With the recent news of the sale of the estate of the late Lim Kim San’s estate for S$93.9 million, you might have heard of the term “GCB” floating around. Owned by the wealthiest of the wealthiest, owning a GCB is no doubt a huge status symbol. But how exactly do we define a GCB?
The Urban Redevelopment Authority (URA) has imposed restrictions on where GCBs can be located. At present, there are about 2,700 GCBs located in 39 gazetted GCB areas. Most of these areas are in district 10 and 11. Properties at the ever-popular King Albert Park, Cluny Road and Nassim Road are all examples of GCBs in Singapore.
Not only must the minimum land plot size be 1,400sqm, the maximum height is also limited to two-storeys. Additionally, owners must ensure that there is sufficient greenery in between plots of lands, with each bungalow only occupying a maximum 35% of the plot size.
The sale of the late Lim Kim San’s estate for a whopping S$93.9 million (at S$1,804 per square foot) is a perfect example of the kind of price tag attached to a GCB. These properties are really a class of their own. When we look at per square foot pricing, just several months ago, a GCB was sold for S$2,730 per square foot, a record price for a transaction in a GCB area.
If you are interested to purchase a GCB and join an elite group of people in Singapore, Contact Us to find out how we can make it happen for you.