News Formal

Good Class Bungalows S$100K/month rent slashed to S$65K/month as premium housing market sees slump

  • 📰 IndependentSG
  • ⏱ Reading Time:
  • 35 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 63%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Rising property taxes and maintenance costs, particularly for conservation bungalows, are also influencing the decline in GCB rentals

SINGAPORE: The rental market for luxury properties, particularly Good Class Bungalows , slashes monthly rentals in response to a muted premium housing market.

Similarly, the Bishopsgate GCB, previously leased at a record-breaking S$150,000 per month, remains vacant following the legal issues of its tenant, Vang Shuiming. After substantial renovations costing S$1.2 million, including upgrades to the home automation system, kitchens, and an addition of a wine storage room, the GCB was listed at S$60,000 per month in late 2021.

The shift in rental prices is attributed to a more cautious market environment following the government’s crackdown on money laundering cases. Mr Alan Cheong from Savills Singapore says tenants paying monthly rents between S$80,000 and S$120,000 often want to buy the property once they become citizens.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 9. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Good Class Bungalow land priced at close to $50M up for auction amid rising market pricesThe valuation the agents have assigned to the land, between $46 million to $48 million, significantly exceeds the current benchmark for GCBs.
Source: IndependentSG - 🏆 9. / 63 Read more »