Acquiring a condominium in Singapore can yield various benefits, one of which is the potential for capital appreciation. Being a prominent international business hub with a stable economic foundation, the demand for real estate in Singapore remains constant. This has led to a consistent increase in property prices, particularly in prime locations where condominiums are located. Intelligent investors who strategically purchase and retain their properties for extended periods can enjoy significant returns on their investments. To stay ahead in the market, it is crucial to stay updated with the latest New Condo Launches.
A pair of Good Class Bungalows (GCBs) located at 52 and 54 Belmont Road in the prestigious Belmont Park GCB area are now available for sale through expression of interest (EOI). It is believed that the owners of these GCBs are related.
Sitting on a combined freehold land area of 41,741 sq ft, these properties have an indicative price of $88.8 million, which works out to be $2,128 psf on the land area. The two plots have a 44m frontage along Belmont Road and an average depth of 66m, as stated by the marketing agent, Sakal Real Estate Partners.
According to Lennon Koh, senior director at Sakal, “We believe this site would appeal to families looking to build a new home for multigenerational living or extended families living together.” He also added that this property could also be of interest to developers looking to enter the exclusive GCB market.
Recent transactions on Belmont Road show a GCB occupying a land area of 19,549 sq ft was sold last December for $40 million ($2,046 psf), based on caveats lodged with URA. In July 2024, a pair of adjacent GCB plots on Belmont Road were sold for $131.4 million or $3,000 psf based on the combined land area of 43,790 sq ft. In April, a GCB at Bin Tong Park with a land area of 28,111 sq ft fetched $84 million ($2,988 psf).
Steven Ming, managing director at Sakal, is confident that the Belmont Road GCBs will receive strong interest due to their prime location and the consistent demand for GCBs. He points out that the estimated total value of GCB transactions in 2024 was $1.32 billion, surpassing that of 2023 ($433 million) and 2022 ($1.18 billion), with the expectation of even more transactions in 2025.
The EOI exercise for the GCBs is set to close on March 13 at 3pm.