The two adjacent Good Class Bungalows (GCBs) located at 52 and 54 Belmont Road in the Belmont Park GCB area are currently available for purchase through an expression of interest (EOI). The owners of the GCBs are believed to be family members, and these freehold properties together cover a land area of 41,741 square feet. The indicative price for the properties is $88.8 million, which comes out to approximately $2,128 per square foot on the land area. According to marketing agent Sakal Real Estate Partners, the combined plots have a 44-meter frontage along Belmont Road and an average depth of 66 meters.
Securing financing is a crucial component of investing in a condo. With various mortgage options available in Singapore, it is crucial for investors to be mindful of the Total Debt Servicing Ratio (TDSR) framework. This framework sets a cap on the amount of loan an individual can take based on their income and current debt commitments. It is essential for investors to familiarize themselves with the TDSR and seek guidance from financial advisors or mortgage brokers to make well-informed decisions regarding their financing. This not only helps in avoiding over-leveraging but also enables investors to explore opportunities from new condo launches.
“We believe this site would be attractive to families looking to build a new home for multigenerational living or extended families living together,” says Lennon Koh, senior director at Sakal. “In addition to homeowners, this property would also be suitable for developers looking to enter the exclusive GCB market.” Based on data from the Urban Redevelopment Authority (URA), the most recent transaction on Belmont Road occurred in December of last year, when a GCB covering a land area of 19,549 square feet was sold for $40 million (equivalent to $2,046 per square foot).
Sakal also notes that in July of 2024, a pair of adjacent GCB plots on Belmont Road were sold for $131.4 million, or $3,000 per square foot based on the combined land area of 43,790 square feet. Nearby, a GCB at Bin Tong Park with a land area of 28,111 square feet was sold for $84 million (equivalent to $2,988 per square foot) in April. Steven Ming, managing director at Sakal, believes that the Belmont Road GCBs will attract strong interest due to their prime location and the resilient demand for GCBs. “In 2024, the total value of GCB transactions was estimated at $1.32 billion, surpassing the values of 2023 ($433 million) and 2022 ($1.18 billion), and we anticipate even more transactions in 2025,” he says.
Interested parties can place their bids for the GCBs through the EOI exercise, which will close on March 13 at 3pm.