This is a discussion on Bought: $20m, Sold: $37m within the Local & Foreign Issues forum, part of the Community Lounge category; GOOD-CLASS bungalow owners are cashing in on rocketing property prices. A CB Richard Ellis (CBRE) analysis of Urban Redevelopment Authority ...
GOOD-CLASS bungalow owners are cashing in on rocketing property prices.
A CB Richard Ellis (CBRE) analysis of Urban Redevelopment Authority (URA) Realis caveats shows that good-class bungalows are netting bumper profits for owners who have seen average per sq ft (psf) prices rise almost 30 per cent over the past year.
Several have taken to buying and selling their good-class bungalows within a period of less than two years.
At least seven good-class bungalows bought since May last year have been sold within 18 months of purchase, with four sold within a year, with a profit of as much as 85 per cent over the purchase price.
This massive gain was seen by a 40,677 sq ft good-class bungalow property on Ridout Road near the Holland area, translating to a $17 million gain within a four-month span.
At least one home, on Nassim Road, has even been sold five times within the past six years - soaring from $9.8 million in 2005 to $43.5 million this year.
Bought: $20m, Sold: $37m