A Good Class Bungalow (GCB) in the Tanglin Hill area has set a new record for land rates in the GCB market, being sold at $6,197 per square foot for a 15,150 square foot land area. The transaction, currently at the option-grant stage, was agreed upon in March, according to The Business Times (BT). The two-storey property, still under construction, features a built-up area of nearly 30,000 square feet. It includes a high-ceiling attic, a large basement with multiple entertainment areas, a wine cellar, and space for over a dozen cars.

Upon completion, the bungalow will have six bedrooms and a swimming pool, BT reported. This Tanglin Hill property's land rate exceeds the previous record of $4,500 per square foot set in 2023, when three Nassim Road bungalows were sold for a total of $206.7 million, as reported by EdgeProp. The identity of the Tanglin Hill buyer remains unknown, though typically, only Singapore citizens can purchase a GCB.

An industry insider told BT that this new record price will likely raise GCB owners' expectations of their properties' value, despite variations in property attributes.

There are approximately 2,700 GCBs in Singapore.

Disclaimer:- This image is taken from Reuters.