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15 Good Class Bungalows (GCBs) will be built on top of the former Caldecott Broadcast Center.
The GCB plots will be 15,070 sqft and 250,801 sqft. The property will have a 99-year lease and larger plots can be allocated to accommodate more GCBs in the future, up to 26 bungalows.
The owner and developer of Perennial Holdings will work with authorities to expand vehicle lanes as well as add planting lists and new pedestrian lanes.
These plans were revealed in an internal circular distributed to residents by the Town Planning Authority, EdgeProp reported. The developer is said to be in the planning phase and will make an official statement in a press release when the time is right.
Creams from creams
In December 2020, Perennial and its chairman Kuok Khoon Hong won a bid for a 752,000 sqft site for S $ 280.90 million. The president is said to have taken over the largest plot of land (enough for 11 GCBs) for his extended family.
Kuok is the 12th richest person in Singapore, according to Forbes. Wilmar International is also the President and CEO of Palm Oil Producer.
The property prices of these 99-year-old rental GCBs will certainly be more attractive than the surrounding freehold GCBs. According to research firms, free GCBs have made more than S $ 2,000 per square foot.
Not only the kuok, but also the old money, the neighborhood will see the news from the new money around, specifically the creators of technology, whose net worth has risen amid the pandemic as people became dependent on services and technological goods.
GCB is a 15,000 sqft bungalow plot and is to be located in one of the 39 official journals identified by the authorities. Real estate prices range from $ 7 million to $ 128 million, according to 2021 GCB transaction data.
The standard rule is that you must be from Singapore to purchase a GCB.
Technology creators gather GCBs
It was the year last year where at least five GCB executives from the technology / C-level technology executive industry were acquired.
In June, Secretlab founder and CEO Ian Ange bought a penthouse and a GCB. S $ 51 million. GCB 27 is located on 27 Olive Road in the Caldecott Hill Estate and cost S $ 36 million. The property is free and located in a major neighborhood.
Ian’s GCB has 23,424 square feet of land and is adjacent to the former Caldecott Broadcast Center. It offers a 270-degree view of the Caldecott Hill Estate, the Mount Pleasant area and the Singapore Polo Club.
Other creative technologies have also bought properties located in other major sites like Bukit Timah.
In July, the family of co-founder Anthony Tan Grab is said to have died buy A $ 40 million GCB in the Bin Tong Park area. Soon after, Razer co-founder Tan Min-Liang announced that he had purchased a Third Avenue GCB. $ 52.8 million.
In August, Chew Shou Zi, CEO of TikTok, gave $ 86 million talks. GCB purchase. The property is located in Queen Astrid Park and has a land area of 31,800 sqft.
Last month, crypto-billionaire Zhu Su was said to be in the early stages lectures Bukit to buy a $ 48.8 million GCB on Yarwood Avenue in the Timah area.
GCB market activities
According to Sotheby’s International Realty, in the first half of 2021, had 53 bids in GCB areas, for a total of almost S $ 1.4 billion. This is almost double the activity seen throughout 2020, when 46 agreements were reached.
Last year’s stock market gains may have boosted GCB purchases this year for creative technology, albeit at a slower pace as a result of the Singapore government’s recent cooling measures.
Singapore real estate buyers are 17 per cent and 25 per cent more likely to buy second-hand buyers (ABSDs) to buy a second and a third home, respectively, compared to 12 per cent and 15 per cent in the first.
But unfortunately, GCB’s supply will remain limited, which makes these properties more luxurious and rare. There are only about 2,700 GCBs in Singapore.
Other technology creators who own GCB in Singapore include Chinese businessman Jack Ma and co-founder James Sheng Alibaba.
Featured Image Credit: The Peak, Tatler, Showsuite Consultancy and CBRE
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