheless, the total number of bungalows in GCB expanses with a lowest plot size of 1,400 square meter – the technical description of a GCB – traded in the first half of this year was ten, below 11 sold in alike period last year, as stated by caveats filed.

The Urban Redevelopment Authority (URA) entitles 39 extents as “good class bungalow areas”, together with the parts of major districts like Tanglin and Bukit Timah but as well as those farther afield in Binjai Park and Bukit Panjang.

Although GCB sales are a bit down, minor bungalows in GCB sites are showing more prominent this year.

As stated by CBRE’s study of caveats filed by means of URA, 20 deals have taken place in GCB sites prior to this year, cost a total of $432.2 million. These consist of properties with a plan size of below 1,400 square meters.

This is noticeably over the 14 transactions in similar period last year, which add up to $298.36 million.

Mr. Douglas Wong, the head of luxury homes at CBRE Realty Associates’, said the marketplace this days has been compelled by “numerous small-sized deals”.

He mentioned prices in the first half of this year have decreased by around 5% from alike period in previous year, at $1,242 per square feet (psf) in comparison with $1,318 psf.

Though, the profile of purchasers remains constant, he added. Purchasers this year consist of entrepreneurs and corporates in their 40s, with notice from new citizens, mainly those from China by origin.

Mr. Douglas Wong said he does not assume this year’s sales to beat last year’s overall 37 deals.

“We suppose 30-35 GCB deals this year as sellers are further driven to maintain capital and wait for market view to expand. Prices are probable to be flat.”

Mr. Alan Cheong, the Savills senior director of consultancy and research, said that the GCB deals this year were of a lesser dollar psf base, following poorer site, and or site features.

“The downturn in GCB deals could be qualified to the loss of accessible good sets of GCBs for sale,” he said.

“What is plotting the marketplace back is that the ‘creme de la creme’ locations are still firm to fall upon with owners either rejecting to sell at all prices or (selling) at excessive prices. Consequently, what gets managed will be for GCBs that are in the usual instead of the greater grade in terms of land dimensions and location.”

The total number of landed homes traded has increased, motivated by falling amounts and limited stocks of landed homes, said the Cushman and Wakefield director of research, Ms. Christine Li.

URA flash approximations will be out on Monday specified that prices of landed residential properties come down further by 0.4% for the 2nd quarter, associated with a 1.8% decline in the preceding quarter.

“As stated by caveats lodged, 538 classic landed homes were traded in the 2nd quarter – this is the maximum quarterly size since the 4th quarter of 2012, also is a certain sign that notice in landed homes is coming back,” Ms. Li said.

Some of the recent landed development that has seen picked up in activities include Victoria Park Villas, Belgravia Villas and Watercove. Over the last weekend launch, Victoria Park Villas sold about 20 units! Which was truly a record break through to have so many landed units sold with units sold about $4m per semi-d.

Belgravia Villas and Watercove on the other hand, had sales ongoing almost every week, which further prove pick up sales in the high end market and landed sector.