An expression of interest (EOI) has been launched for the sale of two adjacent Good Class Bungalows (GCBs) located at 52 and 54 Belmont Road in the prestigious Belmont Park GCB area. The freehold properties, believed to be owned by relatives, cover a combined land area of 41,741 sq ft and have an indicative price of $88.8 million, working out to $2,128 psf on the land area. According to marketing agent Sakal Real Estate Partners, the combined plots boast a 44m frontage along Belmont Road with an average depth of 66m.
“We believe this site would appeal to families looking to build a new home for multi-generational living or extended families living together,” says Sakal’s senior director, Lennon Koh. “Besides homeowners, this property is also suitable for developers seeking to tap into the exclusive GCB market.”
A map showing 52 Belmont Road, shaded in grey, highlights the location of the two GCBs, which are strategically situated in the highly coveted Belmont Park GCB area. According to EdgeProp Landlens, the most recent transaction on Belmont Road occurred last December when a GCB occupying a land area of 19,549 sq ft was sold for $40 million ($2,046 psf).
Sakal also notes that in a previous transaction in July 2024, a pair of adjacent GCB plots on Belmont Road were sold for $131.4 million, translating to $3,000 psf based on the combined land area of 43,790 sq ft. A nearby GCB at Bin Tong Park, with a land area of 28,111 sq ft, was also sold in April for $84 million ($2,988 psf).
Steven Ming, managing director at Sakal, is confident that the Belmont Road GCBs will attract strong interest due to their prime location and the resilient demand for GCBs. “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 two GCBs will close on March 13 at 3pm, giving interested parties ample time to submit their bids.