High-profile deals mask slower year for GCBs

Market watchers previously told BT that on top of the above transaction figures, for which buyers lodged caveats, there may be around S$400 million in deals done last year that were not caveated, which would bring 2018's total tally to about S$1.4 billion.

British consumer electronics maker Dyson's founder, James Dyson, has also entered a deal to buy a bungalow in the Cluny area. The buyer is Woo Tsung Chwen, who is understood to be a member of the Tay family behind the OG Department Stores group. Mr Woo, who is about 40 years old, used to be involved with the Butter Factory Group. He is now a shareholder in a range of businesses including property, car rentals and F&B operator Coterie Dining Concepts.

List SIR's analysis of Realis data shows that average transacted price in terms of per square foot on land area has eased to S$1,373 psf year to date from S$1,515 psf in 2018."This could be attributed to a higher number of older bungalows being sold this year compared to more newly built properties sold in 2018," said List SIR executive director Lewis Cha.

"Our local buyers tend to go more for the other GCB Areas, and they tend to be a bit more cautious to commit as the US-China trade issue is still ongoing. So when demand is slow, the price might be softer as compared to prime locations."

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