Is a Good Class Bungalow Singapore the Right Choice for You?
A good class bungalow Singapore represents the highest level of property you can purchase. This type of landed property reserved for the upper class with the most buying power. Because the land is scarce in Singapore, a good class bungalow property exists in very few places among the islands.
Here’s your guide to purchasing a good class bungalow in Singapore from start to finish.
What are good class bungalows?
A good class bungalow in Singapore contains land with a large garden and maybe even a swimming pool. You have the ground and the house all to yourself and your family. There are no shared facilities, which is what happens when you own a condo, executive condo or an apartment.
This type of landed property in Singapore must have at least 1,400 square meters of land outside of the house. Imagine fully manicured yards, pristine swimming pools, or even a garden with a swimming pool containing water plants. You get to stroll through the grounds without other people around, and any trees you have served as a shady spot to get out of the hot afternoon sun.
Statistics and Information
There are around 2,700 good class bungalows in Singapore among 39 areas. People who purchase these properties value privacy and exclusivity. Business tycoons and property developers are the high net worth individuals who buy a good class bungalow in Singapore.
Foreigners cannot buy good class bungalows as this real estate reserved for the wealthiest of Singaporeans.
Laws state that good class bungalows in Singapore cannot have more than two storey (not counting a basement or attic). This house is to preserve the integrity of the neighbourhoods where you find good class bungalows. Some of the popular areas with these properties include Cluny Road near the Orchard Road shopping district, Ridley Park near Tanglin Road, Leedon Park off of Holland Road and King Albert Park adjacent to Bukit Timah Road. Just take a drive or a walk through any of these neighbourhoods to see some of the most beautiful homes in Singapore.
As of 2012, only Singaporeans can buy good class bungalows. Before that time, foreigners could buy such property, but only if the land was smaller than 15,000 square feet.
The one downside is that you are responsible for maintaining the property, including the pool and grounds. You can hire a company to do the grunt work of regular maintenance, or you can get some exercise and keep your property up yourself.
Average prices of good class bungalows in Singapore hover around $10 million each. Properties with more land and bigger swimming pools may sell for higher prices. The year 2010 was a record year for buying good class bungalows when 133 deals struck at a value of $2.38 billion. After the property market had cooled, a total of 26 good class bungalows sold in 2014 for a total of $587.75 million. When more people buy good class bungalows, it is an indicator that the property market in Singapore is vibrant.
In 2014, the top price for a good class bungalow was $35 million for property located at 27 Ridout Road. That comes to about $1,039 per square foot. The good class bungalow at 74 Belmont Road fetched a price of $33.5 million.
One of the top records for good class bungalow profits occurred in June 2015. The owner of a place on Belmont Road sold his property for $44.188 million after he bought it for $30.5 million in July 2009. That record paled in comparison to the $91,688,888 transaction for a good class bungalow on Ridout Road that sold in May 2015.
How to Start Living Your Dream
Do you dream of owning one of these good class bungalows? You probably already know what you have in mind. A lush garden and pool are musts. You might even want to build a tennis court. You can upgrade the garage if you like. As long as you follow URA regulations on the use of your property and building setback requirements, you can make additions to your good class bungalow based on the area in which you live.
The more land you own, the more options you have for adding to the property. All you have to do is find the right good class bungalow in Singapore, and you can live the luxury life.
Locating the right house and determining the right price is where a real estate salesperson can assist you. Excellent property professionals know what good class bungalows are about to come up for sale. Many times, the sale of these properties are not advertised or made public during the sales process. A real estate salesperson utilises his contacts to arrange visits to the property and shows you the amenities available. A real estate professional can also point you in the right direction as to which districts are popular at any given moment.
Dylan Tan’s experience and market knowledge can help you find the perfect good class bungalow in Singapore for your family and at the right price. Contact Dylan today through email or by calling 9456-7022.