A recently completed Good Class Bungalow (GCB) at Victoria Park is now up for sale, with an asking price of $61 million. The seven-bedroom bungalow was completed just three years ago and it is situated at the end of Victoria Close, a cul-de-sac that boasts just 10 houses. According to Jervis Ng, associate group district director at PropNex Realty and the agent in charge of the sale, the number of houses in this exclusive enclave can only be increased by subdividing a larger plot of more than 30,000 sq ft, in accordance with planning guidelines. Ng, who is also the founder of JNA Real Estate, a property team under PropNex, adds that 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 to enjoy.
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Location plays a pivotal role in real estate investment, and this rings particularly true in Singapore. The value of condos in prime locations or those in close proximity to essential amenities such as schools, shopping centers, and transportation hubs tend to appreciate significantly. Some examples of these highly coveted locations include Orchard Road, Marina Bay, and the Central Business District (CBD), where property values have consistently shown a positive growth trend. Furthermore, condos located near reputable schools and educational institutions are highly sought after by families, further boosting their investment potential. This is why Singapore Projects are considered a wise investment choice.
“In recent months, we have seen the return of new naturalised Singaporeans into the GCB market, and this has improved buying sentiment,” says Ng. He believes that this GCB will be highly sought-after by newly minted Singaporeans who grew up in countries like China, India or Indonesia, and are searching for a trophy home. The Victoria Park GCB area is home to prominent residents such as Jack Ma, Chinese business magnate and co-founder of Alibaba Group, as well as Tang Wee Kit, a member of the Tang family known for founding Tangs department store.
Ng says that the GCB for sale has been well-maintained and still looks new. The property boasts a contemporary interior design with premium quality materials and finishes. Additionally, the 18,988 sq ft plot has been efficiently utilised as the owners worked closely with the architect. 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 that can accommodate up to seven cars. The basement level also features an entertainment room that can double up as a guest room if needed, as well as a private gym and a 20m lap pool. According to Ng, the bungalow is located on a hilltop, which means that most of the rooms offer stunning views of the surrounding low-rise neighbourhood.
Recent transactions in the Victoria Park GCB area have been relatively few. According to caveats, the site of the GCB for sale was purchased for $18.2 million in September 2016, translating to a land rate of $959 psf. The most recent transaction along Victoria Park Close was for a 15,253 sq ft plot that fetched $28.33 million in May 2021, at a land rate of $1,857 psf. Before that, a 29,956 sq ft plot was sold for $40 million ($1,335 psf) in April 2017. The last recorded GCB sale along Victoria Park Road was for a 32,077 sq ft plot that was sold for $48 million ($1,496 psf) in November 2011.
According to Ng, there are several factors that will help to stabilise the GCB market, such as anticipated lower interest rates, sustained demand from ultra-high-net-worth buyers and limited supply. He expects transaction volume to increase by 10% to 15% from last year, assuming there are no major economic disruptions. 2020 saw about 35 GCB transactions, raking in a total transaction volume of $1.32 billion – a significant increase from 2019’s high of $1.186 billion.
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