A stunning Good Class Bungalow (GCB) located in Victoria Park has just hit the market with a jaw-dropping price tag of $61 million. This seven-bedroom bungalow was completed just three years ago and is situated at the end of Victoria Close, a peaceful cul-de-sac with only 10 houses.
According to Jervis Ng, associate group district director at PropNex Realty and the agent in charge of this sale, the number of houses in this exclusive enclave is limited by government regulations, just like any other gazetted GCB area in Singapore. In order to increase the number of houses in this area, a larger plot of land measuring more than 30,000 square feet would have to be subdivided.
Ng, who is also the founder of JNA Real Estate, a property team under PropNex, explains that this is to preserve the exclusivity and privacy that is highly valued by ultra-high-net-worth individuals and their families. “Many of them are willing to pay a premium in order to enjoy this kind of lifestyle,” he says.
In recent months, Ng has observed a trend in which newly naturalised Singaporeans are starting to enter the GCB market, which has had a positive effect on buying sentiment. He believes that this particular GCB would be especially appealing to these new Singaporeans, who may have grown up in countries like China, India, or Indonesia and are now looking for a luxurious trophy home in Singapore.
The Victoria Park GCB area boasts of many illustrious residents, including Chinese business magnate and co-founder of Alibaba Group, Jack Ma, and Tang Wee Kit, a descendant of the Tang family, who is known for founding Tangs department store.
Ng adds that this bungalow has been well maintained by its owners, hence it still looks as good as new. It features a contemporary interior design with top-of-the-line materials and finishes.
A sleek bar counter with seats is perfect for entertaining guests.
He goes on to explain that the property sits on a 18,988 square feet land, and the owners had worked closely with the architect to make the most of the land area. With a total built-up area of 25,300 square feet, this GCB boasts of seven en-suite bedrooms, three helpers’ rooms, and a basement carpark that can accommodate up to seven cars.
The basement level also houses an entertainment room fitted out as a home cinema, which can be turned into a guest room if needed. Additionally, the property also comes with a private gym and a 20-metre lap pool.
As this bungalow is situated on a hilltop, most of the rooms offer stunning views of the surrounding low-rise neighbourhood, according to Ng.
The spacious living room is perfect for large families.
In recent years, the number of GCB resale transactions in the Victoria Park GCB area has been relatively low. According to caveats, the site for this GCB was purchased for $18.2 million in September 2016, which works out to a land rate of $959 per square foot. The most recent sale along Victoria Park Close was for a 15,253 square feet plot that went for $28.33 million in May 2021, translating to a land rate of $1,857 per square foot. Prior to that, a 29,956 square feet plot was sold for $40 million ($1,335 per square foot) in April 2017.
Meanwhile, along Victoria Park Road, there has not been any GCB transaction in recent years, with the last recorded sale being a 32,077 square feet plot that went for $48 million ($1,496 per square foot) in November 2011.
Ng believes that factors such as anticipated lower interest rates, sustained demand from ultra-high-net-worth buyers, and the limited supply of GCBs will help drive transaction activity in the GCB market this year. He predicts that GCB transaction volume will increase by 10% to 15% compared to last year, barring any major external economic disruptions.
In 2021, a total of 35 GCB transactions were recorded, with a total transaction volume of $1.32 billion, which is a significant increase from the previous record of $1.186 billion that was achieved in 2020.