A newly completed Good Class Bungalow (GCB) at Victoria Park is now available for purchase with a price tag of $61 million. This exquisite bungalow boasts of seven bedrooms and was completed just three years ago. Located at the end of Victoria Close, a prestigious cul-de-sac with only 10 houses, this property stands out among the other gazetted GCB areas in Singapore. According to Jervis Ng, associate group district director at PropNex Realty, this exclusive enclave can only increase the number of houses by subdividing larger plots of more than 30,000 sq ft, in accordance with planning guidelines. Ng is also the founder of JNA Real Estate, a property team under PropNex.
Ng explains, “This means that the exclusivity and privacy enjoyed by the GCBs along Victoria Park Close will be preserved, a priority that many ultra-high-net-worth individuals and their families are willing to pay a premium to enjoy.” He adds, “In recent months, we have seen the return of new naturalised Singaporeans into the GCB market, and this has improved buying sentiment.” Ng believes that this GCB will appeal to newly minted Singaporeans who grew up in countries like China, India, or Indonesia, and are looking for a trophy home here.
The Victoria Park GCB area is home to several illustrious residents, including Jack Ma, Chinese business magnate and co-founder of Alibaba Group, and Tang Wee Kit, a scion of the Tang family known for founding Tangs department store. As for the GCB on sale, Ng says that it has been well maintained and still looks brand new. The property features a contemporary interior design with premium quality materials and finishes.
Ng adds that the property sits on a spacious 18,988 sq ft plot and the owners worked closely with the architect to efficiently utilise the land area. The GCB has a total built-up area of 25,300 sq ft, including seven en suite bedrooms, three helpers’ rooms, and a basement carpark with space for up to seven cars. The basement level also has an entertainment room that is fitted out as a home cinema. It can easily be converted into a guest room if needed. The GCB also has a private gym and a 20m lap pool.
Sitting atop a hill, most of the rooms in the bungalow overlook the scenic low-rise neighbourhood, according to Ng. The spacious living room can easily accommodate large families and is perfect for entertaining guests. Resale transactions in the Victoria Park GCB area have been few in recent years. According to caveats, the site of the GCB on sale was purchased for $18.2 million in September 2016. This price translates to a land rate of $959 psf. The most recent transaction along Victoria Park Close was for a 15,253 sq ft plot that fetched $28.33 million in May 2021, translating to a land rate of $1,857 psf. Before that, in April 2017, a 29,956 sq ft plot was sold for $40 million ($1,335 psf).
The last recorded GCB sale along Victoria Park Road was for a 32,077 sq ft site that changed hands for $48 million ($1,496 psf) in November 2011. Ng says that stabilising factors like anticipated lower interest rates, sustained demand from ultra-high-net-worth buyers, and the limited supply of GCBs are expected to drive transaction activity in the GCB market this year. He predicts that GCB transaction volume will increase by 10% to 15% from last year, assuming there are no major external economic disruptions. Last year, there were approximately 35 GCB transactions that raked in a total transaction volume of $1.32 billion, significantly higher than the previous high of $1.186 billion achieved in 2022.
Investing in condos in Singapore requires careful consideration, and one of the crucial factors to keep in mind is the government’s property cooling measures. In order to maintain a stable real estate market and discourage speculative buying, the Singaporean government has implemented various measures over the years. These measures include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While they may affect the immediate profitability of condo investments, they also contribute to the long-term stability of the market, making it a more secure investment environment. In light of these measures, new condo launches should be carefully evaluated before making any investment decisions.