LANDLORDS of Good Class Bungalows (GCBs) have begun lowering rents, as demand from ultra-high-net-worth individuals falls in the wake of Singapore’s S$2.8 billion money-laundering bust.

Owners of these homes, which sit at the apex of Singapore’s residential property market, may also be taking longer to secure tenants.

In Singapore, there are an estimated 2,700 GCBs in 39 gazetted GCB areas.