Narrator: These are the most expensive homes in Singapore.
They're called "good class bungalows," or GCBs.
Packed with private wine cellars and giant pools,
they're selling for tens of millions of dollars.
Let me bring you into the house.
Narrator: And real estate agent Julian Yip
has seen the ultrarich fighting to get one.
The owner even installed a chandelier
inside the master bathroom.
Narrator: That's because Singapore
is a tiny island country of just 281 square miles,
and the government owns 90% of the land.
So having a home this size on private land is very rare.
Si Ling: Wow, look at the Ferrari.
This is like every Singaporean's wet dream, you know.
Look at that.
Narrator: That's Si Ling,
a YouTuber here in Singapore.
Si Ling: Can you imagine in Singapore we have land scarcity,
then we have houses as big as these.
Narrator: As real estate markets in
other big cities have dropped globally,
she's seen private home prices in Singapore double.
Si Ling: Now I wipe my saliva off my face.
Narrator: In 2019, a GCB sold for $170 million US dollars,
more than twice the previous record.
For a period of two years, we almost doubled.
Narrator: So what does the rising price of GCBs mean
for the rest of Singapore’s citizens?
We visited good class bungalows
across Singapore to find out.
GCBs date all the way back to the 1800s.
The low-rise homes were known
as early Singaporean bungalows.
Over time, the styles evolved
as ownership shifted between European officials
and wealthy Chinese merchants and businessmen.
When Singapore got its independence in 1965,
GCBs started moving inland
and began replacing colonial designs with more modern ones.
The Singaporean government coined the term
"good class bungalow" in the early 1980s,
and it set all kinds of building rules
to preserve the low-rise style of traditional GCBs.
Julian: We have to follow a very strict construction policy
to make sure that it is exclusive and prestigious.
Narrator: Less than half a percent
of Singapore's population owns a GCB,
and the government has designated just 39 areas
of the island for the prestigious homes.
So it's really about the land that they're on.
Narrator: That's Amanda Goh,
a real estate reporter for Insider.
And they're also in very prime areas in central Singapore.
Narrator: This GCB is in Bukit Sedap,
not far from Nassim Road, Singapore's Billionaire's Row.
This home is on the market for $48.7 million,
nearly double the average price of a GCB in 2022.
The first rule for a home to be considered a GCB is
the property has to be at least 1,400 square meters,
and the building itself must occupy 40% of the land.
Let me bring you into the house.
Narrator: This brand new construction has six bedrooms
and seven full bathrooms.
Julian: We have a reading room here.
We have a very, very huge dry kitchen over here.
It is actually a pull-down.
Next to the dry kitchen,
we actually have a wet kitchen here.
We call it the Asian cooking kitchen.
Outside this dining area,
the owner actually created an al fresco dining area.
Narrator: Most buyers require a pool and garden in a GCB.
Julian: Recently, the newer-built ones,
they can allow parking of more than 20 cars.
Narrator: Also, according to those government rules,
the house has to be built at least 3 meters
from the property wall.
So even if houses are tight,
they won't be built back-to-back.
Another restriction? The building itself can't be
over two stories high.
Garages, basements, and attics don't count,
so owners can get creative to make buildings feel massive
despite these rules.
Julian: We have a full basement here.
We have an 8,000-bottle wine cellar.
And next to the wine cellar,
we have this little mini theater.
We are going up to the third floor of the house.
Narrator: This third story is shorter,
so it can count as an attic.
Julian: The junior master bedroom is huge.
It's like a piece of art over here.
This is the master bathroom, and if you notice,
the owner even installed a chandelier
inside the master bathroom.
Narrator: While this home costs a lot,
some price tags go even higher.
In 2019, a GCB on Nassim Road set a record,
selling for $170 million.
So behind me is the house that TikTok CEO
of Singapore recently bought for $86 million.
Narrator: YouTuber Si Ling took us
around the prestigious District 10.
Si Ling: I'm just an Asian. I don't have the crazy and rich part.
Or maybe it's just a crazy Asian, no rich.
You don't see any buildings here, right.
I'm guessing it's because we are getting nearer
to the rich people area.
Look at all this greenery.
Narrator: Flanked by the Singapore Botanic Gardens
and the famous shopping street Orchard Road,
this area has one of the highest concentrations
of good class bungalows.
Si Ling: See, this is my dream, guys.
Welcome to my dreamland.
Something I noticed about GCB houses like this is
that they are blocked by a lot of trees,
because I think rich people really value their privacy.
That is really very secluded.
Narrator: Although Singapore is one
of the richest countries in Asia ...
Amanda: We're talking about tens and millions of money.
It's not something that's easily accessible
to the average person here.
Narrator: At this price tag, Julian says
only Singapore's top 3% to 5% can afford these homes.
Some owners are newly rich
And others come from families
that have been wealthy for generations.
Julian: Mostly businessmen, high professionals,
doctors, lawyers, etc., yeah.
Narrator: We're talking the children
of a former Singaporean president,
the billionaire CEO of Razer,
and the cofounder of Secretlab.
Si: Zhang Yong, which is the cofounder
of the Sichuan hot-pot chain Haidilao International,
and there's also the TikTok CEO, Shou Zi Chew.
Narrator: So why exactly do GCBs' prices continue
to climb, while other high-end housing markets
around the world are falling?
Well, it's as simple as supply and demand.
People really want a GCB, but there aren't a lot of them.
Singapore is already a tiny country,
and the government owns 90% of the island.
Much of the land went to public housing
that citizens can own for a fixed 99-year period
before it goes back to the government.
But they can't pass it down through generations after that.
For private land, however,
there's no time limit to ownership.
Si Ling: Therefore, they see property as a good way
to kind of grow their wealth.
So the homes can only appreciate over time.
Narrator: And the government is unlikely
to sell any more land to the private market.
anytime soon.
Julian: So what it means is the existing pool of supplies
will be like that forever.
And they're also very much sought-after,
which drives up prices.
Narrator: Today, there are only
around 2,500 to 2,800 GCBs on the island,
and they hardly ever go up for sale.
Julian: There are even years where there are less
than 20 in the market.
It makes me feel like I want to earn more money
so I can afford one myself.
Narrator: The price and prestige also makes it
really hard for real estate agents like Julian
to sell these homes.
We do have owners that treasure privacy.
Some sellers wants to sell
but do not want you to market the property.
How am I going to sell then?
We call it our pocket listings.
Narrator: With all this exclusivity,
GCB prices just keep soaring.
Julian said the cost of a GCB per square foot in some areas,
rose by nearly $600 in just the last year.
Julian: Maybe more than 50%.
Almost doubled for two years.
From the pandemic, when everybody has to work from home,
everybody starts to appreciate space.
Narrator: And while housing markets globally are slumping,
Singapore's is still climbing,
up 14% from the previous year.
Si Ling: I think we have one of the lowest corporate taxes
in the world, so that attracts a lot of rich people.
Narrator: The Singaporean government has tried
to cool the market by introducing restrictions on loans
and more taxes on second homes,
but prices are still expected to rise slightly.
Even the rental market for GCBs has gotten really expensive.
Rent will soon cost over $37,000 a month
for this five-bedroom good class bungalow in District 21.
Julian: You enter the house through the basement.
Narrator: Remember that two-story rule?
The car park doesn't count as a level.
Julian: The stairs here brings you to level one of the house.
If you look around your neighbors,
we are only looking at their roof.
Welcome to the inside of the house.
The house is about 7,000 square feet.
On my left of the house
is actually a split-level dining area.
The helper's room is outside the kitchen.
Most good class bungalows owners,
they have more than, at least two or more helpers
because of the size of the house.
Narrator: The final rule for good class bungalows?
Owners generally have to be citizens of Singapore.
Si Ling: Very rarely do they make exceptions.
I think except for Sir James Dyson.
So they actually make an exception
for him to buy a good class bungalow.
Julian: You need to have a minimum of $200 million
to be able to be qualified to apply for the program.
Narrator: So often, foreigners in the market
for GCBs have to rent.
The renter of this property is from China.
Julian: It's the son's room.
All the bedrooms should have
and must have an attached bathroom.
We are in the master bedroom now.
We call this the walk-in wardrobe.
And next to the walk-in wardrobe is
actually the attached bathroom.
Narrator: While this area isn't as expensive as District 10,
the land is still valuable, and this home is on the market
for nearly $30,000,000.
But what does the rising cost of GCBs mean
for the rest of Singapore's citizens?
Amanda: I think it's also a reflection of
how cost of living is increasing in the country.
I think that's the most direct reason
why people should be concerned.
Narrator: GCBs' rising costs mirror a wider trend
across the island.
Private properties are getting more expensive.
Julian: As a Singapore citizen,
I am concerned with the price going up.
My concern is it becomes less and less affordable,
so it will affect the livelihood of the younger generations.