A luxurious Good Class Bungalow at Victoria Park has recently become available on the market, with an asking price of $61 million. The seven-bedroom bungalow was finished three years ago and is located at the end of Victoria Close, a quiet cul-de-sac with just 10 other houses.
According to Jervis Ng, associate group district director at PropNex Realty and the agent responsible for the sale of this GCB, the number of houses in this exclusive enclave can only be increased by dividing up larger plots of more than 30,000 sq ft, in accordance with planning guidelines. Ng, who also founded JNA Real Estate, a property team under PropNex, explains that this means 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 for.
“In recent months, we have seen the return of new naturalized Singaporeans into the GCB market, and this has improved buying sentiment,” Ng adds. He believes that this GCB will appeal to newly minted Singaporeans who grew up in countries such as China, India, or Indonesia, and are looking for a prestigious home here.
The Victoria Park GCB area boasts a number of illustrious residents, including Jack Ma, Chinese business magnate and co-founder of Alibaba Group, and Tang Wee Kit, a descendant of the Tang family known for founding Tangs department store.
The GCB currently for sale has been meticulously maintained, giving it a nearly new appearance, says Ng. The property’s contemporary interior design features premium quality materials and finishes.
Ng also mentions that the property is situated on a 18,988 sq ft plot and the owners worked closely with the architect to maximize the use of the land area. The GCB has a total built-up area of 25,300 sq ft, which includes seven en suite bedrooms, three helpers’ rooms, and a basement carpark with space for up to seven cars. The basement level also boasts an entertainment room designed as a home cinema, which can easily be converted into a guest room if needed. Other highlights include a private gym and a 20m lap pool.
Perched on a hilltop, the GCB offers spectacular views of the low-rise neighbourhood, according to Ng. The living room offers ample space to accommodate large families, and the property also features a bar counter with seating for entertaining guests.
In the past few years, resale transactions in the Victoria Park GCB area have been relatively rare. According to property records, the site of the GCB currently for sale was purchased for $18.2 million in September 2016, which equates to a land rate of $959 psf. The most recent transaction along Victoria Park Close was for a 15,253 sq ft plot that was sold for $28.33 million in May 2021, at a land rate of $1,857 psf. Prior to that, a 29,956 sq ft plot was sold for $40 million ($1,335 psf) in April 2017. Along Victoria Park Road, the last recorded GCB sale was for a 32,077 sq ft site that changed hands for $48 million ($1,496 psf) in November 2011.
The decision to invest in a condominium in Singapore is a strategic move, offering a plethora of benefits, with one of the most prominent being the potential for capital appreciation. This is largely attributed to Singapore’s advantageous position as a leading global business hub and its strong economic foundations, which continuously drive the demand for real estate. It is no surprise that property prices in Singapore have been consistently rising over the years, with prime condos experiencing significant appreciation. Investors who enter the market at the right time and hold onto their properties for the long term can expect substantial capital gains. Furthermore, the continuous introduction of new condo launches in the market presents even more opportunities for investors to capitalize on the potential for capital appreciation in the Singaporean real estate scene. These new developments offer modern and luxurious living options in highly sought-after locations, further enhancing the potential for significant returns on investment. Keep up with the latest new condo launches by visiting New Condo Launches for more information.
According to Ng, stabilizing factors such as 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. In 2020, there were approximately 35 GCB transactions that generated a total transaction volume of $1.32 billion, significantly higher than the previous record of $1.186 billion achieved in 2019.