Good Class Bungalows (GCBs) are landed properties in Singapore that are known for their spaciousness, privacy, and exclusivity. They are located in prime residential areas and are highly sought after by those who value luxurious living.

In this guide, we’ll explore some key aspects of GCBs. We’ll provide an extensive overview, covering their sale prices, design style, investment potential, and the process of purchasing such exclusive properties.

What is a Good Class Bungalow?

First of all, what exactly is a GCB?

GCBs are the most expensive and exclusive landed properties in Singapore, with large land plots and luxurious features, such as expansive gardens, private pools, and outdoor pavilions, that make them stand out from other types of landed properties like standard bungalows or semi-detached houses. This landed property is highly exclusive and considered to be the pinnacle of real estate. Hence, they are highly sought after by the ultra-wealthy.

According to Urban Redevelopment Authority (URA) guidelines, the property must have a minimum plot size of 1,400 square meters, a maximum height of 12 meters and be situated in a gazetted GCB area o be classified as a GCB. Furthermore, the dimensions of the house itself cannot occupy more than 45% of the entire land plot.

According to recent statistics, there are only approximately 2,800 GCB land plots. GCBs can only be located in any one of 39 residential areas in Singapore, gazetted by the URA as Good Class Bungalow areas. These gazetted areas are within the prime residential Districts of 10, 11, 20, 21, and 23 and are mainly freehold land. Some examples of such areas include Cluny Hill, Holland Road, King Albert Park, and Leedon Park.

Who Can Buy a GCB in Singapore

Singapore Citizen

When it comes to purchasing GCBs for Singaporeans, the process is relatively straightforward. Singapore citizens have the freedom to purchase these landed properties without any restrictions.

In terms of demographics, GCB buyers have traditionally been entrepreneurs or professionals like doctors and lawyers. However, in recent years, the profile of such buyers has shifted to the following 5 categories:

• Young business owners (e.g. tech entrepreneurs)
• Other accomplished professionals (e.g. accountants, fund managers)
• Second or third-generation heirs from wealthy families
• Freshly minted cash-rich Singaporeans
• Parents who acquired GCBs for their minor children under trusts

Permanent Residents (PR)

GCB ownership for PRs is subject to stricter regulations. Due to landed property restrictions for PRs, they must first seek approval from the Singapore Land Authority (SLA) before being allowed to purchase a GCB.

Each applicant will be assessed on a case-by-case basis, and during this process, the following 2 factors (among others) will be taken into consideration:

• Whether the applicant has been a Singapore permanent resident for at least five years
• Whether the applicant has made significant economic contributions to Singapore during that period

How Much is a GCB in Singapore

Due to their scarcity and prestigious status symbol, GCBs are the most expensive residential properties in Singapore, representing the pinnacle of high-end landed property. Some notable sales include a property in Bin Tong Park that fetched $84 million and another in Tanglin Hill that sold for a record-breaking $93.88 million.

However, it’s important to note that the actual cost of Good Class Bungalows can vary significantly based on individual property characteristics and market conditions. In general, the price of GCBs usually starts from around S$25 million and can go up to S$100 million or more for the largest and most luxurious ones. To give you a better idea of the price range for GCBs, here’s a general overview by area:

• Prime Districts 10 & 11: These highly coveted locations often command the highest prices, with GCBs frequently exceeding $60 million and reaching upwards of $100 million for exceptional properties.
• District 21: GCBs in this area generally range from $30 million to $80 million, offering a balance of exclusivity and value.
• Districts 20 & 23: These areas offer relatively more affordable options, with GCBs typically starting around $25 million and going up to $60 million.

The demand for GCBs, especially in prime locations, remains incredibly strong. Recent sales figures illustrate this trend. In the first nine months of 2024 alone, 17 GCB transactions were recorded, amounting to a staggering $827 million in total sales value. These transactions saw prices ranging from $15.5 million to a remarkable $93.9 million, highlighting the wide price range for GCBs and the significant premiums buyers are willing to pay for these high-end landed properties.

Architecture And Design

The specific architectural style of a GCB can vary depending on the preferences and requirements of the owner, but they often feature a mix of traditional and modern elements. Styles that are commonly seen include:

• Colonial: Harking back to Singapore’s colonial past, these GCBs exude timeless elegance. Key features include whitewashed walls, pitched roofs, spacious verandas, and intricate detailing. They also often incorporate natural materials like timber and stone, creating a sense of grandeur and historical significance.
• Mediterranean: Inspired by the sun-drenched villas of Southern Europe, these homes embrace warmth and openness. They often feature terracotta roofs, arched windows and doorways, stucco walls, and courtyards filled with lush greenery that seamlessly blend with the interior.

Contemporary: This architectural style creates modern Good Class Bungalows that embrace clean lines, minimalist aesthetics, and open-plan layouts. This design typically prioritises functionality and integration with the natural surroundings. Large windows, geometric shapes, and innovative use of materials like steel and glass are also common features.

Beyond the architectural shell, most GCBs typically have extensive landscaping, including well-manicured gardens, trees, and water features. Such landscaping is often designed to complement the architecture as a whole and create a more natural environment.

As for space, GCBs are well known for their spaciousness, typically having multiple levels and large living areas. The interior layout is often designed to maximise natural light and ventilation in order to create a brighter and more “airy” feel for the owners.

In recent years, sustainability has become an increasingly important consideration in the design of GCBs. These properties are now incorporating eco-friendly features like energy-efficient systems, solar panels, rainwater harvesting, and green roofs to minimise their environmental footprint.

Lifestyle And Community

Good Class Bungalows offer a unique lifestyle that goes beyond just bricks and mortar. They represent the epitome of luxury living in Singapore, providing a level of privacy, exclusivity, and spaciousness that’s unmatched by other private landed properties.

GCBs are perfect for creating a family-friendly living environment. Being located on massive land plots with extensive gardens and lush greenery, GCBs provide ample room for families to grow, play, and connect. They also provide ample living spaces with multiple indoor and outdoor areas, making them ideal homes for those who value spaciousness and comfort. GCBs also lend themselves to a lifestyle of refined entertainment as the spaciousness and privacy of these properties allow for gatherings of all scales, from intimate dinners to lavish parties.

Beyond the confines of individual properties, a unique community around GCBs often develops. This is typically fostered by shared interests, community events, collaborations on security, and an overall atmosphere of exclusivity and neighbourly respect.

Investment Potential

When it comes to property investments, GCBs are in a distinct class of their own, and buyers are willing to pay premium prices to acquire them. 

There are a couple of reasons why such properties are highly sought-after investments, and these can be categorised into their intrinsic and extrinsic attributes.

Intrinsic Attributes

One essential intrinsic attribute of GCBs is their scarcity in Singapore. There are only about 2,800 GCBs in Singapore, located in 39 prime residential areas. Such scarcity fuels their exclusivity, allowing Good Class Bungalows to appreciate over time. 

Another intrinsic attribute is the fact that they are located in prime residential areas. These areas are near essential amenities such as shopping malls, restaurants and schools and are surrounded by lush greenery that provides a tranquil living environment. 

Finally, GCBs also come with massive land plots that provide ample space for gardens, landscaping and other outdoor activities. This makes them attractive for buyers who value privacy and outdoor living.

Extrinsic Attributes

One extrinsic attribute is that Good Class Bungalows have become the crème de la crème of real estate. Owning a GCB is seen as a symbol of wealth, status and prestige. Because of this, such luxury properties are highly sought after by ultra-wealthy buyers, who are more than willing to pay premium prices for them.

Another extrinsic attribute is the fact that GCB yield and rental demand have generally remained strong these last few years. The rise in GCB prices could be attributed to locals and newly naturalised citizens who genuinely want to own an asset like a GCB, while the increase in GCB rentals was due to the fact that such GCBs were relatively new, well-designed and had designer fittings. This strong performance aligns with the overall trend of landed property appreciation in Singapore, where limited supply and high demand continue to drive value upwards.

Purchasing Process

Purchasing a Good Class Bungalow in Singapore is a significant undertaking as the buying process for landed properties can be complex and time-consuming. When buying a GCB, careful planning and preparation are essential, especially for first-time buyers. Here are key points to consider before beginning your acquisition:

• Financing: Secure your finances early on, exploring various financing options and obtaining in-principle approval for a mortgage.
• Legal Counsel: Engage a conveyancing lawyer to guide you through the legal aspects of the transaction.
• Property Search: Work with a trusted property agent to identify suitable GCBs that meet your criteria.
• Due Diligence: Conduct thorough due diligence on the property, including title searches, land surveys, and building inspections.

To help you out, below is a guide to purchasing GCBs. It provides an overview of the main steps involved and what you should take note of as you go through this entire process.

Step 1 – Engage A Real Estate Professional

The very first step is to engage the services of an experienced real estate professional who has extensive knowledge of dealing with GCBs. Buying a GCB through an agent, be it a landed property developer or real estate agent, means that you can easily search for GCBs that meet your requirements, negotiate the best prices, and receive expert guidance throughout the buying process. He/she can also provide you with valuable insights and advice at various stages of this journey.

Step 2 – Engage A Lawyer

After you’ve engaged a real estate professional, it’s recommended that you also engage the services of an experienced property lawyer, especially one who’s familiar with property law and the sale of GCBs. 

This person will ensure that the legal aspects of the transaction are handled correctly and that your interest as a buyer is protected. They can also provide invaluable advice and assistance if negotiations become complex or if unforeseen challenges arise.

This person can help you conduct the necessary due diligence on the property to ensure that it is free from any potential issues that could affect your purchase. At the same time, he/she can help you with the transfer of GCB ownership and legacy planning for your loved ones and next of kin.

Step 3 – Determine Your Budget And Requirements

The next important step is to determine your budget and requirements. Budgeting for Good Class Bungalow purchases requires careful consideration, as they are some of the most expensive properties in Singapore, and prices can vary greatly depending on factors like location, size, age and condition. Therefore, it’s essential to determine what your budget is and the features you want in your dream home.

Given the high value of GCBs, you might also need to explore different financing options as part of your budget in order to make the purchase more affordable. This might include taking out appropriate loans such as a mortgage loan or a private bank loan.

Step 4 – View The Property

After determining your budget, you can subsequently schedule property viewings to view various GCBs that meet your requirements. Aside from the obvious features and nearby surroundings, what else you should check for when buying a GCB are the property’s orientation for natural light and the age and quality of key systems like plumbing and electrics. Another good tip is to visit the property at different times of the day to get a better idea of the surrounding neighbourhood.

Step 5 – Conduct Due Diligence

Before making any offer for the GCB, it’s essential to conduct due diligence to ensure that you’re getting what you paid for, something which your lawyer can help you with. You should also consider hiring a professional surveyor as well, who will carry out a structural survey of the landed property and a property inspection to identify any possible defects or maintenance issues with the house.

Step 6 – Negotiate The Price And Terms

Once you’re satisfied with the landed property and have conducted due diligence, the next step is to negotiate the price and terms of the sale. Your real estate professional can help you with such deal negotiations and ensure that the terms of the sale are favourable to you. One negotiation tip is to research comparable recent GCB sales in the area to understand fair market value and support your offer. This data-driven approach can help you make a compelling case and potentially secure a better price. Once you have agreed on the price and terms, you can subsequently proceed to secure the Option to Purchase (OTP) and pay the option fee.

Step 7 – Exercise The OTP And Pay The Deposit

Once you’ve decided to exercise the option to purchase the Good Class Bungalow, you would subsequently sign the Option To Purchase (OTP) and pay the exercise fee. Your lawyer can help you with the legal formalities and ensure that the GCB transaction proceeds smoothly.

Step 8 – Complete The Sale

The final step of acquiring your GCB would be to complete the sale itself. This involves paying the balance of the purchase price, transferring ownership, and registering the landed property with the relevant authorities. Both your lawyer and real estate professional can help you with the above and ensure that everything is done properly before you finally get the keys to your new home.

Popular GCB Areas in Singapore

Singapore boasts several prime districts renowned for their concentration of Good Class Bungalows. The most popular GCB districts include:

• Districts 10 and 11: Home to prestigious addresses like Nassim Road and Cluny Hill, these districts offer proximity to the Botanic Gardens, Orchard Road, and top-tier schools. GCBs located in districts 10 and 11 are highly sought-after for their central location and established luxury.
• Districts 20 and 21: Featuring areas like Thomson and Upper Bukit Timah, these districts provide a more tranquil environment with lush greenery and good schools. Landed properties in District 20 often enjoy larger plots and a strong sense of community.
• District 23: With neighbourhoods like Hillview and Dairy Farm, this district offers a blend of nature and urban convenience, with upcoming developments and relatively more affordable GCB options.

Conclusion

In conclusion, GCBs are known as the pinnacle of real estate in Singapore.

With their spacious living areas, elegant designs, prime locations and prestigious status, they not only provide the ultimate in modern luxurious living but are also great investment assets that offer long-term appreciating value in the years to come.

What to Expect from the Good Class Bungalows Market in 2025

Looking ahead, the market trends for Good Class Bungalows in 2025 suggest continued strong demand, driven by their exclusivity and enduring appeal as a luxury property predicted to hold its value. Additionally, demand for GCBs in 2025 is likely to be fueled by both local and international high-net-worth individuals seeking prime real estate in Singapore, particularly with the city-state’s reputation as a stable and secure investment hub. In fact, data from the first half of 2024 shows that the average price of transacted GCBs has already been on the rise for two consecutive quarters, indicating a robust and competitive market.

Aside from this upward price trend driven by strong demand and limited supply, we can also anticipate a growing emphasis on sustainable designs as affluent buyers prioritise eco-conscious living and long-term value. There will also likely be a notable increase in demand from younger ultra-wealthy buyers, such as tech entrepreneurs or second-generation business owners, who are drawn to the prestige and lifestyle that GCBs offer.