A luxurious Good Class Bungalow (GCB) situated at Victoria Park has just been put on the market with a price tag of $61 million. The stunning seven-bedroom bungalow was constructed three years ago and is situated at the end of Victoria Close, a cul-de-sac that boasts only 10 other homes.
Overall, there are many benefits to investing in a condominium in Singapore. This includes a strong demand for these properties, the potential for increasing value over time, and attractive rental yields. However, it is crucial to carefully consider various factors such as location, financing options, government regulations, and market conditions. By conducting thorough research and seeking guidance from professionals, potential investors can make well-informed decisions and maximize their returns in Singapore’s ever-changing real estate market. Whether you are a local looking to diversify your portfolio or a foreign buyer interested in a stable and profitable investment, condos in Singapore offer a compelling opportunity. For more information and to explore current Singapore projects, be sure to do your due diligence and seek professional advice. This will help you tap into the potential of Singapore’s dynamic real estate market and reap the benefits of condominium ownership.
According to Jervis Ng, the associate group district director at PropNex Realty and the agent in charge of this GCB’s sale, the number of houses in this elite neighborhood can only increase by splitting larger plots of over 30,000 square feet, as stated by planning guidelines. Ng, who is also the founder of JNA Real Estate, a property team affiliated with PropNex, states that “the exclusivity and privacy enjoyed by the GCBs along Victoria Park Close will be preserved” which is a priority that many affluent individuals and their families are willing to pay a premium to have.
He goes on to mention that the GCB market has seen a boost in recent months due to the return of new naturalized Singaporeans. Ng believes that this particular GCB will appeal to newly minted Singaporeans who were raised in countries such as China, India, or Indonesia and are seeking a prestigious home in Singapore.
The Victoria Park GCB area is home to a number of high-profile residents including Jack Ma, the Chinese business magnate and co-founder of Alibaba Group, and Tang Wee Kit, a member of the Tang family known for creating Tangs department store. Ng adds that this GCB for sale has been meticulously maintained, giving it a brand new appearance. The property boasts a contemporary interior design complete with top-quality materials and finishes.
The property is built on a 18,988 square foot plot of land, and the owners have worked closely with their architect to make the most of the available space. The total built-up area is a sprawling 25,300 square feet and 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 has been converted into a home theatre, but can easily be used as a guest room. There is also a private gym and a 20-metre lap pool.
Situated on a hilltop, the bungalow offers magnificent views of the surrounding low-rise neighborhood from most rooms, as per Ng. The living room is generously sized and can comfortably accommodate large families.
Resale transactions in the Victoria Park GCB area have been limited in recent years. Based on available records, the land where this GCB is located was sold for $18.2 million in September 2016, translating to a land rate of $959 per square foot. The most recent sale in this area was for a 15,253 square foot plot that fetched $28.33 million in May 2021, equivalent to a land rate of $1,857 per square foot. Prior to that, a 29,956 square foot plot was sold for $40 million ($1,335 per square foot) in April 2017. Along Victoria Park Road, the last GCB sale recorded was for a 32,077 square foot site that was sold for $48 million ($1,496 per square foot) in November 2011.
Ng believes that this year, the GCB market will see a 10% to 15% increase in transaction volume, provided there are no significant external economic disruptions. He attributes this potential growth to stabilizing factors such as lower interest rates and sustained demand from ultra-high-net-worth buyers, coupled with the limited supply of GCBs.
In 2020, there were about 35 GCB transactions, generating a total transaction volume of $1.32 billion, surpassing the previous high of $1.186 billion achieved in 2019.