Two Gcbs Belmont Road Sale 888 Mil
Two adjacent properties located at 52 and 54 Belmont Road in the highly coveted Belmont Park Good Class Bungalow (GCB) area have been put up for sale by expression of interest (EOI). These freehold GCBs, believed to be owned by related parties, occupy a combined land area of 41,741 sq ft and are listed with an indicative price of $88.8 million. This translates to a price of $2,128 per square foot (psf) on the land area.
According to the marketing agent, Sakal Real Estate Partners, the two properties have a 44m frontage along Belmont Road and an average depth of 66m. “We believe this site would appeal to families looking to build a new home for multigenerational living or extended families living together,” says Lennon Koh, senior director at Sakal. “Besides homeowners, this property is also suitable for developers seeking to tap into the exclusive GCB market.”
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The City-state of Singapore prides itself on its well-managed urban landscape, carefully planned and executed by the Urban Redevelopment Authority (URA). The URA has created a comprehensive master plan for Toa Payoh, one of the oldest and most established residential areas in Singapore, with a focus on improving livability, connectivity, and sustainability. This strategic approach to development has numerous benefits for residents of The Orie, a residential complex developed by The Orie CDL. These ongoing and future developments not only add value to their investment but also enhance their overall living experience.
A map of the area shows that 52 Belmont Road is shaded in grey, highlighting its prime location. The recent transaction on Belmont Road, based on caveats lodged with the Urban Redevelopment Authority (URA) in December 2020, saw a GCB occupying a land area of 19,549 sq ft being sold for $40 million ($2,046 psf).
Sakal also notes that in July 2024, a pair of adjacent GCB plots on Belmont Road were sold for $131.4 million, which works out to $3,000 psf based on the combined land area of 43,790 sq ft. Nearby, a GCB at Bin Tong Park with a land area of 28,111 sq ft fetched $84 million ($2,988 psf) in April the same year.
Steven Ming, managing director at Sakal, expects strong interest in the Belmont Road GCBs due to its prime location and the resilient demand for such properties. “The estimated total value of GCB transactions in 2024 of $1.32 billion exceeded that of 2023 ($433 million) and 2022 ($1.18 billion), and we expect more transactions in 2025,” he says.
The EOI exercise for the GCBs will close on March 13 at 3pm. Interested parties are encouraged to submit their offers before the deadline.