Google’s Sergey Brin, Bridgewater’s Ray Dalio and inventor James Dyson lead celebrity tycoons’ rush for Singapore’s Good Class Bungalows, causing prices to soar
- Google’s co-founder Sergey Brin reportedly is setting up his family office in Singapore
- Ray Dalio, billionaire founder of hedge fund Bridgewater Associates, announced in November that he is also opening a family office in Singapore
In the first two and half months of 2021, Realstar Premier Group brokered the sale of five detached houses – including three Good Class Bungalows (GCBs) – and a corner semi-detached house at One Tree Hill estate. The six deals fetched a sales value of S$137.63 million (US$102.7 million).
Last year, the firm brokered about S$1 billion landed property transactions – from town houses to GCBs. It was a record year for the firm in its 21-year history. While it is good for business, William Wong, founder and managing director of Realstar, said GCB prices could soon soar beyond the reach of “true-blue Singaporeans” who aspire to own one.
The escalation in prices – both in absolute and per-square-foot terms – of GCBs is due to newly minted citizens jostling for a foothold in this most prestigious of houses in Singapore, he said.
“A few years ago, these were mainly Chinese nationals-turned-Singapore citizens,” he said. “While the Chinese still make up a sizeable percentage today, we also have new citizens from Hong Kong, Taiwan, India, Pakistan, and many other nationalities from across the world.”
The ultra-rich are attracted to Singapore by the government’s Global Investor Programme (GIP), said Wong. First rolled out in 2004, it was updated in March 2020. Under the new scheme, next-generation business owners and founders of fast-growing companies from overseas will be granted permanent residence (PR) status for those who are eligible. Family offices are eligible to apply for PR status under this scheme too.
