There is an exciting opportunity for potential buyers looking to live in the prestigious Belmont Park GCB area, as two adjacent Good Class Bungalows (GCBs) located at 52 and 54 Belmont Road are now up for sale. These two freehold properties, believed to be owned by related individuals, occupy a combined land area of 41,741 sq ft and have an indicative price of $88.8 million. This translates to a price of $2,128 psf on the land area. The marketing agent for these properties, Sakal Real Estate Partners, also mentions that they have a 44m frontage along Belmont Road and an average depth of 66m.
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According to Lennon Koh, senior director at Sakal, this is an ideal opportunity for families looking to build a new home for multigenerational living or extended families living together. He also adds that developers seeking to tap into the exclusive GCB market may also be interested in these properties.
Recent transaction data from the Urban Redevelopment Authority (URA) shows that the most recent sale on Belmont Road was in December last year, when a GCB with a land area of 19,549 sq ft was sold for $40 million. This works out to be $2,046 psf. 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. Another nearby GCB at Bin Tong Park was sold for $84 million in April, with a land area of 28,111 sq ft and a price of $2,988 psf.
Sakal also notes that the estimated total value of GCB transactions in 2024 was $1.32 billion, which exceeded that of 2023 and 2022 at $433 million and $1.18 billion respectively. With the resilient demand for GCBs, Steven Ming, managing director at Sakal, believes that these GCBs on Belmont Road will see strong interest. He predicts that there will be more GCB transactions in 2025.
The expression of interest (EOI) exercise for these GCBs will close on March 13 at 3pm. Interested buyers are encouraged to seize this opportunity to own a prestigious property in the highly sought-after Belmont Park GCB area.