In Land-Scarce Singapore, Good Class Bungalows(GCBs) Are Extremely Rare And Exclusive. GCBs Were Transacted At An Average Price Of S$24 Million In 2011

"In land-scarce Singapore, Good Class Bungalows(GCBs) are extremely rare and exclusive. GCBs were transacted at an average price of S$24 million in 2011."

1 - Singapore's ranking in the Easiest Places to do Business
4 - The number of official languages in Singapore
40 - Foreign Singapore Residents as a percentage of the population

Residences closest to the Orchard Road shopping belt are classified under prime districts 9 and 10. Standing in the heart of the area is The OrchardResidences, named for its location directly above the Orchard Mass Rapid Transit (MRT) station and its iconic mall podium, the ION Orchard. Jointly developed by CapitaLand and Sun Hung Kai Properties, the 56-storey residential tower was envisaged to be the tallest building and a focal point onOrchard Road.

Recent projects such as Hamilton Scotts, The Marq on Paterson Hill and Twin Peaks take luxury to a new level. At Hamilton Scotts, a biometric scan and elevator deliver cars up to the apartments' own car porches, termed an 'en suite sky garage'. Each residence at The Marq's Signature Tower has a private lap pool cantilevered outside the building. Developer SC Global also announced that a five-bedroom apartment at the project would be fully fitted by Hermès. In November 2011, a 3,003-sq ft apartment at the project fetched a record price of S$6,850 per sq ft, or around S$20.5 million. Separately, Twin Peaks became Singapore's first fully furnished apartment project, offering buyers a choice of designer fixtures. Luxury takes another form in projects such as Hilltops and Nassim Park Residences, which take advantage of local greenery to provide a tranquil retreat away from the bustling shopping district outside their gates. Prices of super luxury apartments and condominiums tracked by Savills averaged S$3,661 in Q4/2011.

The crème de la crème of the super-luxury home segment, however, is the Good Class Bungalow (GCB). These are bungalows with a minimum plot size of 1,400 sq m, located in 39 areas which are clearly demarcated and gazetted by the Singapore Government to preserve their character and overall ambience. The 39 areas are spread across prime districts 10 and 11, as well as districts 21 and 23, the latter being just off the prime districts. In land-scarce Singapore, GCBs are extremely rare and exclusive. GCBs were transacted at an average price of S$24 million in 2011. The catch is that foreign ownership of GCBs is restricted, as with most landed housing inSingapore.

Sentosa Cove is the only exception, where foreigners can own a landed home in Singapore. The residential enclave is situated on the eastern end ofSentosa, a resort island 15 minutes' drive from the CBD, which is also home to Resorts World Sentosa with its Universal Studios and casino. Five islands -Coral, Paradise, Sandy, Treasure and Pearl - have been carved out atSentosa Cove to offer homes with picturesque seafront views. Some residents also have private yacht moorings. Sentosa Cove is home to ONE°15 Marina Club, an exclusive local yacht club. Bungalows at Sentosa Covechanged hands at an average price of S$18 million in 2011.

Singapore's long-standing record of political and economic stability and an absence of natural disasters has also made it a safe haven for investors. Official projections expect the Singapore economy to grow by a healthy 5% in 2011. The island state has come under the international spotlight in recent years with the opening of its two integrated resorts and casinos - Marina Bay Sands and Resorts World Sentosa - and the hosting of several major events such as the inaugural Youth Olympics and Formula 1 Grand Prix. Although Indonesians remain the top overseas buyers of non-landed homes in prime districts 9, 10 and 11, the number of mainland Chinese buyers has been increasing steadily over recent years.

The Marq on Paterson Hill, District 9, Singapore
Site Area: 3,003 sq ft
Transaction Price: S$20.5 million (S$6,850 per sq ft)
Transacted Date: November 2011

Good Class Bungalow, Victoria Park Road, District 10, Singapore
Site Area: 32,078 sq ft
Transaction Price: S$48 million (S$1,496 per sq ft)
Transacted Date: November 2011