Good Class Bungalow or GCBs are considered to be the most elusive and prestigious homes you can buy in Singapore.
They are one of the fanciest types of properties in Singapore and are meant for the elite of the elite.
It is a perfect setting for a “Crazy Rich Asians Home”. They are also homes to tycoons and the famous. Read on to find out more!
What is a Good Class Bungalow?
The Good Class Bungalow, generally called GCB in short, belongs to the highest end of Singapore’s residential property market.
It is the most prestigious, deluxe, and exclusive type of landed housing in Singapore.
Most people know that Good Class Bungalows are very large when it comes to space and are luxury homes for the wealthy.
Aside from that, two things distinguish or differentiate Good Class Bungalows from the typical bungalows in Singapore; size and location.
To keep up with their exclusivity, prestige, and character, Good Class Bungalows can only be built in 39 gazetted areas in Singapore.
These are usually located in prime and popular areas such as Chatsworth, Cluny Road near the Orchard Road shopping belt, Ridley Park off Tanglin Road, Leedon Park near Holland Road, and King Albert Park off Bukit Timah Road.
Criteria to be deemed as a Good Class Bungalow
To be classified as a Good Class Bungalow, here are the 4 criteria.
Size:
It must be at least 15,070sq ft or 1,400 sq m.
Location:
There are only 39 designated GCBs in Singapore. Good Class Bungalows are mostly found in Districts 10 and 11, with the rest in Districts 20, 21, and 23.
These are usually located in prime and popular areas such as Chatsworth, Cluny Road, Ridley Park off Tanglin Road, Leedon Park near Holland Road, and King Albert Park off Bukit Timah Road.
Building limits:
To keep up with the exclusivity and low-rise character of such prime neighborhoods, Good Class Bungalows can only be built up to a maximum height of 2 stories.
Not inclusive of an attic and a basement, it cannot take up more than 35% of the plot size.
Owners must also ensure there is sufficient greenery between the plots of land.
Eligibility criteria:
Since 2012, only Singaporeans have been allowed to purchase them.
However, foreigners and Permanent Residents (PRs) can apply for approval by the Singapore Land Authority – provided they have made exceptional economic contributions and will only use the property for stay.
Good Class Bungalow Designated Areas
To facilitate this, here’s a table on Good Class Bungalow designated areas.
| District | Designated Areas |
|---|---|
| 10 | Belmont Park Bin Tong Park Brizay Park Bukit Sedap Chatsworth Park Cluny Hill Cluny Park Cornwall Gardens Dalvey Estate Ewart Park First/Third Avenue Ford Avenue Fourth/Sixth Avenue Gallop Road Woollerton Park Garlick Avenue Holland Park Holland Rise Leedon Park Maryland Estate Nassim Road Oei Tiong Ham Park Queen Astrid Park Rebecca Park Ridley Park Ridout Park Victoria Park White House Park |
| 11 | Bukit Tunggal Caldecott Hill Estate Camden Park Chee Hoon Avenue Eng Neo Avenue Raffles Park Swiss Club Road |
| 20 | Windsor Park |
| 21 | Binjai Park, Kilburn Estate, King Albert Park |
| 23 | Chestnut Avenue |
There are estimated to be around 2700 GCBs in these 39 zoned areas.
Additionally, unlike most neighborhoods in Singapore, these areas are surrounded by greenery.
Why are Good Class Bungalows so well sought after
The reasons are pretty much self-evident.
Owning GCB grants you privacy and exclusivity
Other than the limited number of GCBs available, there’s no other property that provides the same level of privacy.
Your neighbor isn’t within view, your home is in an ultra-low-density area, and traffic noise and congestion are practically non-existent.
Which is difficult to come by especially in Singapore when we are used to the hectic scene every day.
Owning a GCB is akin to owning a part of Singapore’s history
Some bungalows date back to the colonial era and have been uninterrupted for decades.
This means that aside from buying a Good class bungalow, you’re inheriting part of Singapore’s rich history.
Scarcity retains the value of the Good Class Bungalow
GCBs retain their value due to their scarcity in Singapore among property investors/owners.
Due to their scarcity and strong status symbol, GCBs cost much more than the average bungalow in Singapore.
As we have mentioned, there are only around 2,700 GCB plots in Singapore.
The amount of land allocated for GCBs never increases. This is a strong point in retaining its original value.
An example would be the period from 2017 to 2018, which was marked by economic turmoil (the Sino-US trade war, and weak economic data from China).
During that same time, the total value of GCB deals ascended from around $888.6 million to $1.03 billion. This shows an increase of 16% between 2017 and 2018.
Because of this, GCBs are considered to be good hedge assets. They can hold their value even during economic downturns.
Symbol of Prestige
Good Class Bungalows are a clear-cut sign or symbol of prestige. Most owners of GCBs are the top percentage of the population.
This is no wonder as GCBs are sold off at exorbitant prices, and only the super-wealthy can purchase them.
Most GCB buyers have enough holding power to last.
The buyers are not the sort to quibble over a few bucks as their stamp duty alone is the price of most mass-market condos.
That itself speaks a lot.
Only Singaporeans can buy good-class bungalows (GCBs), is it true?
This is true to a certain degree. As we have mentioned earlier, only Singaporeans have been allowed to purchase them.
The government set this rule to prevent any foreigners from “collecting” freehold properties in Singapore.
Without approval from the Singapore Land Authority’s Land Dealings Approval Unit (LDAU).
According to the Singapore Land Authority (SLA), which manages and controls land use and property ownership, someone is considered a foreigner if they are not:
- Singapore citizen
- Singapore Company
- Singapore limited liability partnership
- Singapore society
Due to this, PRs are also considered foreigners in Singapore.
Now, let’s take a look at the rules stated by SLA. Based on the rules stated by SLA, foreigners must seek approval from them if they want to buy the following types of properties:
- Vacant residential land
- Terrace house
- Semi-detached house
- Bungalow/detached house
- Strata landed house which is not within an approved condominium development under the Planning Act (eg. townhouse or cluster house)
- Shophouse (for non-commercial use)
- Association premises
- Place of worship
- Worker’s dormitory/serviced apartments/boarding house (not registered under the provisions of the Hotels Act)
From the list above, landed homes are not entirely forbidden for foreigners. Special approval can be provided by the SLA and is set by these two points:
- The foreigner has to be a Singapore PR for at least five years,
- The foreigner has made an excellent economic contribution to Singapore. Factors such as employment income assessable for tax in Singapore are also taken into consideration.
To facilitate, foreigners are allowed to buy Good Class Bungalows but they are to comply with the conditions mentioned above.
A recent prominent example of a successful applicant is James Dyson. He famously bought a $45 million bungalow in Bukit Timah in July 2019.
It is quite unlikely for GCB to go below market value as supply is so limited.
We hope you have learned a thing or two regarding GCBs in Singapore after reading our guide.
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