GCB segment ends 2020 on high note; buoyant mood expected to continue

Singapore

THE Good Class Bungalow (GCB) segment appears poised for further increases in transaction volumes and prices, even after ending 2020 on a high note. Going by the viewing activity underway, agents whom The Business Times spoke to are sanguine about prospects for 2021.

Veteran GCB agent KH Tan, managing director of Newsman Realty, said: "In the past four months, we've seen a pick-up in viewings for GCBs by UHNW (ultra-high-net-worth) foreigners who have at least one family member that has become a Singapore citizen in the past one and a half years or so." In addition, the woes in Hong Kong have led many wealthy Asian families to increase their exposure to Singapore instead, he said.