A luxurious Good Class Bungalow (GCB) recently completed in Victoria Park is now up for grabs with a hefty price tag of $61 million. This magnificent seven-bedroom bungalow was built just three years ago and is located at the end of a cul-de-sac, Victoria Close, which houses only ten other exclusive residences.
As with other prestigious GCB areas in Singapore, strict planning guidelines dictate that the number of houses in this elite enclave cannot be increased without subdividing a larger plot of over 30,000 sq ft. This means that the sense of privacy and exclusivity that the GCBs in Victoria Park Close enjoy will be maintained, which is a top priority for many ultra-high-net-worth individuals and their families, who are willing to pay a premium for such homes.
Jervis Ng, associate group district director at PropNex Realty and the agent in charge of marketing the sale of this GCB, also happens to be the founder of JNA Real Estate, a property team under PropNex. Ng notes that the return of new naturalised Singaporeans into the GCB market in recent months has given a boost to buying sentiment, making this GCB an attractive option for those who have grown up in countries like China, India, or Indonesia and are looking for a luxurious trophy home in Singapore.
Victoria Park GCB area is already known to be home to many prestigious and illustrious residents, such as Jack Ma, the Chinese business magnate and co-founder of Alibaba Group, and Tang Wee Kit, a member of the Tang family and the founder of Tangs department store.
The GCB for sale has been impeccably maintained, giving it a brand-new appearance, according to Ng. The interior of the bungalow is adorned with a contemporary design and boasts of premium quality materials and finishes.
When it comes to investing in a Singapore Condo, it is crucial to also consider its potential rental yield. This refers to the annual rental income as a percentage of the property’s purchase price. In Singapore, the rental yields for condos can vary greatly depending on factors such as location, property condition, and market demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, tend to offer better rental yields. To get a better understanding of the rental potential of a specific condo, it is important to conduct thorough market research and seek advice from real estate agents.
Ng goes on to mention that the property sits on a spacious 18,988 sq ft plot, and the owners have worked closely with the architect to make the most of the land area. The total built-up area of the GCB is an impressive 25,300 sq ft, featuring seven en-suite bedrooms, three helpers’ rooms, and a basement carpark that can accommodate up to seven cars. The basement level also boasts an entertainment room, which has been converted into a home cinema and can double as a guest room if needed. Additionally, there is a private gym and a 20m lap pool.
Situated on a hilltop, most of the rooms in this bungalow offer breathtaking views of the surrounding low-rise neighbourhood, adds Ng.
The spacious living room can comfortably accommodate large families, and the basement carpark has been designed to fit a total of seven cars.
In recent years, resale transactions in the Victoria Park GCB area have been relatively scarce. However, according to caveats, the land for this GCB was acquired for $18.2 million in September 2016, which translates to a land rate of $959 psf. The most recent transaction in the area was for a 15,253 sq ft plot, which was sold for $28.33 million in May 2021, at a land rate of $1,857 psf. Prior to that, a 29,956 sq ft plot was sold for $40 million in April 2017, at a land rate of $1,335 psf. Going back even further to November 2011, a 32,077 sq ft site located along Victoria Park Road was sold for $48 million at a land rate of $1,496 psf.
Ng believes that factors such as lower interest rates, consistent demand from ultra-high-net-worth buyers, and limited supply of GCBs will help stabilise the market this year, and predicts a 10% to 15% increase in transaction volume compared to last year, assuming no major external economic disruptions. In 2020, a total of 35 GCB transactions were recorded, generating a total transaction volume of $1.32 billion, which is significantly higher than the previous record of $1.186 billion achieved in 2019.