A luxurious Good Class Bungalow (GCB) located in the prestigious Victoria Park area is now on the market for sale at a whopping price of $61 million. The lavish seven-bedroom bungalow was completed just three years ago and is situated at the end of the exclusive Victoria Close, a cul-de-sac that houses only 10 bungalows.
According to Jervis Ng, associate group district director at PropNex Realty and the agent marketing the sale of this GCB, the area in which the bungalow is located is a gazetted GCB area in Singapore. This means that the number of houses in the enclave cannot be increased unless a larger plot of land measuring more than 30,000 sq ft is subdivided, in accordance with planning guidelines.
Ng, who is also the founder of JNA Real Estate, a property team under PropNex, states that this exclusivity and privacy enjoyed by the GCBs along Victoria Park Close is highly sought after by ultra-high-net-worth individuals and their families, who are willing to pay a premium to live in such a secluded and prestigious location. He further explains that in recent times, there has been a surge in interest from newly naturalised Singaporeans in the GCB market, which has led to an improvement in buying sentiment. This includes individuals who have grown up in countries like China, India, or Indonesia, and are now looking for a luxury home in Singapore.
The Victoria Park GCB area has several well-known residents, including Jack Ma, the Chinese business magnate and co-founder of Alibaba Group, and Tang Wee Kit, a member of the Tang family known for founding the iconic Tangs departmental store. This adds to the allure of the area and makes it attractive to potential buyers.
Ng points out that the bungalow for sale has been extremely well-maintained, which gives it the appearance of a brand new house. In addition, it boasts a contemporary interior design with high-quality materials and finishes. He also adds that the property utilises its 18,988 sq ft plot of land efficiently, thanks to the close collaboration between the owners and the architect.
The total built-up area of the GCB spans over 25,300 sq ft and includes seven en suite bedrooms, three helpers’ rooms, and a basement carpark that can accommodate up to seven cars. The basement level also houses an entertainment room, which is fitted out as a home cinema and has the flexibility to be used as a guest room if required. There is also a private gym and a 20m lap pool, adding to the luxuriousness of the property.
Situated on a hilltop, most of the rooms in the bungalow overlook the serene and low-rise neighbourhood, creating a peaceful and tranquil environment for residents.
Ng notes that there have been relatively few resale transactions in the Victoria Park GCB area in recent years. According to caveats, the plot of land on which the GCB for sale stands was purchased for $18.2 million in September 2016, which translates to a land rate of $959 per sq ft. The last recorded transaction in Victoria Park Close was for a 15,253 sq ft plot that was sold for $28.33 million in May 2021, at a land rate of $1,857 per sq ft. Prior to that, a 29,956 sq ft plot was sold for $40 million ($1,335 per sq ft) 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 per sq ft) in November 2011.
According to Ng, there are several stabilising factors such as anticipated lower interest rates, sustained demand from ultra-high-net-worth buyers, and the limited supply of GCBs that are expected to drive transaction activity in the GCB market this year. He predicts that GCB transaction volume will increase by 10% to 15% from last year, barring any major external economic disruptions. In 2020, there were 35 GCB transactions that raked in a total transaction volume of $1.32 billion, significantly higher than the previous record of $1.186 billion set in 2019.