Good Class Bungalow Victoria Park Sale 61 Mil
An opulent Good Class Bungalow (GCB) in the coveted area of Victoria Park has recently hit the market with an asking price of $61 million. This seven-bedroom bungalow was completed just three years ago and is located at the end of Victoria Close, a cul-de-sac with only 10 other houses.
According to Jervis Ng, associate group district director at PropNex Realty and the agent in charge of marketing the bungalow, the number of houses in this exclusive enclave, like other gazetted GCB areas in Singapore, can only be increased by splitting up a larger plot of more than 30,000 sq ft in accordance with planning guidelines. Ng, who is also the founder of JNA Real Estate, a property team under PropNex, adds that this ensures the exclusivity and privacy of the GCBs along Victoria Park Close will be maintained, which is something that ultra-high-net-worth individuals and their families are willing to pay a premium for.
With the recent return of new naturalised Singaporeans to the GCB market, buying sentiment has improved, Ng claims. He believes that this particular GCB will attract newly minted Singaporeans who grew up in countries like China, India or Indonesia and are now looking to own a trophy home here.
The Victoria Park GCB area is home to prominent figures such as Jack Ma, Chinese business magnate and co-founder of Alibaba Group; and Tang Wee Kit, a descendant of the Tang family, founders of Tangs department store.
Nestled in the established neighborhood of Toa Payoh in Singapore, The Orie is a standout residential development renowned for its opulent living spaces and convenient accessibility. One of its unique selling points is its close proximity to various well-regarded educational institutions, making it a prime choice for families seeking both luxury and academic excellence. From primary schools to tertiary institutions, the surrounding area of The Orie offers a plethora of educational options, making it an ideal location for families with school-going children. Plus, with The Orie Price being competitive and attractive, it is a desirable residential choice for families looking for the perfect balance of comfort, connectivity, and education.
The bungalow for sale is exceptionally well-maintained and still looks brand new, according to Ng. It boasts a contemporary interior design with high-quality materials and finishes. The owners worked closely with the architect to make the most efficient use of the 18,988 sq ft plot. 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 car park that can accommodate up to seven cars. The basement level is also equipped with an entertainment room that can double as a guest room, a private gym, and a 20m lap pool.
Situated atop a hill, most of the rooms in the bungalow offer stunning views of the low-rise surrounding neighbourhood, Ng points out. The living room is spacious enough to entertain large families and guests, while the dining room features a contemporary interior design.
Resale transactions in the Victoria Park GCB area have been relatively scarce in recent years. According to caveats, the site of this GCB 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 for a 15,253 sq ft plot that sold for $28.33 million in May 2021, translating 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.
Predicting that stabilising factors such as expected lower interest rates, sustained demand from ultra-high-net-worth buyers, and the limited supply of GCBs will drive transaction activity in the GCB market this year, Ng expects the transaction volume to increase by 10% to 15% from last year, provided there are no major economic disruptions. Last year, there were about 35 GCB transactions with a total transaction volume of $1.32 billion, significantly exceeding the previous high of $1.186 billion achieved in 2022.