Singapore Good Class Bungalow and Sentosa Cove Bungalow -bijoux perles eau douce

Singapore Good Class Bungalow and Sentosa Cove Bungalow By: PK SOH

I am not sure whether you have been to Singapore. If you have been here, two things will make your jaw drop to the floor - the prices of cars and housing!

Singapore Good Class Bungalow, due to its strict design and planning requirements by the authority, is the epitome of the housing market, at least on mainland Singapore.
There are only about 2,400 of such bungalows in 39 areas gazetted for Good Class Bungalows.

The owners of Good Class Bungalows are a group of very wealthy individuals, who may probably own more than one such bungalow and a string of other properties.
They are typically successful businessmen from different fields, top executives of multi-national companies from the financial, energy and medical industries.

By statutory 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.
Hence, if a property falls outside the designated areas, it cannot be called a Good Class Bungalow even though its size exceed the 15070sqft requirement.

Some of the most exclusive and expensive Good Class Bungalows are located in the Nassim and Ladyhill area.
Other sites with high demand also include Bishopsgate, Chatsworth, Rochalie, Swettenham, Peirce roads, Cluny and Dalvey, are also in demand.

Good Class Bungalow areas can also be found in Leedon Park which is off Holland Road and along Duchess Road, Brizay Park and King Albert Park, off the well known Bukit Timah Road.

Not all Good Class Bungalows fall into the tradtional prime districts 9,10.
The Good Class Bungalow districts also extend into District 11, 21 and 23.

In 2009, a record $1.72 billion of Good Class Bungalows exchanged hands.
Over S$500m of Good Class Bungalows were sold in Q1 2010 alone.
The number of deals in 2010 continues to be strong amid rising prices.

It is interesting to note that properties in the Jervois/Chatsworth/ Bishopsgate areas were transacted at about $1,000 psf in the 2007 property boom. Today, the asking prices are between $1,300-1,500 psf. Hence, a Good Class Bungalow of 15070sqft would easily cost S$21M or US$15M.
I guess that would easily put you in the neighbourhood of Hollywood superstars or multi-millionaire sportsmen in the US.

In places such as King Albert Park and Brizay Park, the asking prices are now between $900-$1,000 psf, compared to $500-$700 psf in the 2007/2008 period.

Due to the continual price appreciation, flipping opportunities also arise, though a typical owner of a Good Class Bungalow would hold on to the property for long term investment.

In recent years, high net-worth mainland Chinese, Indians and others who have become Singapore citizens are also buying the prestigious Good Class Bungalows.
I have also seen an increase in local players who are upgrading from smaller homes as well as investors who own several Good Class Bungalows.

Foreigners need permission from the Land Dealings (Approval) Unit (LDAU) before they can own landed property.
"Landed property" is a common term referring to a house with its own land, unlike condominiums where the land belongs to a common property.
On mainland Singapore, the main criteria are that they are Singapore PRs and that they make an sufficient economic contribution to the society.

Non-PR foreigners may buy landed homes on Sentosa Cove subject to LDAU approval.

However, regardless of mainland or Sentosa Cove, the landed home that a foreigner is allowed to buy usually must not exceed 15,000 sq ft in land area.
In some instances, approval has been granted for PRs to buy Good Class Bungalows with land areas slightly larger than 15000sqft if part of the site is ‘wasted’ – such as a sloping ground or a part of the land with drainage reserve - which cannot be built on.
Such approved cases are rare.

Foreigners may at any one time own just one landed property in Singapore and that is for the owner's occupation only.

On Singapore mainland, foreigners need to hold the landed property for at least three years before they could resell it.

There is no minimum occupation period for Sentosa Cove landed homes.

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