Despite the pandemic, the property market in Singapore has remained largely resilient. 2021 has been an incredibly dynamic year for the local market. Several private residential purchases even charted new records, a strong signal of the unwavering confidence that investors have in the market.
Here, we round up the most popular property types and trends of 2021 in Singapore, as we anticipate what’s to come in 2022.
1. An upsurge of interest in Good Class Bungalows
In land-scarce Singapore, Good Class Bungalows (GCB) are seen as the most prestigious form of housing that are owned by ultra-high-net-worth (UHNW) citizens—those with US$30 million and above in net assets.
Buying a GCB means buying into a large plot of land, as these landed properties have a minimum plot requirement of 1,400-sqm (approximately 15,069sqft) and are located in just 39 select areas gazetted by the Urban Redevelopment Authority (URA) of Singapore.
GCBs were one of the largest talking points of the year, with several high-profile tech billionaires making record-breaking purchases. Chew Shou Zi, the Singaporean chief executive officer of TikTok, made headlines for his $86 million purchase of a GCB at Queen Astrid Park, while Jin Xiao Qun, the wife of Nanofilm Technologies International founder and executive chairman Shi Xu, made a notable acquisition of a massive 32,159sqft GCB at Nassim Road for $128.8 million.
In case you missed it: Dream Homes: The Tatler Guide to Buying a Good Class Bungalow in Singapore