Crazy rich Asian: Chinese national rents Good Class Bungalow at Queen Astrid Park for $200k a month

Ka-ching! Hear that cash register ring 'cause this deal is a pricey one.

A Good Class Bungalow (GCB) at Queen Astrid Park, located in the affluent Holland Village area of Singapore, has recently been rented out to a Chinese national for $200,000 a month, according to Edgeprop.

That comes up to an eye-watering total of $2.4 million a year.

Nestled in between Coronation Road West and Sixth Avenue, the newly-completed GCB sits on an elevated, freehold site of 25,439 square feet.

It is also relatively hidden and perfect for someone seeking some privacy.

Savills Private Office executive director Jacqueline Wong told EdgeProp that it's the Chinese who are renting GCBs at such levels and that it's the very large and luxurious houses that fetch such premiums,

"Some are waiting for their Singapore permanent residence or citizenship before buying their own home," she adds.

An anonymous real estate broker specialising in the luxury housing market told the property platform how living in a GCB is "something that the Chinese, particularly the wealthy from Fujian province, want to secure".

A Business Times report last year also observed that Singapore has become a haven for wealthy foreigners, who are flocking here as the effects of the pandemic and political turmoil take a toll on other countries in the region. 

This recent deal could shape up to be a new record for bungalow rental rates this year - the next highest rent comes in at $150,000 a month for a GCB at Dalvey Estate.

In October 2020, a GCB at Bishopsgate became the first residential property in Singapore to achieve a monthly rental fee exceeding $100,000 with its monthly premium of $150,000.

amierul@asiaone.com