THE prime bungalow market is so hot that one owner doubled his money in less than four months.
Others sold their properties to reap quick profits of about 30 per cent on average over the past year.
The practice shows how demand is surging for this type of property - known as good class bungalows (GCBs).
Overall prices for this category have risen 20 per cent in the past year, according to figures from consultant Knight Frank, and could rise by up to a further 15 per cent over the next 12 months.
"The market is expected to remain buoyant with the top-end segment setting new benchmark prices and influencing price expansion in the rest of the market," said the associate director of Knight Frank Regal Homes, Mr Douglas Wong.
Eleven "cash-in-quick" deals stood out from the year's 91 transactions of GCBs, which must occupy at least 1,400 sq m, or 15,070 sq ft, of land.
One home - on 15,834 sq ft in Peirce Road - reaped an astonishing 109 per cent gain in just four months. It sold in March for $9 million or $568 per sq ft (psf), more than double last December's $4.3 million purchase price.
A bungalow on 15,672 sq ft in Margoliouth Road was sold for $9.65 million or $616 psf in September - a 27 per cent gain over January's $7.6 million sale price.
Another changed hands for a 28 per cent gain after just one month. The 27,373 sq ft house in Queen Astrid Park went for $16 million or $585 psf in May, up from $12.5 million.
While the average price of prime bungalows has risen 20 per cent over the year to $481 psf, the average price of land for this category has risen by about 30 per cent to $429 psf.
Deals in the GCB market for the first nine months of this year have already crossed the $733 million level done for all of last year.
