Good Class Bungalows in Singapore – 11 Key Points to Understand

good class bungalow

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

good class bungalow

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.

good class bungalow

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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