Good Class Bungalow Transactions Rise 15.4% in H1 2026 as Prices Come Under Pressure

According to Huttons Group data based on URA caveats up to July 20, the GCB market recorded 15 transactions in H1 2026, two more than in H2 2025. Quarterly activity was broadly even, with eight deals in Q1 totalling S$374.6 million and seven in Q2 totalling S$240.5 million. On a year-on-year basis, total transaction value rose 39.3 per cent, though it fell 30.3 per cent from the preceding half.

The highest-value GCB transaction in Q2 was a property on Nassim Road that changed hands for S$64.9 million, equivalent to approximately S$4,550 per square foot. The buyer was Shiv Puri, founder of private equity firm TVF Capital. In March, former Sincere Watch CEO Tay Liam Wee sold a GCB on Nassim Road for S$92 million, or about S$3,846 psf. The buyer is believed to be V Medical Aesthetics founder Dr Chen Qi Hong.

While transaction volume has held up, prices are under pressure from several fronts. Huttons Group CEO Yip Yun Min noted that current economic uncertainties, corporate restructuring, and rising energy prices are adding inflationary pressure and affecting buyer confidence. Some potential luxury home buyers may be more cautious, seeking more reasonably priced properties, while sellers may be more willing to negotiate to close deals.

The most visible example of price adjustment is the Lee Kuan Yew family property in the Cluny Park GCB Area, listed with an indicative price of S$98 million. The same property was previously listed at S$137.2 million in 2023 and S$105 million in 2024 through expressions of interest, representing reductions of 27.9 per cent and 15.9 per cent respectively from those earlier asking prices.

On the other hand, some sellers have seen strong capital appreciation. Shanda Group co-founder Ge Qin Qin sold a GCB at Tanglin Hill for S$76 million, or about S$3,169 psf, nearly doubling the S$38.8 million purchase price from 2011.

Despite near-term headwinds, several structural factors may provide support for Singapore’s luxury residential market. Yip noted that Middle East tensions are driving wealth flows into relatively stable financial centres like Singapore, while the Monetary Authority of Singapore and local financial institutions have been shortening account-opening timelines for foreign capital. Additionally, immigration policies that increase the number of permanent residents and citizens could further support luxury home demand.

The GCB rental market has also been bolstered by ultra-high-net-worth individuals residing in Singapore, with monthly rents in Q2 2026 ranging from S$30,000 to S$70,000. PropNex head of research and content Wong Siew Ying said the luxury market is expected to remain stable but prices may face continued pressure given economic uncertainties and geopolitical factors.