Good Class Bungalows – the ultimate in luxury living for most Singaporeans. You might have seen this rare class of properties popping up in the news recently, and for good reason! It seems there’s been a strong interest in GCBs lately, particularly amongst ultra-high-net-worth individuals in Singapore, with GCB sales hitting a fresh peak at $1.2 billion in the first half of 2021.
Why is there such a strong interest? The demand came primarily from home upgraders looking to move into larger accommodations, especially with the current work-from-home trends pushing people to look for larger homes. At the same time, the booming property market has caused residents to be able to sell their private homes at a higher price, racking in a strong profit. Experts expect that the landed market will continue to rise further, driven by more GCB sales.
While this is great news for GCB homeowners, what does it mean for the rest of us average Singaporeans? This is evident of a much larger trend – land prices in general are going up! And that affects all of us, from humble HDB owners to GCB investors. Land prices increasing means there’s likely to be a corresponding increase in the cost of new launches in future. As developers purchase the land, they’ll need to turn a profit, forcing them to price new launches at a higher price. This then also affects the surrounding properties, because the higher price will also push the price of surrounding properties up too. Overall, this means prices are set to rise further over the upcoming years.
For homeowners and investors, this also implies that now is probably one of the best times to purchase a property. We’ve seen the property market defy all expectations over the past year, and all signs point to it soaring further. If you’re considering an upgrade, now’s the best time to jump on board, and ride the wave of capital gains to grow your wealth.
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