Two adjacent Good Class Bungalows (GCBs) in the exclusive Belmont Park GCB area have been put up for sale through an expression of interest (EOI). These GCBs, located at 52 and 54 Belmont Road, are being sold by related owners with a combined land area of 41,741 square feet. The indicative price for the properties is set at $88.8 million, which works out to be $2,128 per square foot on the land area. According to marketing agent Sakal Real Estate Partners, the combined plots have a 44-metre frontage along Belmont Road with an average depth of 66 metres.
“We believe this site will appeal to families seeking to build a new home for multigenerational or extended family living,” says Lennon Koh, Senior Director at Sakal. “In addition to homeowners, developers looking to tap into the exclusive GCB market may also be interested in this property.”
Recent transactions in the area show strong demand for GCBs. In December 2020, a GCB on Belmont Road with a land area of 19,549 square feet was sold for $40 million, or $2,046 per square foot. In July 2024, two 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. Nearby, a GCB at Bin Tong Park with a land area of 28,111 square feet was sold for $84 million, or $2,988 per square foot in April.
Steven Ming, Managing Director at Sakal, believes that the Belmont Road GCBs will attract strong interest due to their desirable location and the resilient demand for GCBs. “The estimated total value of GCB transactions in 2024, which amounted to $1.32 billion, surpassed the values in 2023 ($433 million) and 2022 ($1.18 billion), and we anticipate that the trend will continue in 2025,” he says.
Interested buyers can submit an expression of interest for the GCBs until March 13 at 3pm.