A newly completed Good Class Bungalow (GCB) in the coveted Victoria Park neighborhood is now available for sale at a staggering price of $61 million. This luxurious seven-bedroom bungalow was built just three years ago and is situated at the end of a cul-de-sac on Victoria Close, an exclusive area with only 10 houses.
Investing in a condo in Singapore has many benefits, one of which is the potential for significant capital appreciation over time. With its strong economic foundation and strategic location as a global business hub, Singapore maintains a constant demand for real estate. This has contributed to a steady increase in property prices over the years, particularly for condos located in prime areas. By carefully timing their investment and holding onto their properties for a longer period, investors can reap the rewards of substantial capital gains. Additionally, with the continuous launch of new condos, such as the ones available at New Condo Launches, there are even more opportunities for investors to take advantage of this capital appreciation phenomenon in Singapore.
When considering investing in a condo, it is crucial to carefully evaluate not only the property itself, but also its maintenance and management. Unlike traditional homes, condos often incur maintenance fees for the upkeep of shared areas and amenities. While these fees may increase the overall cost of owning a condo, they also offer the security of ensuring that the property will be well-maintained and retain its value. At
As with other gazetted GCB areas in Singapore, the number of houses in this prestigious enclave cannot be increased without subdividing a larger plot of land exceeding 30,000 sq ft, in compliance with planning guidelines. This information was shared by Jervis Ng, associate group district director at PropNex Realty, who is also the agent responsible for marketing the sale of this remarkable GCB. Ng is also the founder of JNA Real Estate, a property team under PropNex.
According to Ng, this means that the privacy and exclusivity enjoyed by the GCBs in Victoria Park Close will be preserved, a top priority for many ultra-high-net-worth individuals and their families who are willing to pay a premium to obtain it. He also mentions that in recent months, there has been an influx of new naturalized Singaporeans into the GCB market, which has boosted the buying sentiment. This GCB is expected to attract newly minted Singaporeans who grew up in countries like China, India, or Indonesia and are on the lookout for a trophy home in Singapore.
Notably, the Victoria Park GCB area boasts of illustrious residents, including Jack Ma, the Chinese business magnate and co-founder of Alibaba Group, and Tang Wee Kit, a member of the Tang family known for founding Tangs department store.
Ng remarks that the GCB on sale has been exceptionally well-maintained, giving it a brand-new appearance. It features a modern interior design with top-notch materials and finishes. Additionally, the property sits on a sprawling 18,988 sq ft plot, and the owners worked closely with the architect to maximize the land area’s usage.
The GCB boasts a total built-up area of 25,300 sq ft, comprising seven en-suite bedrooms, three helpers’ rooms, and a basement carpark with enough room for seven cars. The basement also houses an entertainment room that has been designed as a home cinema, but can easily be converted into a guest room if required. There is also a private gym and a 20m lap pool.
Situated atop a hill, most of the rooms in this GCB offer stunning views of the surrounding low-rise neighborhood, according to Ng.
Resale transactions in the Victoria Park GCB area have been relatively few in recent years. According to caveats, the land on which the GCB is located was purchased for $18.2 million in September 2016, equating to a land rate of $959 psf. The most recent transaction in Victoria Park Close was in May 2021, where a 15,253 sq ft plot sold for $28.33 million, which translates to a land rate of $1,857 psf. Before that, a 29,956 sq ft plot was sold for $40 million ($1,335 psf) in April 2017. In Victoria Park Road, the last recorded GCB sale was in November 2011, where a 32,077 sq ft site was sold for $48 million ($1,496 psf).
Ng believes that factors such as the expected lower interest rates, sustained demand from ultra-high-net-worth buyers, and the limited supply of GCBs will ensure stable market conditions and drive transaction activities in the GCB market this year. He predicts a 10% to 15% increase in GCB transaction volume from last year, barring any significant economic disruptions.
In 2020, there were approximately 35 GCB transactions, generating a total transaction volume of $1.32 billion, which was significantly higher than the previous record of $1.186 billion achieved in 2019.