GCB transactions fall amid widening price gap, weak sentiment on multiple fronts

TRANSACTIONS have fallen dramatically in the Good Class Bungalow (GCB) market, amid a widening buyer-seller price gap, coupled with weak sentiment in recent months from the stock market, cryptocurrency, macroeconomic and geopolitical fronts.

List Sotheby’s International Realty’s (List SIR) analysis of URA Realis caveats data downloaded on Jun 21 showed that so far this quarter, there have been 9 deals in GCB Areas totalling S$224.20 million (with the latest deal dated Jun 10). These figures are not even one-third of the 31 transactions that amounted to nearly S$900 million in Q2 last year.

Year to date, the tally stands at 24 transactions adding up to S$624.54 million - or less than half the 55 deals totalling nearly S$1.6 billion in the first half of last year. Bungalows in GCB Areas are the creme de la creme of Singapore’s landed housing market.