Two adjacent Good Class Bungalows (GCBs) situated at 52 and 54 Belmont Road in the sought-after Belmont Park GCB area are now available for sale through expression of interest (EOI). According to sources, the owners of the GCBs are believed to be relatives. These freehold properties sit on a combined land area of 41,741 square feet and have an indicative price of $88.8 million, translating to $2,128 per square foot on the land area. The combined plots enjoy a 44-meter frontage along Belmont Road and have an average depth of 66 meters, as reported by Sakal Real Estate Partners, the marketing agent for the sale.
A map of 52 Belmont Road, shaded in grey can be seen in the article.”We believe this site would be attractive to families looking to construct a new home for multi-generational or extended family living,” says Lennon Koh, senior director at Sakal. “In addition to homeowners, this property is also suitable for developers seeking to tap into the exclusive GCB market.” A recent transaction on Belmont Road, based on URA caveats, occurred in December 2020 when a GCB occupying a land area of 19,549 square feet was sold for $40 million (equivalent to $2,046 per square foot).
Based on caveats lodged with URA, the most recent transaction on Belmont Road occurred last December when a GCB occupying a land area of 19,549 sq ft fetched $40 million ($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. Similarly, a GCB at Bin Tong Park with a land area of 28,111 sq ft fetched $84 million ($2,988 psf) in April.
It is essential for international investors to have a thorough understanding of the guidelines and limitations surrounding property acquisition in Singapore. While foreigners usually face minimal restrictions in purchasing condominiums, the same cannot be said for landed properties, which have stricter ownership regulations. Additionally, foreign buyers are also required to pay the Additional Buyer’s Stamp Duty (ABSD), currently set at 20%, for their initial property purchase. However, despite these extra expenses, the reliability and potential for growth in the Singapore real estate market continue to draw in foreign investments. In fact, Singapore Projects are highly sought after by international investors due to the country’s stable and thriving real estate market.
Sakal adds that the demand for GCBs remains strong, and the Belmont Road GCBs are expected to attract a high level of interest due to their prime location. “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 expect more transactions in 2025,” says Steven Ming, managing director at Sakal.
The EOI exercise for the GCBs will close on March 13 at 3pm.