GCB transaction volumes hit fresh high of $3bn in 2021

Last year’s record also represents a three-fold increase from 2020.

The Good Class Bungalow (GCB) segment had a grand ending to 2021 as full-year transaction volumes hit a fresh high of $3.000b. The total number of GCBs sold in 2021 was 99.

The 2021 record not only surpassed the record-high volume of $2.425b in 2010, but it also went beyond the 2020 figure ($1.086b) by three-folds.

CBRE cited the improved activity in the segment to “fresh demand from digital economy entrepreneurs, key executives and continued demand from new citizens, amidst SG’s recovering economy, ample liquidity and the low-interest-rate environment.”

Apart from transaction volumes, average prices also surged to a record-high in 2021 at $1,771 psf, exceeding the previous peak in 2019 ($1,617 psf) by 9.4%.

CBRE said this is because 19 GCB transactions crossed the $2,000 psf threshold last year.

The strong moment in the segment, however, will slow down in 2022 due to the limited supply available for sale.