Real Estate
Singaporeans Are Loving the Luxury Homes Foreigners Can't Buy
- ‘Good Class Bungalows’ fetch records as broader market cools
- Only citizens can buy the bungalows, bestowing instant status
Some of Singapore’s most desirable houses come with a catch: only locals can own them.
That foreign buyers -- notably from China -- who for years helped drive demand for luxury homes, can’t buy these dwellings, hasn’t dented their appeal. Their scarcity and the exclusivity they confer have pushed prices of the homes -- known as Good Class Bungalows, or GCBs -- to record highs, even as the broader property market cools.