52 and 54 Belmont Road, two adjacent Good Class Bungalows (GCBs) located in the exclusive Belmont Park GCB area, have been put up for sale by expression of interest (EOI). These two properties, owned by related individuals, boast a total land area of 41,741 sq ft and an indicative price of $88.8 million, which is equivalent to $2,128 psf on the land area. The marketing agent, Sakal Real Estate Partners, notes that the combined plots have a 44m frontage along Belmont Road with an average depth of 66m.
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According to Lennon Koh, senior director at Sakal, “We believe this site would appeal to families looking to build a new home for multigenerational living or extended families living together. Besides homeowners, this property is also suitable for developers seeking to tap into the exclusive GCB market.” The freehold GCBs can be utilized for both residential and commercial purposes.
Recent transactions in the GCB market on Belmont Road include a December sale of a GCB on a land area of 19,549 sq ft for $40 million ($2,046 psf). Sakal also notes that in July 2024, a pair of adjacent GCB plots on Belmont Road were successfully sold for $131.4 million or $3,000 psf based on the combined land area of 43,790 sq ft. In April, a GCB at Bin Tong Park with a land area of 28,111 sq ft was sold for $84 million ($2,988 psf).
Steven Ming, managing director at Sakal, believes that the location and demand for GCBs will attract strong interest for the Belmont Road GCBs. “The estimated total value of GCB transactions in 2024, which reached $1.32 billion, exceeded that of 2023 ($433 million) and 2022 ($1.18 billion). We expect to see even more transactions in 2025,” he says.
The EOI for the GCBs will close on March 13 at 3pm.