A luxurious Good Class Bungalow (GCB) located in the prestigious Victoria Park enclave has recently been put up for sale at a whopping $61 million. This magnificent seven-bedroom bungalow, which was completed just three years ago, is situated at the end of Victoria Close, a private cul-de-sac with only 10 other houses.
As with any other designated GCB areas in Singapore, the number of houses in this exclusive enclave can only be increased by dividing a larger plot of more than 30,000 sq ft, in accordance with planning guidelines, explains PropNex Realty’s associate group district director, Jervis Ng. Ng, who is also the founder of JNA Real Estate, a property team under PropNex, is the agent in charge of marketing the sale of this GCB.
“This means that the exclusivity and privacy enjoyed by the GCBs along Victoria Park Close will be preserved, a priority that many ultra-high-net-worth individuals and their families are willing to pay a premium to enjoy,” says Ng.
He also adds that the recent influx of new naturalised Singaporeans into the GCB market has improved buying sentiment. According to Ng, this GCB is particularly attractive to newly minted Singaporeans who have grown up in countries such as China, India or Indonesia, and are currently searching for a trophy home in Singapore.
The vicinity of Victoria Park GCB houses some illustrious residents, including Jack Ma, the Chinese business magnate and co-founder of Alibaba Group, and Tang Wee Kit, a descendant of the Tang family, who is best known for founding the iconic Tangs department store.
This particular GCB that is currently available for sale has been very well-maintained, and as a result, it still looks brand new, says Ng. The property features a modern and contemporary interior design with top-of-the-line materials and finishes.
The spacious living room is perfect for hosting large family gatherings.
Furthermore, Ng mentions that the property sits on a 18,988 sq ft plot, and the owners had worked closely with the architect to make the best use of the available land area. The GCB has a total built-up area of 25,300 sq ft, comprising of seven en suite bedrooms, three helpers’ rooms, and a basement carpark that can hold up to seven cars. The basement level also features an entertainment room that has been transformed into a luxurious home cinema. However, it can be used as an extra guest room, if needed. Additionally, there is also a private gym and a 20m lap pool.
Ng explains that the bungalow is located on a hilltop, allowing most of its rooms to offer stunning views of the surrounding low-rise neighbourhood.
Although there have been relatively few resale transactions in the Victoria Park GCB area in recent years, according to caveats, the site of the GCB currently up for sale was purchased for $18.2 million back in September 2016. This translates to a land rate of $959 psf. The most recent transaction along the same road was for a 15,253 sq ft plot that was successfully sold for $28.33 million in May 2021, at 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.
Finally, it should be noted that the last recorded GCB sale along Victoria Park Road was for a 32,077 sq ft plot that was sold for a whopping $48 million ($1,496 psf) back in November 2011.
Ng explains that several stabilising factors, such as a potential decrease in interest rates, sustained demand from ultra-high-net-worth buyers, and the limited supply of GCBs are expected to drive transaction activities in the GCB market this year. He further predicts the GCB transaction volume to rise by 10% to 15% from last year, as long as there are no major external economic disruptions. Just to put it into perspective, last year alone, there were about 35 GCB transactions amounting to a total transaction volume of $1.32 billion, which was significantly higher than the previous record high of $1.186 billion attained in 2019.