The adjacent properties have a combined land area of 41,741 sq ft (Picture: Sakal Real Estate Partners)
Two adjacent Good Class Bungalows(GCBs) located at 52 and 54 Belmont Road in the Belmont Park GCB area are up for sale by expression of interest (EOI). The owners of the GCBs are believed to be related.
The freehold properties occupy a combined land area of 41,741 sq ft. They have an indicative price of $88.8 million, which works out to $2,128 psf on the land area. The combined plots have a 44m frontage along Belmont Road with an average depth of 66m, adds marketing agent Sakal Real Estate Partners.
Map showing 52 Belmont Road, shaded in grey(Source: EdgeProp Landlens)
“We believe this site would appeal to families looking to build a new home for multigenerational living or extended families living together,” says Lennon Koh, senior director at Sakal. “Besides homeowners, this property is also suitable for developers seeking to tap into the exclusive GCB market.”
Read also: Villa-inspired Ewart Park GCB for sale at $49.8 mil
Based on caveats lodged with URA, the most recent transaction on Belmont Road occurred last December when a GCB occupying a land area of 19,549 sq ft fetched $40 million ($2,046 psf).
Recent GCB transaction on Belmont Road based on lodged caveats (Source: URA, EdgeProp Buddy)
Sakal adds that in July 2024, a pair of adjacent GCB plots on Belmont Road were sold for $131.4 million or $3,000 psf based on the combined land area of 43,790 sq ft. Nearby, a GCB at Bin Tong Park with a land area of 28,111 sq ft fetched $84 million ($2,988 psf) in April.
Steven Ming, managing director at Sakal, believes the Belmont Road GCBs will see strong interest given their location and the resilient 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 more transactions in 2025,” he says.
The EOI exercise for the GCBs will close on March 13 at 3pm.