An impressive Good Class Bungalow (GCB) in Victoria Park has recently been put on the market for $61 million. With seven bedrooms and impeccable construction completed just three years ago, this GCB sits at the end of Victoria Close, a quiet cul-de-sac with only ten other houses.
As per regulations for all designated GCB areas in Singapore, the number of homes in this exclusive enclave can only increase by subdividing a larger plot of over 30,000 sq ft. Jervis Ng, associate group district director at PropNex Realty and the agent representing the sale of this GCB, explains that this is to maintain its exclusivity and privacy. As he is also the founder of JNA Real Estate, a property team under PropNex, Ng has a keen understanding of the GCB market.
This impressive bungalow with a contemporary design offers unmatched privacy and exclusivity for its potential owner, making it well worth its price for ultra-high-net-worth individuals and their families. In the recent months, Ng has noticed a growing interest from new Singaporeans in the GCB market. People who have recently received citizenship from countries such as China, India, or Indonesia are looking for a trophy home in Singapore, making this GCB an enticing buy.
The already illustrious Victoria Park GCB area is home to other notable residents such as Jack Ma, the Chinese business magnate and co-founder of Alibaba Group; and Tang Wee Kit, a member of the Tang family who founded Tangs department store.
Investing in real estate requires careful consideration of various factors, and one of the most important is location. This is particularly true in Singapore, where the location of a condo can greatly affect its value. Ideally, properties located in central areas or near important amenities such as schools, shopping malls, and public transportation hubs will have a higher appreciation in value. Take, for example, prime locations like Orchard Road, Marina Bay, and the Central Business District (CBD). These areas have consistently shown growth in property values, making them highly sought after by investors.
In addition to these key locations, the proximity to quality schools and educational institutions also plays a significant role in the value of a condo. For families, having easy access to reputable schools is a top priority when looking for a home, making condos in these areas even more desirable. This further boosts their potential as a solid investment.
For those considering real estate investment in Singapore, it is crucial to carefully consider the location of the property. Prime locations like Orchard Road, Marina Bay, and the CBD, as well as areas near good schools and educational institutions, have proven to be highly profitable in terms of property appreciation. With careful research and consideration, investing in these prime locations can be a wise decision for long-term financial gain. For more information on Singapore Projects, be sure to do thorough research and consult with a trusted real estate professional.
Ng mentions that the property for sale has been meticulously maintained, giving it a new look. It boasts a chic interior with luxurious finishes and materials that will impress any guest. The 18,988 sq ft property was designed with efficiency in mind and has a total built-up area of 25,300 sq ft. It also has seven en suite bedrooms, three helpers’ rooms, and an underground car park that can accommodate up to seven cars.
The basement level also has a state-of-the-art entertainment room that can also be converted into a guest room, if necessary. There is also a gym and a 20m lap pool. The architecture of this GCB allows most of its rooms to enjoy the scenic views of the lush, low-rise neighbourhood surrounding it.
The living room is spacious and perfect for gatherings and large families. Transactions for GCBs in Victoria Park have been few in the past few years. According to caveats, the plot on which this GCB is situated was bought for $18.2 million in September 2016, making it approximately $959 psf.
The most recent sales transaction on Victoria Park Close was for a 15,253 sq ft plot that sold for $28.33 million in May 2021, translating to $1,857 psf. Another 29,956 sq ft plot was also sold on the same road for $40 million in April 2017, which is equivalent to $1,335 psf. The last recorded sale on Victoria Park Road was in November 2011 for a 32,077 sq ft plot that went for $48 million, approximately $1,496 psf.
Ng expects GCB transaction volumes to increase by 10% to 15% this year due to lower interest rates, sustained demand from ultra-high-net-worth buyers, and limited supply of GCBs in the market. He predicts that there will be around 35 GCB transactions this year, slightly higher than the 31 recorded last year, amounting to a transaction volume of $1.32 billion, which is significantly more than the previous record of $1.186 billion achieved in 2022.