Non-landed luxury segment and GCB market record highest volumes since 2010: Huttons


The GCB market had a banner year in 2021, including the sale of a house in Nassim Road for $128.8 million. (Samuel Isaac Chua/The Edge Singapore

SINGAPORE (EDGEPROP) – The luxury real estate market saw a strong performance in 2021, with the non-land luxury segment and Good Class Bungalows (GCB) both registering their highest volumes since 2010.

Also read: How Huttons Asia’s Lawrence See makes trading GCBs an art

According to Huttons Quarterly Prestige Reporttransactions in the non-landed luxury segment peaked at 441 units in 2021, its best performance since 2010’s 587 units. This year’s volume is also more than double the 207 units traded in 2020.

“Although 2021’s deal volume was lower than 2010, the total deal value was equivalent to $4.3 billion,” the report noted.

Notable transactions in 2021 include the sale of all 20 luxury development units Eden for $293 million or $4,827 per square foot to the Tsai family behind Want Want China Holdings of Taiwan.

Separately, a 12,077 square foot penthouse at The Nassim Houses sold for $75 million last November. The deal could be the most expensive penthouse sold in Singapore, beating the previous record of $73.8 million set by James Dyson for the penthouse in Singapore. Wallich Residence.

Meanwhile, the GCB market saw 93 transactions take place in 2021 with a total value of $2.8 billion. The average transaction size for a bungalow in the GCB area was $30.2 million in 2021.

According to Huttons, a number of bungalow buyers in GCB areas in 2021 are in digital economy businesses.

GCB’s largest transaction was 30 Nassim Roadsold for a record $128.8 million to the wife of Nanofilm Technologies International founder Shi Xu.

“This deal also broke the previous record of $93.9 million paid for a GCB at Dalvey Estate in September 2018,” the report said.

Other transactions include a GCB at Cluny Road which was sold for $91 million to a family believed to be of Indonesian Chinese descent; 11 Queen Astrid Park which was bought by the CEO of TikTok for $86 million; and two vacant sites adjacent to Chatsworth Road which were sold for $78.1 million to two members of the Indonesian Karim family.

Looking ahead, Huttons notes that the luxury segment could be “feeling a little hot” in light of the cooling measures announced last December, as some ultra-high net worth people (UHNWIs) re-evaluate their options.

For the GCB segment, Huttons thinks the market is likely to enter a consolidation phase after its strong run in 2021. “Mismatching price expectations will lead to a longer time to close a deal,” the report warns. Nonetheless, prices are expected to rise, albeit at a slower pace compared to 2021, as demand remains strong.

Check out the latest ads near Eden, Les Maisons Nassim, Résidence Wallich

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