An expression of interest (EOI) has been put out for two adjacent Good Class Bungalows (GCBs) located at 52 and 54 Belmont Road in the prestigious Belmont Park GCB area. The owners of the GCBs are believed to be related.
The freehold properties occupy a combined land area of 41,741 square feet and have an indicative price of $88.8 million. This works out to $2,128 per square foot (psf) on the land area. The combined plots have a 44-metre frontage along Belmont Road with an average depth of 66 metres, according to the marketing agent Sakal Real Estate Partners. A map showing 52 Belmont Road, shaded in grey, was also provided by EdgeProp Landlens.
“We believe this site would appeal to families looking to create a new home for multigenerational or extended living arrangements,” says Lennon Koh, senior director at Sakal. “Besides homeowners, this property is also suited for developers seeking to tap into the exclusive GCB market.”
Based on caveats lodged with the Urban Redevelopment Authority (URA), the most recent transaction on Belmont Road occurred last December when a GCB occupying a land area of 19,549 square feet was sold for $40 million ($2,046 psf). Another recent GCB transaction on Belmont Road that was based on lodged caveats involves a pair of adjacent GCB plots that fetched $131.4 million or $3,000 psf based on the combined land area of 43,790 square feet. In the nearby Bin Tong Park, a GCB with a land area of 28,111 square feet was sold for $84 million ($2,988 psf) in April.
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Steven Ming, managing director at Sakal, is confident that the Belmont Road GCBs will attract strong interest due to their location and the stable demand for GCBs. “The estimated total value of GCB transactions in 2024 of $1.32 billion exceeded that of 2023 ($433 million) and 2022 ($1.18 billion), and we expect this trend to continue in 2025,” he states.
Interested parties can submit their expressions of interest by March 13 at 3pm.