An invitation has been extended for interested parties to express their interest in two adjacent Good Class Bungalows (GCBs) situated at 52 and 54 Belmont Road, within the prestigious Belmont Park GCB area. The two freehold properties, believed to be owned by related parties, occupy a combined land area of 41,741 sq ft and have been put up for sale through an expression of interest (EOI) exercise. The indicative price for both GCBs is set at $88.8 million, translating to a land rate of $2,128 per square foot.
According to the marketing agent, Sakal Real Estate Partners, the combined plots boast a 44m frontage along Belmont Road and have an average depth of 66m. “We believe this site would appeal to families looking to build a new home for multigenerational living or extended families living together,” says Lennon Koh, senior director at Sakal. “Besides homeowners, this property is also suitable for developers seeking to tap into the exclusive GCB market.”
A map of 52 Belmont Road, shaded in grey (Source: EdgeProp Landlens)
The latest transaction on Belmont Road, based on caveats lodged with the Urban Redevelopment Authority (URA), occurred in December last year when a GCB occupying a land area of 19,549 sq ft was sold for $40 million, translating to a land rate of $2,046 psf. According to Sakal, in July 2024, two adjacent GCB plots on Belmont Road were sold for $131.4 million, or $3,000 psf based on their combined land area of 43,790 sq ft. A nearby GCB at Bin Tong Park, with a land area of 28,111 sq ft, was also transacted in April for $84 million, or $2,988 psf.
Recent GCB transaction on Belmont Road based on lodged caveats (Source: URA, EdgeProp Buddy)
Given its prime location and the consistent demand for GCBs, Steven Ming, managing director at Sakal, believes that the Belmont Road GCBs will attract strong interest. “The estimated total value of GCB transactions in 2024 of $1.32 billion exceeded that of 2023 ($433 million) and 2022 ($1.18 billion), and we expect more transactions in 2025,” he says.
In summary, the benefits of investing in a condominium in Singapore are plentiful, with a strong demand, potential for growth in value, and attractive rental returns. However, it is crucial to carefully consider various factors, such as the location, financing options, government regulations, and current market conditions. Thorough research and seeking professional guidance are essential in making informed decisions and maximizing profits in the ever-evolving real estate market in Singapore. Whether you are a local investor looking to diversify your portfolio or a foreign buyer seeking a secure and lucrative investment, Singapore’s condominiums present a compelling opportunity. To stay updated on new condo launches, visit Nova Ortografia.
The EOI exercise for the two GCBs at Belmont Road will close on March 13 at 3pm. Interested parties are encouraged to act quickly to secure this rare opportunity.…