Recent GCB deals signal firm pricing and renewed confidence at the top end

Nov 6, 2025

CONDOsingapore.com

Two high-value transactions involving relatively new Good Class Bungalows (GCBs) have emerged, reinforcing price resilience and selective confidence in Singapore’s ultra-high-end landed housing segment.



A freehold GCB along Dalvey Road, near the Singapore Botanic Gardens, was recently transacted at S$61 million, translating to S$4,045 per square foot (psf) based on its 15,081 sq ft land area. Meanwhile, a modern bungalow at Victoria Park Close is in the process of changing hands for close to S$52 million, or about S$2,730 psf, on a 999-year leasehold site measuring approximately 18,984 sq ft.

Both deals point to sustained demand for large-format, newly redeveloped homes in established GCB locations, despite a broader market characterised by measured transaction volumes.

Dalvey Road: strong uplift reflects land scarcity and capital depth

The Dalvey Road property, a two-storey house with basement, was sold by Henry Ng, former chief executive officer of Pan-United Corporation. Ng had acquired the original bungalow on the site for S$26 million in 2016 before redeveloping it into the current residence, which was completed within the past few years.

Based on the latest transaction price, the seller appears to have achieved a substantial uplift, underscoring the value creation potential of redevelopment plays in prime GCBAs — particularly on freehold land parcels close to the Botanic Gardens enclave, where supply is extremely limited.

The buyer, philanthropist Wu Ching-Hsin, is reportedly renovating the property further. Wu and his wife, both naturalised Singapore citizens, established the AM Family Capital Foundation in 2023 and operate a family office in Singapore. Market watchers note that such buyers typically prioritise long-term capital preservation, location prestige and legacy considerations over short-term yield.

Victoria Park Close: redevelopment arbitrage continues to pay off

The Victoria Park Close bungalow sits on a downward-sloping site and comprises a mix of two-storey and single-storey accommodation, with an attic, basement, swimming pool, eight bedrooms and 10 bathrooms.

The property is held under DBS Trustee, with the beneficial owner believed to be an Indonesian-born Singaporean businesswoman. She purchased the original bungalow on the site in 2016 for S$18.2 million, or S$959 psf, and subsequently redeveloped it into the current home.

At a near-S$52 million selling price, the deal represents a significant value uplift over the original land cost, highlighting continued appetite for newly built, move-in-ready GCBs — particularly those offering modern layouts on large plots with long-tenure land. CBRE is understood to have acted for the seller, with Realstar representing the buyer.

Market implications: selective strength, not broad-based exuberance

While transaction volumes in the Good Class Bungalow market remain modest, these deals suggest that pricing for well-located, high-quality assets remains firm. Buyers appear highly selective, favouring properties that minimise redevelopment risk, offer architectural modernity and sit within tightly held enclaves.

GCBs remain the most exclusive form of landed housing in Singapore, with ownership generally restricted to Singapore citizens and governed by strict planning controls. Newly created bungalows must meet a minimum plot size of 1,400 sq m (15,070 sq ft), reinforcing long-term supply constraints.

Most GCB Areas are concentrated in prime Districts 10 and 11, with smaller clusters in Districts 20, 21 and 23. These structural limitations, coupled with sustained wealth inflows and family-office demand, continue to underpin values at the top end of the residential market.

For investors and ultra-high-net-worth buyers, recent transactions reinforce the view that prime GCBs — particularly redeveloped, large-plot properties — remain a defensive asset class offering capital stability, scarcity value and long-term appreciation rather than transactional liquidity.