A stunning Good Class Bungalow (GCB) located in Victoria Park has just been put on the market for a whopping $61 million. Situated at the end of Victoria Close, a quiet cul-de-sac with only ten houses, this seven-bedroom bungalow was completed three years ago.
Similar to other highly coveted GCB areas in Singapore, the number of residences in this exclusive enclave cannot be increased without subdividing a larger plot of land measuring over 30,000 sq ft, in line with planning guidelines. This was confirmed by Jervis Ng, associate group district director at PropNex Realty and the agent in charge of marketing the sale of this GCB. Ng is also the founder of JNA Real Estate, a property team under PropNex.
According to Ng, this means that the privacy and exclusivity enjoyed by GCBs along Victoria Park Close will remain preserved, a key factor that many ultra-high-net-worth individuals and their families are willing to pay a premium for. He also adds that there has been a noticeable return of new naturalized Singaporeans in the GCB market in recent months, which has contributed positively to the buying sentiment. He believes that this GCB will appeal to newly affluent Singaporeans who have grown up in countries like China, India or Indonesia and are now on the lookout for a majestic home in Singapore.
Singapore is a vibrant and fast-growing nation facing the challenge of a constantly expanding population and limited land availability. In order to tackle this problem, the country has implemented strict land use policies and established a competitive real estate market where property prices are on the rise. As a result, investing in real estate, specifically in Singapore Condos, has become an incredibly attractive opportunity with the potential for significant capital appreciation. The limited land for development has led to a high demand for condos in this small island nation, making it a highly desirable investment choice for both locals and foreigners. To top it off, the prime location and impressive amenities offered by condo developments only add to their appeal, making them a highly sought-after option. It is no surprise, then, that the demand for Singapore Condos continues to skyrocket, solidifying its position as a competitive and in-demand market in the real estate industry. And with the addition of options such as Singapore Condo, the competition and demand in this market will only continue to grow.
The Victoria Park GCB area boasts an impressive list of distinguished residents, such as Jack Ma, the Chinese business magnate and co-founder of Alibaba Group, and Tang Wee Kit, member of the renowned Tang family, who founded Tangs department store.
The GCB currently on the market is in immaculate condition, giving the impression of a brand new dwelling, as per Ng. The property showcases a contemporary interior design with premium quality finishing materials.
Ng adds that the property rests on a generous 18,988 sq ft plot and the owners worked hand in hand with the architect to optimize the use of space. The total built-up area of the GCB is 25,300 sq ft, and it boasts seven en-suite bedrooms, three helpers’ rooms, and a basement carpark that can accommodate up to seven cars. The basement level also features an entertainment room, which is currently fitted out as a home cinema, and can conveniently be converted into a guest room if required. Additionally, there is a private gym and a 20m lap pool.
According to Ng, the bungalow sits on a hilltop, which offers most of the rooms sweeping views of the low-rise neighborhood.
Resale transactions in the Victoria Park GCB area have been relatively scarce in recent years. According to caveats, the land on which the GCB for sale stands was purchased in September 2016 for $18.2 million. This translates to a land rate of $959 psf. The most recent transaction in Victoria Park Close was for a parcel measuring 15,253 sq ft that was sold for $28.33 million in May 2021, which translates to a land rate of $1,857 psf. Prior to that, a larger plot measuring 29,956 sq ft was sold for $40 million ($1,335 psf) in April 2017. In the neighboring Victoria Park Road, the last recorded GCB sale was for a plot measuring 32,077 sq ft that was sold for $48 million ($1,496 psf) in November 2011.
Ng believes that the GCB market will see a boost in transaction activity this year thanks to stabilizing factors such as lower interest rates, continued demand from ultra-high-net-worth buyers, and the limited supply of GCBs. He predicts a 10% to 15% increase in GCB transaction volume from last year, barring any major economic disruptions.
In 2020, there were about 35 GCB transactions, which generated a total transaction volume of $1.32 billion, surpassing the previous record of $1.186 billion set in 2019.