GCB market stagnates with only 5 sales in 1Q24
The value of transacted GCBs also fell 10.6% QoQ.
The total value of Good Class Bungalows (GCBs) sold in 1Q24 fell to $118.4m, 10.6% lower than the preceding quarter.
Volume, meanwhile, was at a similar level in 4Q23, with five GCBs sold.
Huttons said buyers were “unwilling to pay a high premium for a GCB," resulting in a quiet 1Q24.
The expert attributed buyers’ reluctance to |uncertain economic climate and high for longer interest rates.”
The top GCB deal by quantum was in 15 Ford Avenue, bought for $39.5m.
Whilst the sales market was quiet in 1Q24, the rental market experienced increased interest.
“Tenants were still cautious, preferring not to pay high rents for a GCB, seeking out deals that were below $30,000 per month,” Huttons reported.
“The top rental deal in the GCB rental market in 1Q24 was in Tanglin Hill, which fetched a monthly rent of $120,000,” it added.