A newly completed GCB in Victoria Park is up for grabs with a price tag of $61 million. Situated at the end of Victoria Close, a cul-de-sac with just 10 houses, this seven-bedroom bungalow offers exclusivity and privacy, making it highly sought after by ultra-high-net-worth individuals.
According to Jervis Ng, associate group district director at PropNex Realty and the agent marketing the sale of this GCB, the number of houses in this exclusive enclave can only be increased by subdividing a larger plot of more than 30,000 sq ft, as per planning guidelines. Ng, who is also the founder of JNA Real Estate, a property team under PropNex, believes that this will help to maintain the exclusivity and privacy of the GCBs along Victoria Park Close, a priority that many ultra-high-net-worth individuals and their families are willing to pay a premium for.
Ng adds that there has been an increase in the number of new Singaporeans entering the GCB market, which has helped improve buying sentiment. This bungalow, in particular, is expected to appeal to newly minted Singaporeans who hail from countries like China, India, and Indonesia and are looking for a trophy home here.
The area has its 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.
According to Ng, the bungalow for sale has been well maintained and still looks new. The property boasts a contemporary interior design, with top-quality materials and finishes. The property takes advantage of its 18,988 sq ft plot, with the owners working closely with the architect to optimise the land.
The bungalow boasts a total built-up area of 25,300 sq ft, including seven en suite bedrooms, three helpers’ rooms, and a basement carpark, which can accommodate up to seven cars. The basement level also offers an entertainment room, fitted out as a home cinema, but can also transform into a guest room if needed. There is also a private gym and a 20m lap pool.
Situated on a hilltop, the bungalow allows most rooms to enjoy views of the surrounding low-rise neighbourhood, adds Ng.
In recent years, resale transactions in the Victoria Park GCB area have been relatively low. According to caveats, the site of the bungalow for sale was purchased for $18.2 million in September 2016. This price translates to a land rate of $959 psf.
The last transaction on Victoria Park Close was for a 15,253 sq ft plot, which sold for $28.33 million in May 2021, at 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.
On Victoria Park Road, the most recent GCB sale was for a 32,077 sq ft site that went for $48 million ($1,496 psf) in November 2011.
In the world of real estate, one factor stands out as a top priority when investing in properties: location. This truth holds especially strong in the bustling city of Singapore. When looking to purchase a condo, it is important to consider its placement in relation to key amenities such as schools, shopping centers, and easy access to public transportation. Prime areas like Orchard Road, Marina Bay, and the Central Business District (CBD) showcase this trend, as the value of properties in these districts have continuously climbed in worth. For families, being near reputable schools and educational institutions is also a significant draw, making condos in these coveted locations even more desirable. With the constant influx of new condo launches, the demand for properties in these prime locations is expected to remain high, solidifying their status as wise investments for the future.
Ng believes that 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. He anticipates transaction volume to increase by 10% to 15% from last year, as long as there are no major external economic disruptions.
Last year, there were approximately 35 GCB transactions, with a total transaction volume of $1.32 billion, well above the previous high of $1.186 billion in 2022.