Good Class Bungalow, luxury condo rents soar to new heights

EdgeProp Singapore

October 22, 2021



SINGAPORE (EDGEPROP) - In the Good Class Bungalow (GCB) market, it’s not just prices that have achieved new highs in both absolute and psf terms, but rents too. The highest recorded rental deal this year was for a GCB sitting on a land area of more than 32,000 sq ft at Ewart Park that was leased at a rate of $100,000 a month this July. Another GCB at Ewart Park sitting on a land area of over 33,500 sq ft was leased for $93,000 a month, according to URA Realis. Both deals are believed to be brokered by SRI.

A year ago, a brand-new GCB at Bishopsgate designed by Guz Architects was rented out for $150,000 a month. The deal was brokered by Wendy Neo, a specialist in luxury rental and sales at ERA Realty Network. The GCB is sitting on a land area of just over 17,100 sq ft with a built-up area of 15,000 sq ft.

“It’s not unusual for newer GCBs to be asking monthly rents of $100,000 to $150,000,” says Jacqueline Wong, executive director of residential services and private office at Savills Singapore. “But in order to achieve such rents, the GCB should typically be modern, with built-up area of at least 12,000 sq ft, and have the wow-factor.”

Read more at: https://www.edgeprop.sg/property-new...ar-new-heights