An expression of interest (EOI) sale is currently underway for two neighboring Good Class Bungalows (GCBs) located at 52 and 54 Belmont Road in the prestigious Belmont Park GCB area. The two properties, which are believed to be owned by relatives, are both freehold and sit on a combined land area of 41,741 sq ft. The indicative price for the properties is set at $88.8 million, which translates to $2,128 psf on the land area. According to the marketing agent Sakal Real Estate Partners, the combined plots have a 44m frontage along Belmont Road and an average depth of 66m.
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“We anticipate strong interest in this site from families looking to build a new home for multi-generational living or extended families living together,” says Lennon Koh, senior director at Sakal. “In addition, this property is also attractive to developers looking to tap into the exclusive GCB market.”
Based on the latest caveats lodged with the Urban Redevelopment Authority (URA), the most recent transaction on Belmont Road occurred in December last year when a GCB with a land area of 19,549 sq ft sold for $40 million ($2,046 psf). The nearby GCB at Bin Tong Park, with a similar land area of 28,111 sq ft, fetched $84 million ($2,988 psf) in April.
Sakal also points out the sale of a pair of adjacent GCB plots on Belmont Road in July 2024, which sold for $131.4 million or $3,000 psf based on their combined land area of 43,790 sq ft. Steven Ming, managing director at Sakal, believes that the GCBs on Belmont Road will attract strong interest due to their prime location and the sustained demand for GCBs. “In 2024, the total value of GCB transactions reached $1.32 billion, surpassing the figures for 2023 ($433 million) and 2022 ($1.18 billion),” he notes. “We anticipate more transactions in 2025.”
The EOI sale for the GCBs on Belmont Road will close on March 13 at 3pm.