Good Class Bungalow at Victoria Park for sale at $61 mil
By Timothy Tay
/ EdgeProp Singapore |
The GCB at Victoria Park Close was completed in 2022. (Pictures by: JNA Media Group)
A recently completed Good Class Bungalow (GCB) at Victoria Park is on the market with a price tag of $61 million. The seven-bedroom bungalow was completed three years ago. The bungalow is located at the end of Victoria Close, a cul-de-sac with just 10 houses.
As with other gazetted GCB areas in Singapore, the number of houses in this exclusive enclave can only be increased by subdividing a larger plot of more than 30,000 sq ft, in accordance with planning guidelines, says Jervis Ng, associate group district director at PropNex Realty and the agent marketing the sale of this GCB.
Ng is also the founder of JNA Real Estate, a property team under PropNex.
The dining room features a contemporary interior design.
“This means that the exclusivity and privacy enjoyed by the GCBs along Victoria Park Close will be preserved, a priority that many ultra-high-net-worth individuals and their families are willing to pay a premium to enjoy,” says Ng.
“In recent months, we have seen the return of new naturalised Singaporeans into the GCB market, and this has improved buying sentiment,” Ng adds. He reckons that this GCB will appeal to newly minted Singaporeans who grew up in countries like China, India, or Indonesia, and are looking for a trophy home here.
The Victoria Park GCB area has its fair share of illustrious residents, including Jack Ma, Chinese business magnate and co-founder of Alibaba Group; and Tang Wee Kit, a scion of the Tang family known for founding Tangs department store.
The GCB for sale has been well maintained, hence it still looks new, says Ng. The property features a contemporary interior design with premium quality materials and finishes.
A bar counter with seats for entertaining guests.
He adds that the property sits on a 18,988 sq ft plot and the owners worked closely with the architect to efficiently utilise the land area.
The GCB has a total built-up area of 25,300 sq ft, which includes seven en suite bedrooms, three helpers’ rooms, and a basement carpark with space for up to seven cars.
The basement level also has an entertainment room that is fitted out as a home cinema. It has the flexibility to be turned into a guest room if needed. There is also a private gym and a 20m lap pool.
The bungalow is situated on a hilltop, which means that most of the rooms overlook the surrounding low-rise neighbourhood, says Ng.
The living room is spacious and can accommodate large families.
Resale transactions in the Victoria Park GCB area have been relatively few in recent years. According to caveats, the site of the GCB for sale was purchased for $18.2 million in September 2016. The price translates to a land rate of $959 psf.
The most recent transaction along Victoria Park Close was for a 15,253 sq ft plot that fetched $28.33 million in May 2021. The price translates to a land rate of $1,857 psf. Prior to that, a 29,956 sq ft plot was sold for $40 million ($1,335 psf) in April 2017.
Along Victoria Park Road, the last recorded GCB sale was for a 32,077 sq ft site that changed hands for $48 million ($1,496 psf) in November 2011.
The basement carpark has space for up to seven cars.
Stabilising factors such as anticipated lower interest rates, sustained demand from ultra-high-net-worth buyers, and the limited supply of GCBs are expected to drive transaction activity in the GCB market this year, says Ng.
He expects GCB transaction volume to increase by 10% to 15% from last year, assuming there are no major external economic disruptions.
Last year, there were about 35 GCB transactions that raked in a total transaction volume of $1.32 billion, significantly above the previous high of $1.186 billion achieved in 2022.
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