Two neighboring Good Class Bungalows (GCBs) situated at 52 and 54 Belmont Road in the upscale Belmont Park GCB area are currently available for sale through an expression of interest (EOI). It is believed that the owners of the GCBs are family members. The freehold properties sit on a total land area of 41,741 sq ft and are being marketed at a guide price of $88.8 million, equivalent to a land rate of $2,128 psf. With a 44m frontage along Belmont Road and an average depth of 66m, the combined plots are being marketed by Sakal Real Estate Partners.
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According to Lennon Koh, senior director at Sakal, this site is likely to attract families looking to build a new home for multi-generational or extended living arrangements. In addition, it is also suitable for developers seeking to enter the exclusive GCB market. Recent transactions on Belmont Road as recorded by URA shows that the most recent sale in December last year was a GCB sitting on a land area of 19,549 sq ft, which sold for $40 million ($2,046 psf).
Sakal also highlights that in July 2024, a pair of adjacent GCB plots on Belmont Road were transacted at a record price of $131.4 million or $3,000 psf, based on a combined land area of 43,790 sq ft. Nearby, another GCB at Bin Tong Park changed hands in April for $84 million, which works out to $2,988 psf for its land area of 28,111 sq ft.
Steven Ming, managing director at Sakal, expects strong interest for the GCBs on Belmont Road due to their prime location and the resilient demand for GCBs. He notes that the estimated total value of GCB transactions in 2024 was $1.32 billion, higher than the figures for 2023 ($433 million) and 2022 ($1.18 billion). Sakal anticipates more GCB transactions in 2025.
Interested parties have until March 13 at 3pm to submit their EOI for the GCBs on Belmont Road.