- Singapore’s status symbol for new and old money is the Good Class Bungalows or GCBs.
- The founders and operators of hot-pot chain Haidilao as well as ride-hailing app Grab and vacuum cleaner Dyson all own GCBs.
- Some wealthy people rent GCBs at record prices instead of buying them.
The crown jewel of Singapore’s wealth and famous is a property on private land. It is rare and extremely expensive.
Singapore is just a small country. 709 square kilometersOr 275 square miles. Because of the limited amount of land available, the Good Class Bungalow or GCB is the most exclusive level on the island.
Only 2,500-2,800 GCBs are found on the island. To be eligible for this designation, the home must not exceed 15,000 square feet and not take up more that 35% of the plot. They can be as high as two stories, even though they are called bungalows. reported.
These bungalows are now a rarity due to the strict requirements they must meet to keep their status as GCBs and the fact that they can only be housed in designated residential areas in Singapore. Status in Singapore.
GCBs can also be considered a safe place to store wealth. Singapore’s supply is never increasing, which means that homes can only increase in value over time. Per property website 99.co.
New money and old status symbol
A series of multimillion-dollar real property transactions shows that these status symbols still have a lot of appeal despite the new money flowing into Singapore.
Lee Wei Ling, the child of Singapore’s founding father Lee Kuan Yew sold her GCB for Shi Yonghong (cofounder of Sichuan hot-pot chain Haidilao International) in September. This was approximately $35 million. PerThe Straits Times
In August 2021 Shou Zi Chew is the CEO of TikTokIt was believed that he was The “early stage” of purchasing a bungalow for sale in SingaporeFor SG$86 millions The property can be found in Singapore. Queen Astrid ParkThis area is known for its luxurious estates, top-notch schools and prestigious neighborhoods.
In July 2021 Chloe Tong became the chief executive of Grab, a ride-hailing app. Anthony Tan, purchased a Good Class Bungalow in Holland Village for SG$40 Million, Tatler reported.
James Dyson, a British billionaire inventor and inventor, bought a SG$50million bungalow in Singapore’s Botanic Gardens. PerThe Straits Times
If you can’t buy, rent
Not all record-setting Good Class Bungalow property deals involve a sale: While GCB buyers generally need to be Singaporean citizens, some wealthy foreigners are willing to rent these properties at a premium, per Bloomberg.
A record-breaking lease agreement was signed by a Chinese national in June for a Good Class Bungalow located at Queen Astrid Park. Local media Edge Prop reported.
Insider has learned that the influx of money into Singapore has driven up rental prices to rates “we have never entertained before”, Cyril Tuzeman (director at Vesper Homes), said. Tuzeman said that being associated with a Good Class Bungalow was a “status thing” among the wealthy, especially for young, well-off people who have made their fortunes in IT or cryptocurrencies.
Tuzeman said he recently marketed an off-market rental property for around SG$300,000 per month — where the owner asked for one years’ rental and a six-month deposit upfront — but the deal fell through because the prospective tenant wanted to redo the basement.
Tuzeman stated, “It is crazy.” “We’re talking about a deal worth more than 5 million.”
Many potential Good Class Bungalow rental tenants don’t live in these properties. Tuzeman stated that one tenant didn’t inspect the bedrooms before renting. He only required good parking and entertainment space.
