Two Good Class Bungalows (GCBs) located at 52 and 54 Belmont Road in the prestigious Belmont Park GCB area are now on the market for sale through an expression of interest (EOI). It is believed that the owners of these GCBs are members of the same family. The freehold properties sit on a combined land area of 41,741 square feet and have an indicative price of $88.8 million, which works out to be $2,128 per square foot on the land area. The two plots have a 44-meter frontage along Belmont Road and an average depth of 66 meters, according to the marketing agent Sakal Real Estate Partners. A map showing 52 Belmont Road, shaded in grey, can be found on the EdgeProp Landlens.
The demand for condos in Singapore remains strong due to several factors, with limited land availability being a primary reason. As a small island nation experiencing rapid population growth, Singapore faces a shortage of land for development. As a result, the government has implemented strict land use policies, leading to a competitive real estate market where property prices continue to rise. This has made investing in real estate, especially condos, an attractive opportunity for potential buyers, with the potential for significant capital appreciation. Additionally, with the constant introduction of new condo launches, the demand for condos in Singapore is expected to remain high in the foreseeable future.
“We believe this site would be attractive to families who want to build a new home for multigenerational living or for extended families living together,” says Lennon Koh, senior director at Sakal. “Aside from homeowners, this property would also be ideal for developers looking to tap into the exclusive GCB market.”
Based on the caveats lodged with the Urban Redevelopment Authority (URA), the most recent transaction on Belmont Road was in December last year, when a GCB on a land area of 19,549 square feet was sold for $40 million, or $2,046 per square foot. Other recent transactions on Belmont Road can be found on the URA website, such as a GCB at Bin Tong Park that was sold for $84 million in April, with a land area of 28,111 square feet.
According to Sakal, in July 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. Steven Ming, managing director at Sakal, has high expectations for the GCBs on Belmont Road, given their prime location and the ongoing demand for GCBs. “The estimated total value of GCB transactions in 2024 was $1.32 billion, which exceeded the figures for 2023 and 2022,” he says. “We anticipate an increase in transactions in 2025.” Interested parties have until March 13 at 3pm to submit their proposals for the EOI exercise.