Zhu Su, Singapore crypto billionaire and his wife, Tao Yaqiong Evelyn, were recently granted an option to buy a GCB in Yarwood Avenue for $48.8 million. This property will be bought in trust under their three-year-old. The property is a Good Class Bungalow (GCB) in the Kilburn Estate Area. It is a 999-year leasehold site that is ripe for redevelopment..
Singapore
THE Good Class Bungalow (GCB) market is on a roll.
List Sotheby s International Realty s analysis of URA Realis caveats data shows that year to date (with the latest transaction dated June 18), there have been 50 deals in GCB Areas totalling nearly S$1.4 billion. This is higher than the total for the whole of last year - 46 deals amounting to S$1.1 billion.
The action is expected to continue, with attractive new offerings on the market.
Among them is a bungalow in Cluny Hill with a freehold land area of 18,010 sq ft. Word in the market is that the pricing expectation is about S$3,200-3,400 per square foot (psf) on land area, which would translate to around S$57.6 million to S$61.2 million.