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HomeEconomicsForget flashy condos, here’s where Singapore’s real ‘crazy rich Asians’ live

Forget flashy condos, here’s where Singapore’s real ‘crazy rich Asians’ live

This Week in AsiaEconomics

Singapore’s Good Class Bungalows: the home of choice for tech tycoons like Shi Xu, Anthony Tan and other crazy rich Asians

Good Class Bungalows, or GCBs, are large, green, rare and ultra-exclusive. With price tags in the tens of millions, they are home to some of the city state’s richest people, from TikTok’s Chew Shou Zi to Secretlab’s Ian AngLuxury home sales are brisk and climbing, propelled – say experts – by Singapore’s safe handling of the coronavirus and geopolitical headwinds such as China’s crackdown on techSingaporeKok Xinghuiin SingaporePublished: 9:00am, 30 Aug, 2021Why you can trust SCMP

Think of “luxury housing” in Singapore and the images that typically spring to mind are of spacious condominium units with high ceilings and large windows into the city scape.

But in the land-scarce island nation, the property asset that really sets apart a “crazy rich Asian” from a merely rich one is the Good Class Bungalow (GCB). These are sprawling homes set in their own expanses of greenery, whose limited numbers and vast price tags make them the exclusive preserve of only the wealthiest of the wealthy.

To be classed as a GCB, the property’s plot of land must be at least 1,400 square metres while the building itself must occupy less than 40 per cent of this space and be limited to two storeys. GCBs are located in just 39 gazetted areas in Singapore, many nestled in the central area, and there are only about 2,800 in total, making up just 3.8 per cent of all completed landed houses.

Then there is the cost. While a luxury condominium might set you back millions of dollars, GCBs are in the tens of millions.

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