Boat captains of market active on GCB sector in Q1

Captains of industry on fields between retail, meal and developing to education and treatments were mixed up in Good Type Bungalow sector in the initially three months in this year.

The Wong relatives behind designer handbag and black-jack shoe maker Charles & Keith snapped up an oldtime freehold bungalow along Bracket Echo Park at the fringe of the Chatsworth Park GCB Area for S$22. 25 million or S$1, 322 per square foot based on the land area of 16, 826 sq ft in January. The seller is understood to be Fang Zhixiang, the deputy chief executive officer of mainboard-listed palm oil producer First Resources.

Along Fifth Avenue in the Bukit Timah area, David Teo, chairman of listed Super Group – the company behind the ubiquitous 3-in-1 Super Coffee sachets – is buying a house for S$24. 5 million or S$1, 626 psf on the land area of 15, 069. 46 sq ft.

The two-storey house, which is being sold with vacant possession, is next to the bungalow where Mr Teo and his family reside. The seller is understood to be cardiologist Michael Lim, for whom this is an investment property. Based on caveats data, the property was previously transacted for S$23. 5 million in 2011.

Also divesting an investment property is Mavis Tutorial Centre founder Anthony Ng, who is selling a bungalow in Swettenham Close for S$22. 48 million (or S$1, 355 psf on the land area of 16, 594 sq ft) to an oil trader. On site is a two-storey house with five bedrooms. The property was previously transacted pertaining to S$20 , 000, 000 in 2010, influenced by caveats info.

Back in the executive condo market, Northwave ec at woodlands view was launch and it uniqueness has attracted the crowd of its own

BT likewise reported a few weeks back that Zhang Yong, the founder of an popular hotpot chain supply by china manufacturer and who might be now a good Singapore person, bought a Gallop Road GCB near the Botanic Gardens pertaining to S$27 , 000, 000 or S$1, 700 psf; the property with site was rebuilt and completed in this.

GCBs are classified as the most famous type of stumbled housing on Singapore with the planning limits to preserve their whole exclusivity and low-rise identity.

The Elegant Redevelopment Capacity (URA) features designated 39 locations with mainland Singapore as GCB Areas. Ordinarily, GCBs include a minimum area area of one particular, 400 block metres (15, 069 sq ft); nevertheless , when GCB Areas had been gazetted on 1980, many people included a few smaller existing sites. These are definitely still viewed as GCBs because they would be chained by the different GCB preparation rules if perhaps they were for being redeveloped.

Solely Singapore folks are allowed to acquire landed homes in GCB Areas within a policy adjust that needed effect in the second half of 2012. Just before that Singapore permanent residents (PRs) could seek Singapore Land Authority’s approval to get such properties provided the land region did not surpass 15, 000 sq ft.

As for other landed homes in non-GCB Areas upon mainland Singapore, the government offers drastically decreased the number of approvals granted to PRs attempting to buy such homes since 2011. Foreigners who are not PRs are not eligible. But on Sentosa Cove, a foreigner – whether a PR or not – is eligible to seek authorization to buy a landed home. A non-citizen is allowed to own a single landed house in Singapore and that very for owner occupation solely.

A agent said that and also the can pick ” up ” posh penthouses or condominium units anytime in Singapore as long as they have the means. However , the licence to get a GCB is awarded only to Singaporeans.

Any Singapore citizen who are able to afford to possess a GCB would want to take opportunity to do so because of the status that comes with this. There are no more than 2, 500 GCBs plus they are mostly the preserve of tycoons.