Days later, it was reported that the wife of Grab CEO Anthony Tan had bought a S$40 million good class bungalow in the Bin Tong Park area.
JLL’s Ms Phua said that in light of heftier buyer stamp duties introduced in 2018, buyers of these homes are usually first-time residential property owners looking to live in them. Colliers’ Ms Lok added that sales are also being driven by the rising number of family offices - which are private wealth management firms that serve ultra-high-net-worth households.
Another factor to consider is the constraints in developing good class bungalows. For instance, regulations stipulate that the house cannot take up more than 40 per cent of the plot, and there must be sufficient greenery in between bungalows and their neighbours.