Here in Singapore, there are properties, and then there are properties. Amongst all the housing types, the most elite of property types has to be Good Class Bungalows (GCB), which are only within the purchasing leagues of the rich and famous. These houses not only have immense floor areas (spanning at least 15,000sqft) and located in prime residential districts, but they also come with staggering price tags that few of us can ever hope to afford.
Just this past month, it was reported that a GCB located at Queen Astrid Park (near Sixth Avenue) was rented out to a Chinese national for a monthly sum of $200,000, setting a new record high in terms of rental rates here in Singapore.
Location of the GCB
Site map of where the GCB reportedly is.
Image adapted from: Google Maps
According to reports, the GCB in question sits on a site that’s approximately 25,439sqft big, and largely shielded from public view. It’s also situated within the vicinity of Coronation Road and Sixth Avenue, which is a locale known for its upper-class properties and sky-high prices.
A March 2021 street view of the purported GCB.
Image adapted from: Google Maps
Taking a look at the street view on Google Maps, the most recent view we can get is back in March 2021, when the GCB was still undergoing construction. From what we can tell, it looks to be about 2-3 storeys high, with a long driveway on the side.
A March 2021 street view of the purported GCB.
Image adapted from: Google Maps
Oh, and if you find Queen Astrid Park familiar, that’s because it’s also the site where TikTok CEO Shou Zi Chew bought his 31,800sqft GCB in 2021 for about $86M.
Setting a new record in rental rates for GCBs
Of course, the real reason why this GCB made headlines is because of the incredulous amount of monthly rent that was negotiated.
The fully-completed GCB.
Image credit: EdgeProp Singapore
To set things in perspective, a brand new 2-room Flexi HDB BTO flat in Kallang/Whampoa launched in November 2021 is priced at $192,000. So basically, you’re paying for a brand new flat every month, and just only to rent the place out. Doing some math, that comes to a whopping $2.4M a year, which is enough to fully purchase a freehold condo unit in a good location.
The $200,000 rental also breaks the previous record set for GCB rental rates. The previous record-holder belonged to a GCB in Dalvey Estate along Bukit Timah Road near the Botanic Gardens, which went for $150,000 a month.
Renting out a GCB in Singapore
GCBs have always been seen as the highest echelon of Singapore’s property market, and for good reason. These lavish homes come with the luxury of space, unbeatable locations, and also feature various additional frills that you won’t commonly find in a typical home, like a full–sized swimming pool, KTV room or even a home theatre.
With the growing scarcity of such homes, it’s no surprise that GCBs are valued greatly in the eyes of the affluent, who are more than willing to put their money into living the lux life in these grand homes. With the current GCB rental record set at $200,000 a month, we can only wait and see when a new record is set.
Read out other GCB-related articles here:
- Sheng Siong co-founder’s $50M GCB
- Hai Di Lao Family’s 2 GCBs on Gallop Road
- GCBs owned by famous CEOs & bosses in Singapore
Cover image adapted from: EdgeProp Singapore, Google Maps
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