In every major city, there is an address where the richest of the rich live. In Manila it is Forbes Park. In Kuala Lumpur, Damansara Heights. In Jakarta, Menteng. In New York, the Upper East Side. In San Francisco, Sea Cliff. In Los Angeles, Bel Air. In Hong Kong, The Peak.
Singapore works a little differently. Its top residential address is not just a neighbourhood. It is a legal category: the Good Class Bungalow, or GCB. Because it is defined by rules, not only by reputation, and because no more are being built, the GCB is one of the rarest residential assets in the world.
This guide explains what a Good Class Bungalow is, how many there are, who can own one, what the numbers look like and how owners borrow against them.
What is a Good Class Bungalow?
A Good Class Bungalow is a landed house in one of 39 gazetted Good Class Bungalow Areas set by the Urban Redevelopment Authority (URA). To qualify, it must:
- Sit within one of the 39 gazetted areas
- Have a land area of at least 1,400 square metres, about 15,070 square feet
- Meet URA’s limits on height and footprint, which cap the house at two storeys plus an attic
A large house one street outside a gazetted area is not a GCB, and it generally trades at a discount.
How many Good Class Bungalows are there in Singapore?
About 2,800 plots across the 39 areas, mainly in Districts 10 and 11 and the Bukit Timah belt. Well-known GCB areas include Nassim Road, Cluny Park, Dalvey, Bin Tong Park, Ridout Park and Belmont Park.
Plots generally cannot be subdivided below the 1,400 square metre minimum, and the list of areas is closed. The supply is fixed. That is the single most important fact about the asset.
Who can own a Good Class Bungalow?
In practice, Singapore Citizens. Permanent Residents and foreigners need government approval through the Singapore Land Authority, and approvals are rare.
A growing number of wealthy people are moving to Singapore and setting up family offices, and many look at the top of the market. But the GCB remains in a small circle, which is a large part of why it is so scarce.
Good Class Bungalow prices and market data
What does a GCB cost?
- Established areas outside the prime core: roughly S$12 million to S$25 million
- Bukit Timah and similar areas: roughly S$15 million to S$40 million
- Ultra-prime District 10 (Nassim, Cluny, Dalvey): S$40 million to S$80 million or more
How often do GCBs sell?
- Realion Research counted seven GCB transactions in the second quarter of 2026 and four in the first
- In the first half of 2026, PropNex counted ten deals worth S$304 million
- The busiest year of the past decade was 2021, with 87 sales. Even then, fewer than 90
How have GCB prices moved?
An analysis of 395 transactions by Stacked Homes shows the median GCB land price rising from about S$1,310 per square foot in 2017 to about S$2,065 in 2026, an increase of roughly 58 percent. The median deal size rose from about S$20.6 million to about S$26.6 million.
Many deals never reach the open market. Owners hold for decades, often across generations.
Why GCB owners hold so much equity
Most GCB owners are not stretched. Many bought decades ago, many have no mortgage, and many are now sitting on a very large pile of equity.
That equity does nothing for a business opportunity, an overseas investment, a family restructuring or an acquisition that will not wait. Selling a family home to fund any of those is slow, public and permanent.
How to borrow against a Good Class Bungalow
A big part of our business is lending to GCB owners who pledge their property to access cash for investment. At Global Mortgage Group, Singapore bridging loans are the largest part of what we do. Our GCB loans are built around the property and the exit, not the borrower’s income:
- Assessed on the asset-value only
- TDSR does not set the loan size
- Loan-to-value of up to 70-80%, depending on the property
- No maximum age limit
- No reliance on personal income documents
- Funding that can be fast, because the process is built around the property
A bridging loan is short term, and we agree a clear exit at the start, such as a sale, a refinance or another liquidity event. We review each GCB on its own: the area, the plot, the valuation, the title and how the property is held.
Frequently Asked Questions
Q1: How many Good Class Bungalows are there in Singapore?
About 2,800 plots across 39 gazetted areas.
Q2: Can a foreigner or Permanent Resident buy a Good Class Bungalow?
Only with government approval, which is rarely granted. In practice, GCBs are held by Singapore Citizens.
Q3: Can I borrow against my Good Class Bungalow?
Yes. Lenders assess the property, the existing debt, the purpose of the funds and the exit.
Q4: Does a GCB loan depend on my income or age?
Our GCB loans are assessed on the property and the exit rather than on income, and we have no maximum age limit, so retirees and business owners with irregular income can qualify.
Q5: How fast can funds be available?
It depends on the valuation and legal work, but the process is built to be fast.
Q6: How much does a Good Class Bungalow cost?
From around S$12 million to S$25 million in established areas, to S$40 million to S$80 million or more in ultra-prime District 10.
Talk to us
If you own a Good Class Bungalow in Singapore and want to understand what financing may be available, get in touch to discuss your property and potential financing options.
Donald Klip
Head, GMG Capital Advisory
[email protected]
WhatsApp: +65 9773-0273
Book a Call: https://calendly.com/gmgdonald/15min
This article is general information only and is not financial, legal or tax advice. Loan terms depend on the property, the borrower and the capital provider.
