Singapore Good Class Bungalow sales activity up in 2025 as prices soften

[SINGAPORE] The market for Good Class Bungalows (GCB) saw stronger activity in 2025, with higher overall transaction value despite softer prices. 

According to Han Huan Mei, List Sotheby’s International Realty (List SIR) research director, there were 29 GCB deals worth S$990.4 million in 2025, 52 per cent higher than the 23 transactions worth S$652.1 million in 2024. 

Actual figures could be higher, as some deals may not be caveated, noted Alan Cheong, Savills Singapore head of research and consultancy. 

Han said a substantial share of buyers were either second- or third-generation members of affluent families or naturalised citizens, similar to the previous year. 

Other buyers included key executives from traditional businesses, noted Tricia Song, head of research at CBRE. In November 2025, for instance, Centurion Corp executive director Kelvin Teo was reportedly in the process of purchasing a freehold bungalow in the Camden Park GCB Area for S$48 million. Another GCB on Peirce Road was purchased by Victor Soh, a boutique property developer. 

On the supply side, Han noted that more owners had put their bungalows up for sale. 

Some owners, who had been holding onto their GCBs for rental income, could be “feeling the burden of the higher property tax, especially if their units fell vacant for a prolonged period”, said Han. 

More owners were also motivated to sell their GCBs due to lower rental yield, and others could have found the bungalows too big and the high maintenance cost a burden once their children grew up and moved out, she said. 

This led to a gradual softening of GCB prices, with price per square foot (psf) on land area falling to S$1,986 psf in 2025, from S$2,014 psf in 2024. 

“This trend is likely to continue in 2026 as owners who put up their bungalows for sale are more willing to lower their price expectations,” said Han. 

She noted that the market is off to a good start in 2026, with three bungalows sold in January. These include a 15,257 square foot bungalow in Woollerton Park, that changed hands at S$31.5 million or S$2,065 psf on land area. There was also a 14,491 sq ft GCB in Wilby Road that transacted at S$26.6 million or S$1,836 psf, and another at Chestnut Crescent spanning 7,645 sq ft, which sold at S$11.5 million or S$1,504 psf. 

Linda Chern, head of residential services for Singapore at CBRE, believes momentum in the GCB market should pick up or continue in 2026, due to lower interest rates, better market sentiment as well as more gaining Singapore citizenship or diversifying from “toppish financial markets”. 

In Singapore, there are an estimated 2,700 GCBs in 39 gazetted GCB areas. These bungalows are typically restricted to Singapore citizens, unlike landed homes in Sentosa or high-end condominium units anywhere in Singapore, which foreigners are eligible to buy. Foreigners who are non-PRs may acquire landed residential properties in Sentosa Cove, subject to approvals.

“Taking into account the higher supply, marginal softening of prices and continued interest in such trophy assets, we expect to see over 30 deals done by the end of the year,” said Han.