<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">
<html xmlns="http://www.w3.org/1999/xhtml" lang="en" xml:lang="en">
<head>
<div class="print-logo"><img class="print-logo" id="logo" src="http://business.asiaone.com/sites/all/themes/custom/a1biz/logo.png" alt="AsiaOne Business" /></div>
<hr class="print-hr" />
<div class="print-content"><div class="ds-1col node node-article view-mode-print clearfix">
<div class="field field-name-title field-type-ds field-label-hidden"><div class="field-items"><div class="field-item even"><h2>Sold: 26 Good Class Bungalows. Value: $588m</h2></div></div></div><div class="field field-name-field-feature-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"><img src="http://business.asiaone.com/sites/default/files/styles/medium/public/2014/12/19/20141219_bungalow-27RidoutRoad_ST.gif" width="410" height="267" alt="Sold: 26 Good Class Bungalows. Value: $588m" /></div></div></div><div class="field-group-format field-group-div group-print-publication collapsible print-pub speed-fast effect-none">
<h3><span class="field-group-format-toggler"></span></h3>
<div class="field-group-format-wrapper" style="display: block;"><div class="field field-name-field-publication-date field-type-datetime field-label-hidden"><div class="field-items"><div class="field-item even"><span class="date-display-single">Sunday, Dec 21, 2014</span></div></div></div><div class="field field-name-field-byline field-type-taxonomy-term-reference field-label-hidden"><div class="field-items"><div class="field-item even">Rennie Whang</div></div></div><div class="field field-name-field-source field-type-taxonomy-term-reference field-label-hidden"><div class="field-items"><div class="field-item even">The Straits Times</div></div></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p>Demand for homes in Singapore may have fallen steeply this year but business has been humming in the Good Class Bungalow (GCB) market.</p>
<p>An analysis by CBRE showed that 26 GCBs have been sold this year with a total value of $587.75 million, comparable with last year's 29 deals worth $682 million. Even so, it is a hefty drop from 2012, when 54 GCBs changed hands for $1.17 billion - and a far cry from a record 133 deals at $2.38 billion in 2010.</p>
<p>GCBs typically have a land size of 1,400 sq m, or about 15,069 sq ft. But when GCB areas were gazetted in the 1980s, they included some smaller existing sites that are still considered GCBs as they would be bound by other GCB planning rules if redeveloped. There are about 2,700 GCBs here in 39 designated estates.</p>
<p>Transactions have fallen in recent times owing to the imposition of the total debt servicing ratio (TDSR) and additional buyers' stamp duty (ABSD), experts say.</p>
<p>"Most GCB buyers already have a property and are unwilling to pay ABSD if they are buying for investment. This could be quite hefty given the high quantum," said Mr K. H. Tan, managing director of Newsman Realty.</p>
<p>But prices appear to have held up this year. The average price of GCBs this year is $1,454 per sq ft (psf) based on transactions so far this year, 9 per cent higher than $1,388 psf last year, said Mr Douglas Wong, CBRE head of luxury homes. However, the average price is only a ballpark indicator of GCB prices and does not fully account for factors including location, size, age, design, terrain and frontage, he added.</p>
<div class="embed">
<div id="" class="story_phototable clearfix node-22833">
<div class="ds-1col node node-multimedia view-mode-node_embed clearfix">
<div class="field field-name-title field-type-ds field-label-hidden">
<div class="field-items">
<div class="field-item even"><span class="story_photo">26 Good Class Bungalows sold for $588 million</span></div>
</div>
</div>
<div class="field-name-field-media" id="story_photo_wrap">
<ul class="field-items">
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/01.jpg" width="120" height="78" alt="A GCB at 65 Holland Park, sold for $30 million in Nov." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/02.jpg" width="120" height="78" alt="A GCB at 27 Ridout Road, which went for $35 million in July." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/03.jpg" width="120" height="78" alt="Demand for homes in Singapore may have fallen steeply this year but business has been humming in the GCB market." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/04.jpg" width="120" height="78" alt="An analysis by CBRE showed that 26 GCBs have been sold this year with a total value of $587.75 million, comparable with last year’s 29 deals worth $682 million." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/05.jpg" width="120" height="78" alt="Even so, it is a hefty drop from 2012, when 54 GCBs changed hands for $1.17 billion – and a far cry from a record 133 deals at $2.38 billion in 2010." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/06.jpg" width="120" height="78" alt="GCBs typically have a land size of 1,400 sq m, or about 15,069 sq ft." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/07.jpg" width="120" height="78" alt="But when GCB areas were gazetted in the 1980s, they included some smaller existing sites that are still considered GCBs as they would be bound by other GCB planning rules if redeveloped." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/08.jpg" width="120" height="78" alt="There are about 2,700 GCBs here in 39 designated estates." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/09.jpg" width="120" height="78" alt="Transactions have fallen in recent times owing to the imposition of the total debt servicing ratio and additional buyers' stamp duty, experts say." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/10.jpg" width="120" height="78" alt=""Most GCB buyers already have a property and are unwilling to pay ABSD if they are buying for investment. This could be quite hefty given the high quantum," said Mr K. H. Tan, managing director of Newsman Realty." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/11.jpg" width="120" height="78" alt="But prices appear to have held up this year." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/12.jpg" width="120" height="78" alt="The average price of GCBs this year is $1,454 per sq ft (psf) based on transactions so far this year, 9 per cent higher than $1,388 psf last year, said Mr Douglas Wong, CBRE head of luxury homes." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/13.jpg" width="120" height="78" alt="However, the average price is only a ballpark indicator of GCB prices and does not fully account for factors including location, size, age, design, terrain and frontage, he added." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/14.jpg" width="120" height="78" alt=""GCBs are expected to perform at a similar level next year as current sentiments will likely spill over... About 20 to 30 GCBs will probably be sold for the whole of 2015," said Mr Wong." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/15.jpg" width="120" height="78" alt="GCB areas which saw more deals this year were Belmont Park, Chatsworth Park, Chestnut Avenue, Dalvey Estate, Raffles Park and White House Park." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/16.jpg" width="120" height="78" alt="In terms of total price, the most expensive was 27 Ridout Road, which went for $35 million or $1,039 psf in July." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/17.jpg" width="120" height="78" alt="The costliest on a psf basis was 22 Margoliouth Road which sold for $14.8 million or $2,051 psf in October." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/18.jpg" width="120" height="78" alt="Also notable was 65 Holland Park, which Frasers Centrepoint sold for $30 million or $1,991 psf last month." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/19.jpg" width="120" height="78" alt="All are freehold properties." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/20.jpg" width="120" height="78" alt="Neighbouring 67 Holland Park, also freehold, is for sale with a negotiable asking price of $35 million, the company said." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/21.jpg" width="120" height="78" alt="While cooling measures have dampened volume and prices, the outlook for GCBs remains positive." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/22.jpg" width="120" height="78" alt="They are expected to offer strong capital preservation given their rarity, said Dr Chua Yang Liang, head of South-east Asia research at JLL." /></li>
</ul>
</div>
</div>
<div class="clear"></div>
</div>
</div>
<p>"GCBs are expected to perform at a similar level next year as current sentiments will likely spill over... About 20 to 30 GCBs will probably be sold for the whole of 2015," said Mr Wong.</p>
<p>GCB areas which saw more deals this year were Belmont Park, Chatsworth Park, Chestnut Avenue, Dalvey Estate, Raffles Park and White House Park.</p>
<p>In terms of total price, the most expensive was 27 Ridout Road, which went for $35 million or $1,039 psf in July. The costliest on a psf basis was 22 Margoliouth Road which sold for $14.8 million or $2,051 psf in October. Also notable was 65 Holland Park, which Frasers Centrepoint sold for $30 million or $1,991 psf last month. All are freehold properties.</p>
<p>Neighbouring 67 Holland Park, also freehold, is for sale with a negotiable asking price of $35 million, the company said. While cooling measures have dampened volume and prices, the outlook for GCBs remains positive. They are expected to offer strong capital preservation given their rarity, said Dr Chua Yang Liang, head of South-east Asia research at JLL.</p>
<div class="embed">
<div id="" class="story_phototable clearfix node-10399">
<div class="ds-1col node node-multimedia view-mode-node_embed clearfix">
<div class="field field-name-title field-type-ds field-label-hidden">
<div class="field-items">
<div class="field-item even"><span class="story_photo">Best World president's massive bungalow fits all under one roof</span></div>
</div>
</div>
<div class="field-name-field-media" id="story_photo_wrap">
<ul class="field-items">
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880804%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="When Doreen Tan's four children said they all wanted to live under the same roof even after they got married, the doting mother decided to build a home that would be big enough for everyone, future grandchildren included." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880778%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="The result is a three-storey bungalow with a basement, off Braddell Road, where Dr Tan, the co-chairman and president of Best World International, lives with her retiree husband, Richard Pek." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880789%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="The couple have two sons, both married with a child, and two daughters, who are still single." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880769%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-3" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880759%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-4" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880734%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-5" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880741%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Their bedroom door opens up to a massive walk-in wardrobe - easily the size of a regular bedroom - complete with an island counter that holds Dr Tan's jewellery." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/Copy%20of%2027880733%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-7" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880783%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Behind those doors hides a monster - of a bathroom that is, big enough to fit a a king-sized bed, with plenty of space left over." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880785%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="There are his and hers toilets, so there is "no need to fight over who gets to use first," says Dr Tan. The open-air shower even has its own little garden with small trees to "give the space a resort feel, while allowing for privacy", adds Dr Tan." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880733%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Even though each family member has a room of their own, the home can accommodate a growing family. Going around the 11,000 sq ft house, Dr Tan points out the potential areas." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880786%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt=""The dry kitchen can be converted into a room, and there is still plenty of space in the basement," she says. She can do with less living space, but "I must have my grand staircase", she says." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880786%20-%2006_05_2013%20-%20dor6%3D0.jpg" width="120" height="78" alt="A curved staircase connects the basement to the second floor. From certain angles, the sculptural piece resembles a seashell." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880801%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="The outdoor roof terrace used to have a water feature, but Dr Tan has since converted that into her organic vegetable garden, where she grows okra, chilli, chye sim, parsley and pandan." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880790%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="She loves crystals so much that she had a crystal curtain on a wall." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880803%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Plain walls bore her, so where it was possible, the external walls have either granite, stone or onyx panels on them. Some windows are also covered with foldable aluminium screens." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880762%20-%2006_05_2013%20-%20dor6-0.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-16" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880762%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-17" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880761%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt=""I just like to sit and watch them play," she says. There is also a gym, sauna, a hot tub, a karaoke room and even a massage room." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880761%20-%2006_05_2013%20-%20dor6-0.jpg" width="120" height="78" alt="The basement courtyard is also not spared. Rather than leave it bare, which can be an eyesore when seen from above, a stone garden with plants is there." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880764%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt=""I want the home to be such that, no matter where I look, I never tire of it. There is always something to see," says Dr Tan." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880781%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="The children occupy the second floor. All four drew lots when picking their rooms, although each is about the same size, with an ensuite and walk-in wardrobe area. One wall holds framed family photos and Dr Tan happily points out who's who." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880788%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-22" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880763%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-23" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880771%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-24" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/Copy%20of%2027880748%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Despite her work schedule, Dr Tan found time to pick out the materials and furnishings that she wanted. Crystal chandeliers are her choice of lighting, because of the "multi-coloured effect when they glow"." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880742%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Pointing to the endless white-panelled cupboard doors all around, Dr Tan quips, "Not all of them are mine. My children also store their winter clothes in some of these cupboards."" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880750%20-%2006_05_2013%20-%20dor6-0.jpg" width="120" height="78" alt="Her huge bathroom may draw oohs and aahs, but Dr Tan's favourite spot is the dining room - surrounded by glass doors and furnished with just a glass table for 10." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880750%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt=""It is the place where everyone gathers, and we talk with each other most often here," says Dr Tan. Her busy schedule leaves her with little time for cooking, but Mr Pek steps in sometimes to whip up his signature braised duck or the children will come together to cook." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880749%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Given its holiday resort feel, there's little reason for the family to leave home. There is the lap pool, which is popular with Dr Tan's children and grandchildren." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880729%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-30" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880758%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-31" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880744%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Dr Tan and Mr Pek sleep on the top floor, which is accessible by a glass lift for those days when climbing the stairs is a chore." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/Copy%20of%2027880737%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-33" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880737%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-34" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880743%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-35" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880747%20-%2006_05_2013%20-%20dor6-0.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-36" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880747%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-37" /></li>
</ul>
</div>
</div>
<div class="clear"></div>
</div>
</div>
<p>Indeed, GCBs have appreciated at a faster rate than landed and non-landed assets over the past 10 years. A JLL analysis showed that the average price of GCBs rose from $395 psf in 2004 to $1,548 psf in the year to date. This works out to a 292 per cent increase, or a compound annual growth rate (CAGR) of about 14.6 per cent per year.</p>
<p>Landed home prices went up 203 per cent over the same period, with a CAGR of 7 per cent a year while non-landed home prices rose 180 per cent, with a CAGR of 6 per cent a year. But in the short term, the price increase is expected to be "moderate to stable", said Dr Chua.</p>
<p><a href="mailto:[email protected]">[email protected]</a></p>
<p><!-- Start For Web Only --></p>
<p><a href="http://www.straitstimes.com" target="_blank"><img src="http://www.asiaone.com/html/images/logos/st_logo.jpg" border="0" /></a><br /><i>This article was first published on Dec 19, 2014. <br />Get a copy of The Straits Times or go to <a href="http://www.straitstimes.com" target="_blank">straitstimes.com</a> for more stories.</i></p>
<div class="embed">
<div id="" class="story_phototable clearfix node-10521">
<div class="ds-1col node node-multimedia view-mode-node_embed clearfix">
<div class="field field-name-title field-type-ds field-label-hidden">
<div class="field-items">
<div class="field-item even"><span class="story_photo">All-white interior for sleek bungalow</span></div>
</div>
</div>
<div class="field-name-field-media" id="story_photo_wrap">
<ul class="field-items">
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/14/IMG_3612C.jpg" width="120" height="78" alt="All-white interior for sleek bungalow-0" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/14/IMG_3619C.jpg" width="120" height="78" alt="All-white interior for sleek bungalow-1" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/14/IMG_4071C.jpg" width="120" height="78" alt="All-white interior for sleek bungalow-2" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/14/IMG_4078C.jpg" width="120" height="78" alt="All-white interior for sleek bungalow-3" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/14/IMG_3605C.jpg" width="120" height="78" alt="All-white interior for sleek bungalow-4" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/14/IMG_3571C.jpg" width="120" height="78" alt="All-white interior for sleek bungalow-5" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/14/IMG_3505C.jpg" width="120" height="78" alt="All-white interior for sleek bungalow-6" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/14/IMG_3521C.jpg" width="120" height="78" alt="All-white interior for sleek bungalow-7" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/14/IMG_3541C.jpg" width="120" height="78" alt="All-white interior for sleek bungalow-8" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/14/IMG_3503C.jpg" width="120" height="78" alt="All-white interior for sleek bungalow-9" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/14/IMG_4093C.jpg" width="120" height="78" alt="All-white interior for sleek bungalow-10" /></li>
</ul>
</div>
</div>
<div class="clear"></div>
</div>
</div>
<!-- End For Web Only --></div></div></div></div>
</div>
<hr class="print-hr" />
<div class="print-footer">Copyright © 2014 Singapore Press Holdings Ltd . Co. Regn. No. 198402868E. All rights reserved.</div>
<div class="print-source_url"></div>
<div class="print-links"></div>
</html>
<html xmlns="http://www.w3.org/1999/xhtml" lang="en" xml:lang="en">
<head>
<div class="print-logo"><img class="print-logo" id="logo" src="http://business.asiaone.com/sites/all/themes/custom/a1biz/logo.png" alt="AsiaOne Business" /></div>
<hr class="print-hr" />
<div class="print-content"><div class="ds-1col node node-article view-mode-print clearfix">
<div class="field field-name-title field-type-ds field-label-hidden"><div class="field-items"><div class="field-item even"><h2>Sold: 26 Good Class Bungalows. Value: $588m</h2></div></div></div><div class="field field-name-field-feature-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"><img src="http://business.asiaone.com/sites/default/files/styles/medium/public/2014/12/19/20141219_bungalow-27RidoutRoad_ST.gif" width="410" height="267" alt="Sold: 26 Good Class Bungalows. Value: $588m" /></div></div></div><div class="field-group-format field-group-div group-print-publication collapsible print-pub speed-fast effect-none">
<h3><span class="field-group-format-toggler"></span></h3>
<div class="field-group-format-wrapper" style="display: block;"><div class="field field-name-field-publication-date field-type-datetime field-label-hidden"><div class="field-items"><div class="field-item even"><span class="date-display-single">Sunday, Dec 21, 2014</span></div></div></div><div class="field field-name-field-byline field-type-taxonomy-term-reference field-label-hidden"><div class="field-items"><div class="field-item even">Rennie Whang</div></div></div><div class="field field-name-field-source field-type-taxonomy-term-reference field-label-hidden"><div class="field-items"><div class="field-item even">The Straits Times</div></div></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p>Demand for homes in Singapore may have fallen steeply this year but business has been humming in the Good Class Bungalow (GCB) market.</p>
<p>An analysis by CBRE showed that 26 GCBs have been sold this year with a total value of $587.75 million, comparable with last year's 29 deals worth $682 million. Even so, it is a hefty drop from 2012, when 54 GCBs changed hands for $1.17 billion - and a far cry from a record 133 deals at $2.38 billion in 2010.</p>
<p>GCBs typically have a land size of 1,400 sq m, or about 15,069 sq ft. But when GCB areas were gazetted in the 1980s, they included some smaller existing sites that are still considered GCBs as they would be bound by other GCB planning rules if redeveloped. There are about 2,700 GCBs here in 39 designated estates.</p>
<p>Transactions have fallen in recent times owing to the imposition of the total debt servicing ratio (TDSR) and additional buyers' stamp duty (ABSD), experts say.</p>
<p>"Most GCB buyers already have a property and are unwilling to pay ABSD if they are buying for investment. This could be quite hefty given the high quantum," said Mr K. H. Tan, managing director of Newsman Realty.</p>
<p>But prices appear to have held up this year. The average price of GCBs this year is $1,454 per sq ft (psf) based on transactions so far this year, 9 per cent higher than $1,388 psf last year, said Mr Douglas Wong, CBRE head of luxury homes. However, the average price is only a ballpark indicator of GCB prices and does not fully account for factors including location, size, age, design, terrain and frontage, he added.</p>
<div class="embed">
<div id="" class="story_phototable clearfix node-22833">
<div class="ds-1col node node-multimedia view-mode-node_embed clearfix">
<div class="field field-name-title field-type-ds field-label-hidden">
<div class="field-items">
<div class="field-item even"><span class="story_photo">26 Good Class Bungalows sold for $588 million</span></div>
</div>
</div>
<div class="field-name-field-media" id="story_photo_wrap">
<ul class="field-items">
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/01.jpg" width="120" height="78" alt="A GCB at 65 Holland Park, sold for $30 million in Nov." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/02.jpg" width="120" height="78" alt="A GCB at 27 Ridout Road, which went for $35 million in July." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/03.jpg" width="120" height="78" alt="Demand for homes in Singapore may have fallen steeply this year but business has been humming in the GCB market." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/04.jpg" width="120" height="78" alt="An analysis by CBRE showed that 26 GCBs have been sold this year with a total value of $587.75 million, comparable with last year’s 29 deals worth $682 million." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/05.jpg" width="120" height="78" alt="Even so, it is a hefty drop from 2012, when 54 GCBs changed hands for $1.17 billion – and a far cry from a record 133 deals at $2.38 billion in 2010." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/06.jpg" width="120" height="78" alt="GCBs typically have a land size of 1,400 sq m, or about 15,069 sq ft." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/07.jpg" width="120" height="78" alt="But when GCB areas were gazetted in the 1980s, they included some smaller existing sites that are still considered GCBs as they would be bound by other GCB planning rules if redeveloped." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/08.jpg" width="120" height="78" alt="There are about 2,700 GCBs here in 39 designated estates." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/09.jpg" width="120" height="78" alt="Transactions have fallen in recent times owing to the imposition of the total debt servicing ratio and additional buyers' stamp duty, experts say." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/10.jpg" width="120" height="78" alt=""Most GCB buyers already have a property and are unwilling to pay ABSD if they are buying for investment. This could be quite hefty given the high quantum," said Mr K. H. Tan, managing director of Newsman Realty." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/11.jpg" width="120" height="78" alt="But prices appear to have held up this year." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/12.jpg" width="120" height="78" alt="The average price of GCBs this year is $1,454 per sq ft (psf) based on transactions so far this year, 9 per cent higher than $1,388 psf last year, said Mr Douglas Wong, CBRE head of luxury homes." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/13.jpg" width="120" height="78" alt="However, the average price is only a ballpark indicator of GCB prices and does not fully account for factors including location, size, age, design, terrain and frontage, he added." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/14.jpg" width="120" height="78" alt=""GCBs are expected to perform at a similar level next year as current sentiments will likely spill over... About 20 to 30 GCBs will probably be sold for the whole of 2015," said Mr Wong." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/15.jpg" width="120" height="78" alt="GCB areas which saw more deals this year were Belmont Park, Chatsworth Park, Chestnut Avenue, Dalvey Estate, Raffles Park and White House Park." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/16.jpg" width="120" height="78" alt="In terms of total price, the most expensive was 27 Ridout Road, which went for $35 million or $1,039 psf in July." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/17.jpg" width="120" height="78" alt="The costliest on a psf basis was 22 Margoliouth Road which sold for $14.8 million or $2,051 psf in October." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/18.jpg" width="120" height="78" alt="Also notable was 65 Holland Park, which Frasers Centrepoint sold for $30 million or $1,991 psf last month." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/19.jpg" width="120" height="78" alt="All are freehold properties." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/20.jpg" width="120" height="78" alt="Neighbouring 67 Holland Park, also freehold, is for sale with a negotiable asking price of $35 million, the company said." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/21.jpg" width="120" height="78" alt="While cooling measures have dampened volume and prices, the outlook for GCBs remains positive." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/12/19/22.jpg" width="120" height="78" alt="They are expected to offer strong capital preservation given their rarity, said Dr Chua Yang Liang, head of South-east Asia research at JLL." /></li>
</ul>
</div>
</div>
<div class="clear"></div>
</div>
</div>
<p>"GCBs are expected to perform at a similar level next year as current sentiments will likely spill over... About 20 to 30 GCBs will probably be sold for the whole of 2015," said Mr Wong.</p>
<p>GCB areas which saw more deals this year were Belmont Park, Chatsworth Park, Chestnut Avenue, Dalvey Estate, Raffles Park and White House Park.</p>
<p>In terms of total price, the most expensive was 27 Ridout Road, which went for $35 million or $1,039 psf in July. The costliest on a psf basis was 22 Margoliouth Road which sold for $14.8 million or $2,051 psf in October. Also notable was 65 Holland Park, which Frasers Centrepoint sold for $30 million or $1,991 psf last month. All are freehold properties.</p>
<p>Neighbouring 67 Holland Park, also freehold, is for sale with a negotiable asking price of $35 million, the company said. While cooling measures have dampened volume and prices, the outlook for GCBs remains positive. They are expected to offer strong capital preservation given their rarity, said Dr Chua Yang Liang, head of South-east Asia research at JLL.</p>
<div class="embed">
<div id="" class="story_phototable clearfix node-10399">
<div class="ds-1col node node-multimedia view-mode-node_embed clearfix">
<div class="field field-name-title field-type-ds field-label-hidden">
<div class="field-items">
<div class="field-item even"><span class="story_photo">Best World president's massive bungalow fits all under one roof</span></div>
</div>
</div>
<div class="field-name-field-media" id="story_photo_wrap">
<ul class="field-items">
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880804%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="When Doreen Tan's four children said they all wanted to live under the same roof even after they got married, the doting mother decided to build a home that would be big enough for everyone, future grandchildren included." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880778%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="The result is a three-storey bungalow with a basement, off Braddell Road, where Dr Tan, the co-chairman and president of Best World International, lives with her retiree husband, Richard Pek." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880789%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="The couple have two sons, both married with a child, and two daughters, who are still single." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880769%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-3" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880759%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-4" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880734%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-5" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880741%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Their bedroom door opens up to a massive walk-in wardrobe - easily the size of a regular bedroom - complete with an island counter that holds Dr Tan's jewellery." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/Copy%20of%2027880733%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-7" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880783%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Behind those doors hides a monster - of a bathroom that is, big enough to fit a a king-sized bed, with plenty of space left over." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880785%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="There are his and hers toilets, so there is "no need to fight over who gets to use first," says Dr Tan. The open-air shower even has its own little garden with small trees to "give the space a resort feel, while allowing for privacy", adds Dr Tan." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880733%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Even though each family member has a room of their own, the home can accommodate a growing family. Going around the 11,000 sq ft house, Dr Tan points out the potential areas." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880786%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt=""The dry kitchen can be converted into a room, and there is still plenty of space in the basement," she says. She can do with less living space, but "I must have my grand staircase", she says." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880786%20-%2006_05_2013%20-%20dor6%3D0.jpg" width="120" height="78" alt="A curved staircase connects the basement to the second floor. From certain angles, the sculptural piece resembles a seashell." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880801%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="The outdoor roof terrace used to have a water feature, but Dr Tan has since converted that into her organic vegetable garden, where she grows okra, chilli, chye sim, parsley and pandan." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880790%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="She loves crystals so much that she had a crystal curtain on a wall." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880803%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Plain walls bore her, so where it was possible, the external walls have either granite, stone or onyx panels on them. Some windows are also covered with foldable aluminium screens." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880762%20-%2006_05_2013%20-%20dor6-0.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-16" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880762%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-17" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880761%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt=""I just like to sit and watch them play," she says. There is also a gym, sauna, a hot tub, a karaoke room and even a massage room." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880761%20-%2006_05_2013%20-%20dor6-0.jpg" width="120" height="78" alt="The basement courtyard is also not spared. Rather than leave it bare, which can be an eyesore when seen from above, a stone garden with plants is there." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880764%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt=""I want the home to be such that, no matter where I look, I never tire of it. There is always something to see," says Dr Tan." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880781%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="The children occupy the second floor. All four drew lots when picking their rooms, although each is about the same size, with an ensuite and walk-in wardrobe area. One wall holds framed family photos and Dr Tan happily points out who's who." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880788%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-22" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880763%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-23" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880771%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-24" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/Copy%20of%2027880748%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Despite her work schedule, Dr Tan found time to pick out the materials and furnishings that she wanted. Crystal chandeliers are her choice of lighting, because of the "multi-coloured effect when they glow"." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880742%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Pointing to the endless white-panelled cupboard doors all around, Dr Tan quips, "Not all of them are mine. My children also store their winter clothes in some of these cupboards."" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880750%20-%2006_05_2013%20-%20dor6-0.jpg" width="120" height="78" alt="Her huge bathroom may draw oohs and aahs, but Dr Tan's favourite spot is the dining room - surrounded by glass doors and furnished with just a glass table for 10." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880750%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt=""It is the place where everyone gathers, and we talk with each other most often here," says Dr Tan. Her busy schedule leaves her with little time for cooking, but Mr Pek steps in sometimes to whip up his signature braised duck or the children will come together to cook." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880749%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Given its holiday resort feel, there's little reason for the family to leave home. There is the lap pool, which is popular with Dr Tan's children and grandchildren." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880729%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-30" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880758%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-31" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880744%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Dr Tan and Mr Pek sleep on the top floor, which is accessible by a glass lift for those days when climbing the stairs is a chore." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/Copy%20of%2027880737%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-33" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880737%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-34" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880743%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-35" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880747%20-%2006_05_2013%20-%20dor6-0.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-36" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/03/27880747%20-%2006_05_2013%20-%20dor6.jpg" width="120" height="78" alt="Best World president's massive bungalow fits all under one roof-37" /></li>
</ul>
</div>
</div>
<div class="clear"></div>
</div>
</div>
<p>Indeed, GCBs have appreciated at a faster rate than landed and non-landed assets over the past 10 years. A JLL analysis showed that the average price of GCBs rose from $395 psf in 2004 to $1,548 psf in the year to date. This works out to a 292 per cent increase, or a compound annual growth rate (CAGR) of about 14.6 per cent per year.</p>
<p>Landed home prices went up 203 per cent over the same period, with a CAGR of 7 per cent a year while non-landed home prices rose 180 per cent, with a CAGR of 6 per cent a year. But in the short term, the price increase is expected to be "moderate to stable", said Dr Chua.</p>
<p><a href="mailto:[email protected]">[email protected]</a></p>
<p><!-- Start For Web Only --></p>
<p><a href="http://www.straitstimes.com" target="_blank"><img src="http://www.asiaone.com/html/images/logos/st_logo.jpg" border="0" /></a><br /><i>This article was first published on Dec 19, 2014. <br />Get a copy of The Straits Times or go to <a href="http://www.straitstimes.com" target="_blank">straitstimes.com</a> for more stories.</i></p>
<div class="embed">
<div id="" class="story_phototable clearfix node-10521">
<div class="ds-1col node node-multimedia view-mode-node_embed clearfix">
<div class="field field-name-title field-type-ds field-label-hidden">
<div class="field-items">
<div class="field-item even"><span class="story_photo">All-white interior for sleek bungalow</span></div>
</div>
</div>
<div class="field-name-field-media" id="story_photo_wrap">
<ul class="field-items">
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/14/IMG_3612C.jpg" width="120" height="78" alt="All-white interior for sleek bungalow-0" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/14/IMG_3619C.jpg" width="120" height="78" alt="All-white interior for sleek bungalow-1" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/14/IMG_4071C.jpg" width="120" height="78" alt="All-white interior for sleek bungalow-2" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/14/IMG_4078C.jpg" width="120" height="78" alt="All-white interior for sleek bungalow-3" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/14/IMG_3605C.jpg" width="120" height="78" alt="All-white interior for sleek bungalow-4" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/14/IMG_3571C.jpg" width="120" height="78" alt="All-white interior for sleek bungalow-5" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/14/IMG_3505C.jpg" width="120" height="78" alt="All-white interior for sleek bungalow-6" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/14/IMG_3521C.jpg" width="120" height="78" alt="All-white interior for sleek bungalow-7" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/14/IMG_3541C.jpg" width="120" height="78" alt="All-white interior for sleek bungalow-8" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/14/IMG_3503C.jpg" width="120" height="78" alt="All-white interior for sleek bungalow-9" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/06/14/IMG_4093C.jpg" width="120" height="78" alt="All-white interior for sleek bungalow-10" /></li>
</ul>
</div>
</div>
<div class="clear"></div>
</div>
</div>
<!-- End For Web Only --></div></div></div></div>
</div>
<hr class="print-hr" />
<div class="print-footer">Copyright © 2014 Singapore Press Holdings Ltd . Co. Regn. No. 198402868E. All rights reserved.</div>
<div class="print-source_url"></div>
<div class="print-links"></div>
</html>
