In the realm of luxury real estate, Singapore boasts an elite category known as Good Class Bungalow (GCBs). These exclusive properties are situated in designated GCB areas, carefully demarcated by the Urban Redevelopment Authority of Singapore (“URA”). If you aspire to own or simply appreciate the opulence of these residences, here are 11 key facts you should know about Good Class Bungalows in Singapore.
Good Class Bungalow Areas in Singapore
Singapore is home to 39 prestigious GCB areas, each epitomizing luxury living. From Belmont Park to White House Park, these locations include renowned spots like Cluny Park, King Albert Park, and Nassim Road, underscoring the elite nature of Good Class Bungalows.
1 |
Belmont Park |
21 |
Gallop Road/Woollerton Park |
2 |
Bin Tong Park |
22 |
Garlick Avenue |
3 |
Binjai Park |
23 |
Holland Park |
4 |
Brizay Park |
24 |
Holland Rise |
5 |
Bukit Sedap |
25 |
Kilburn Estate |
6 |
Bukit Tunggal |
26 |
King Albert Park |
7 |
Caldecott Hill Estate |
27 |
Leedon Park |
8 |
Camden Park |
28 |
Maryland Estate |
9 |
Chatsworth Park |
29 |
Nassim Road |
10 |
Chee Hoon Avenue |
30 |
Oei Tiong Ham Park |
11 |
Chestnut Avenue |
31 |
Queen Astrid Park |
12 |
Cluny Hill |
32 |
Raffles Park |
13 |
Cluny Park |
33 |
Rebecca Park |
14 |
Cornwall Gardens |
34 |
Ridley Park |
15 |
Dalvey Estate |
35 |
Ridout Park |
16 |
Eng Neo Avenue |
36 |
Swiss Club Road |
17 |
Ewart Park |
37 |
Victoria Park |
18 |
First/Third Avenue |
38 |
Windsor Park |
19 |
Fort Avenue |
39 |
White House Park |
20 |
Fourth/Sixth Avenue |
Sheer Size of a Good Class Bungalow in Singapore
The grandeur of Good Class Bungalows extends to their sheer size. Mandated by URA, these residences must have a minimum size of 1,400 square meters, translating to an impressive 15,069 square feet per plot. With only approximately 2,800 such plots in Singapore, the exclusivity is palpable.
Only Singapore Citizens Can Own Good Class Bungalows
Since 2012, ownership of GCBs is restricted to Singapore Citizens, a measure aimed at curbing speculation by foreign investors. Foreigners keen on acquiring GCBs must first obtain Singapore citizenship, with a limited exception granted to some Singapore PRs showcasing exceptional economic contributions.
Owners of Good Class Bungalows in Singapore
GCB owners are often prominent figures, business magnates, and ultra-high net worth families in Singapore. Notable examples include Zhang Yong, founder of HaiDiLao, and Andy Chua, boss of Yun Nam Hair Care, showcasing the elite status associated with these luxurious properties.
Good Class Bungalows Have a Good Surrounding Ambience
Privacy and tranquility are paramount for GCB owners. URA mandates a significant distance between GCBs and other buildings, ensuring a serene environment with green buffers. Most GCBs are located in Tree Conservation Areas, requiring approval for tree removal to maintain environmental quality.
Planning Restrictions of Good Class Bungalows in Singapore
GCBs are subject to planning restrictions, including a maximum covered area of 35% and a height limit of two stories. This ensures the distinction of GCB areas from crowded parts of Singapore while preserving the exclusive ambiance.
Price Trends of Good Class Bungalows in Singapore
Historically, GCB prices range from S$15 million to S$100 million, with an average around S$30 million. Prices per square foot remain relatively stable, with a historical average of S$1,300 to S$1,400. However, enormous capital gains may attract attention from tax authorities.
Potential for Taxes on Capital Gains
While IRAS typically doesn’t tax capital gains on property, significant gains from selling GCBs may be scrutinized. Cases involving frequent transactions and short holding periods have been subject to taxation, emphasizing the need for careful consideration by GCB sellers.
Wide Range of Facilities in Good Class Bungalow
GCBs are equipped with luxurious facilities, from swimming pools and gardens to home theaters and car garages accommodating up to 20 cars. These opulent amenities contribute to the allure and exclusivity of Good Class Bungalows.
Owners of Good Class Bungalow in Singapore Usually Don’t Sell their Homes
The appreciation in value over time and the exclusivity of GCBs lead owners to retain these properties for multi-generational family use. Sellers usually have compelling reasons, such as financial profit or changes in family needs, for parting with their GCBs.
The Number of Good Class Bungalow in Singapore Unlikely to Rise
URA’s stance on not releasing new GCB sites indicates a stable GCB landscape. While sub-division of existing GCBs may occur, the scarcity of large plots suitable for sub-division limits the potential increase in the number of GCBs.
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