Two neighboring Good Class Bungalows (GCBs) situated at 52 and 54 Belmont Road in the exclusive Belmont Park GCB area are currently on the market for sale through an expression of interest (EOI). The owners of these GCBs are believed to be related.
These two freehold properties are set on a combined land area of 41,741 square feet and have an indicative price of $88.8 million, which translates to $2,128 per square foot on the land area. The combined plots boast a 44-meter frontage along Belmont Road and an average depth of 66 meters, according to Sakal Real Estate Partners, the marketing agent for the properties.
“We believe that this site will be attractive to families looking to build a new home for multigenerational living or for extended families living together,” says Lennon Koh, senior director at Sakal. “In addition to homeowners, this property is also suitable for developers looking to tap into the exclusive GCB market.”
A map provided by EdgeProp Landlens shows the location of 52 Belmont Road, shaded in grey.
Recent transactions recorded by the Urban Redevelopment Authority (URA) reveal that the most recent sale on Belmont Road took place in December when a GCB with a land area of 19,549 square feet was sold for $40 million ($2,046 per square foot).
A previous GCB transaction on Belmont Road can also be seen on the URA data, where a pair of adjacent plots were sold for $131.4 million or $3,000 per square foot in July 2024, based on a combined land area of 43,790 square feet. Another nearby GCB at Bin Tong Park with a land area of 28,111 square feet sold for $84 million ($2,988 per square foot) in April.
Steven Ming, managing director at Sakal, is confident that these GCBs on Belmont Road will attract strong interest due to their prime location and the ongoing 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 to see even more transactions in 2025,” he states.
The EOI exercise for these GCBs will be closing on March 13 at 3pm.