Good Class Bungalow market starts to thaw

THE Good Class Bungalow (GCB) market appears to be thawing after a quiet period following the introduction of the Total Debt Servicing Ratio framework in late-June.

Options are said to have been granted for the sale of at least two properties recently in Gallop Park and Dalvey Road.

A Singaporean in the banking and finance industry is understood to be selling his Gallop Park bungalow for $25.2 million, translating to $1,574 per square foot (psf) on its land area of about 16,010 sq ft. On site is a two-storey freehold property with approximately 7,000 sq ft built-up area; it has six bedrooms and a swimming pool. The property is believed to have been renovated a few years ago. Newsman Realty brokered the sale.