Fewer Good Class Bungalows sold last year

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January 7, 2009, 3.08 pm (Singapore time)

Fewer Good Class Bungalows sold last year

By KALPANA RASHIWALA


SINGAPORE - A total 49 Good Class Bungalows changed hands in Singapore for a total $785 million (US$532 million) last year, down from the 87 transactions worth $1.15 billion in 2007 and 119 deals at $1.23 billion in 2006, according to latest figures from property consultancy CB Richard Ellis.

On a dollar per square foot (psf) value based on land area, the average price of GCBs rose to $822 psf last year, from $681 psf in 2007 and $501 psf in 2006.

These figures reflect a 64 per cent increase in GCB prices in the two years.