Sunday, February 12, 2012

Bungalow market starting to move again

Business Times: Sat, Feb 11
AFTER being in deep freeze for several weeks, the bungalow market has started to thaw. This may be due to the firmer stockmarket and seeming improvement in the Eurozone crisis of late, suggest agents.

'The market is surprisingly getting back its momentum and buyers are making offers for units which are reasonably priced,' says William Wong, managing director of RealStar Premier Group, which specialises in bungalows in Good Class Bungalow Areas (GCBAs) as well as other locations on mainland Singapore.

He gives a few examples. The owner of a bungalow in the Oei Tiong Ham Park GCBA on land of about 11,000 sq ft had been asking for about $20 million before the introduction of the additional buyer's stamp duty (ABSD) on Dec 8 last year but has now lowered the price tag to $19 million. Over in the Ford Avenue GCBA, the asking price for a bungalow on a 20,000 sq ft plot has been trimmed from $40 million previously to $36 million...

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Team Marshe
Martin Koh/ Sherry Tang
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