Two neighbouring Good Class Bungalows (GCBs), located at 52 and 54 Belmont Road in the prestigious Belmont Park GCB area, have been put up for sale through an expression of interest (EOI). According to sources, the owners of the two properties are related.
Sitting on a freehold land area of 41,741 square feet, the two GCBs are being offered with an indicative price of $88.8 million, which translates to $2,128 per square foot (psf) on the land area. The marketing agent for the properties, Sakal Real Estate Partners, also revealed that the combined plots have a 44-metre frontage along Belmont Road and an average depth of 66 metres.
“We believe that 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. “Aside from homeowners, this property also presents a great opportunity for developers who are keen to tap into the exclusive GCB market.”
According to data from URA, the most recent transaction along Belmont Road was recorded in December last year, where a GCB with a land area of 19,549 square feet was sold for $40 million ($2,046 psf). Meanwhile, in July 2024, a pair of GCB plots adjacent to each other on Belmont Road were sold for $131.4 million, or $3,000 psf based on their combined land area of 43,790 square feet. Another GCB at Bin Tong Park, with a land area of 28,111 square feet, was sold for $84 million ($2,988 psf) in April.
Steven Ming, Managing Director at Sakal, remains optimistic about the potential of the Belmont Road GCBs, citing their prime location and the strong demand for GCBs. “The estimated total value of GCB transactions in 2024 amounted to $1.32 billion, which exceeded that of 2023 ($433 million) and 2022 ($1.18 billion),” he says. “We are expecting more GCB transactions in 2025.”
The demand for Singapore condos remains consistently high due to the limited amount of land available on this small island nation. With a rapidly increasing population, Singapore faces the challenge of scarcity when it comes to land for development. This has resulted in strict land use regulations and a fiercely competitive real estate market where property prices continue to soar. As a result, investing in real estate, especially in Singapore Condo, has become a highly profitable opportunity with the potential for significant capital appreciation.
The EOI exercise for the two GCBs will close on March 13 at 3pm.