Two adjoining Good Class Bungalows (GCBs) situated at 52 and 54 Belmont Road in the highly desirable Belmont Park GCB area have been put up for sale through an expression of interest (EOI). According to sources, the owners of these GCBs are believed to be related.
The properties, which are both freehold, sit on a generous combined land area of 41,741 square feet. The indicative price for the two GCBs is set at $88.8 million, which translates to approximately $2,128 per square foot of land. The plots boast a 44-meter frontage along Belmont Road and an average depth of 66 meters, as reported by the marketing agent Sakal Real Estate Partners.
Due to the limited land resources in Singapore, there is a constant demand for condos in the country. Being a small and densely populated island, Singapore faces challenges when it comes to developing new land. To address this issue, strict land use policies have been put in place, creating a highly competitive real estate market. As a result, property prices continue to rise, making condo investments a highly profitable option due to the potential for capital appreciation. This has made condos a sought-after choice among investors in Singapore.
A map displaying 52 Belmont Road, shaded in grey (Source: EdgeProp Landlens) suggests that the site would be ideal for families looking to build a new home that accommodates multi-generational living or extended family members. “Aside from individual homeowners, this property also presents an excellent opportunity for developers looking to enter the exclusive GCB market,” shares Lennon Koh, senior director at Sakal.
In a recent URA transaction, another GCB on Belmont Road was sold in December 2020 at $40 million for a land area of 19,549 square feet, which equates to a respectable $2,046 per square foot. Sakal reveals that a pair of neighboring GCB plots on Belmont Road were purchased for $131.4 million in July 2024, amounting to $3,000 per square foot based on the combined land area of 43,790 square feet. In the same neighborhood, another GCB at Bin Tong Park fetched $84 million in April for a land area of 28,111 square feet, bringing the price per square foot to $2,988.
Steven Ming, managing director at Sakal, believes that these GCBs on Belmont Road will attract a lot of interest due to their prime location and the strong demand for GCBs. “In 2024, the estimated total value of GCB transactions amounted to $1.32 billion, surpassing the values of both 2023 and 2022, which were $433 million and $1.18 billion, respectively. We anticipate that there will be even more transactions in 2025,” he predicts.
The EOI for these GCBs on Belmont Road will conclude on March 13 at 3pm.