An expression of interest (EOI) has been launched for two adjacent Good Class Bungalows (GCBs) situated at 52 and 54 Belmont Road in the prestigious Belmont Park GCB area. According to sources, the owners of the GCBs are believed to be related to each other, making this a unique opportunity for potential buyers.
These freehold properties are located on a combined land area of 41,741 square feet and have an indicative price of $88.8 million, which translates to approximately $2,128 per square foot on the land area. The GCBs have an impressive 44-meter frontage along Belmont Road with an average depth of 66 meters, as stated by marketing agent Sakal Real Estate Partners.
“We believe that this site will be highly sought after by families looking to build a new home for multigenerational living or for extended families living together,” says Lennon Koh, senior director at Sakal. “In addition to home buyers, this property is also suitable for developers seeking to tap into the exclusive GCB market.”
Recent transactions in the area have shown that GCBs remain in high demand despite the current economic climate. In December 2020, the most recent transaction on Belmont Road saw a GCB with a land area of 19,549 square feet selling for $40 million, which works out to $2,046 per square foot. The previous sale in July 2014 saw a pair of adjacent GCB plots on Belmont Road exchanging hands for $131.4 million, or $3,000 per square foot based on the combined land area of 43,790 square feet. Another nearby GCB at Bin Tong Park with a land area of 28,111 square feet was sold in April 2020 for $84 million, or $2,988 per square foot.
Steven Ming, managing director at Sakal, believes that the GCBs on Belmont Road will attract strong interest due to their prime location and the resilient demand for GCBs. “The total value of GCB transactions in 2024 was estimated to be $1.32 billion, surpassing the figures for 2023 ($433 million) and 2022 ($1.18 billion). We expect to see even more transactions in 2025,” he says.
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The EOI exercise for the GCBs will close on March 13 at 3pm. Interested parties are urged to submit their bids before the deadline.