An expression of interest (EOI) has been launched for two adjacent Good Class Bungalows (GCBs) in the prestigious Belmont Park GCB area. The GCBs, located at 52 and 54 Belmont Road, are owned by separate individuals who are believed to be related.
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Sitting on a combined freehold land area of 41,741 sq ft, the two properties are being offered at an indicative price of $88.8 million, which translates to $2,128 psf on the land area. According to marketing agent Sakal Real Estate Partners, the combined plots have a 44m frontage along Belmont Road and 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.”
The most recent transaction on Belmont Road was in December last year, where a GCB with a land area of 19,549 sq ft fetched $40 million ($2,046 psf) based on caveats lodged with URA. In July 2024, a pair of adjacent GCB plots on the same road were sold for $131.4 million or $3,000 psf based on the combined land area of 43,790 sq ft. Nearby, a GCB in Bin Tong Park with a land area of 28,111 sq ft was sold for $84 million ($2,988 psf) in April.
Commenting on the potential interest for the Belmont Road GCBs, Steven Ming, managing director at Sakal, says, “Given its prime location and the resilient demand for GCBs, we expect strong interest for these properties. 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 anticipate more transactions in 2025.”
The EOI exercise for the GCBs will close on March 13 at 3pm. Interested parties can look forward to the opportunity to own a prestigious property in one of the most sought-after GCB areas in Singapore.