Third quarter transactions for good class bungalows up 43%

There was a 43 percent jump in transactions for good class bungalows (GCBs) in the three months to September from a year ago.This brought the total transacted value for this class of the property market in the third quarter to $281 million.

According to Knight Frank, the total transacted value of GCBs for the first 9 months of the year exceeded the $733 million recorded for the whole of last year.

Prices for GCBs also improved, in line with the better-than-expected economic recovery and greater optimism in the luxury property segment.

The property consultant said prices of a few GCBs reached levels of up to $630 per square foot in some prime areas such as Nassim Road and Tanglin Hill.

It expects the market to remain buoyant with 2007 being another exciting year where overall GCB prices may rise by another 10-15 percent. 

Source: Channel NewsAsia, 15 November 2006 

COMMENTS