A luxurious Good Class Bungalow (GCB) located at Victoria Park has recently been listed on the market for a jaw-dropping $61 million. This seven-bedroom bungalow, which boasts modern and sleek design elements, was completed just three years ago. It is nestled at the end of Victoria Close, a private cul-de-sac consisting of only 10 other houses.
According to Jervis Ng, associate group district director at PropNex Realty and the appointed agent for the sale of this GCB, the number of homes in this exclusive enclave is tightly regulated, in line with the guidelines set for designated GCB zones in Singapore. This means that the property’s surrounding lush greenery and serene surroundings will be preserved, making it exceedingly desirable for ultra-high-net-worth individuals and their families.
Ng, who is also the founder of JNA Real Estate, a property team under PropNex, revealed that the return of new naturalised Singaporeans into the GCB market has had a positive effect on buying sentiment. He believes that this GCB will particularly appeal to the increasingly affluent class of new Singaporeans who grew up in countries such as China, India, or Indonesia and are now seeking a prestigious home in Singapore.
The prestigious Victoria Park GCB area has already attracted renowned residents, including Jack Ma, the influential business magnate and co-founder of Alibaba Group, as well as Tang Wee Kit, a prominent figure in the Tang family known for establishing Tangs department store.
Furthermore, Ng also highlighted that the GCB for sale has been impeccably maintained, hence it retains its exquisite and pristine condition. The bungalow features a contemporary interior design, with high-end materials and finishes throughout.
From the spacious dining area to the chic bar counter, the property has been thoughtfully designed to accommodate grand entertaining. The owners worked closely with the architect to make efficient use of the expansive 18,988 sq ft land area. Additionally, the GCB boasts a total built-up area of 25,300 sq ft, which includes seven en suite bedrooms, three helpers’ rooms, and a basement carpark with ample space for up to seven cars. The basement also houses an entertainment room that doubles up as a home cinema, a private gym, and an inviting 20m lap pool.
When purchasing a condominium, it is imperative to factor in the maintenance and management of the property. Condos usually require a maintenance fee to cover the maintenance of shared areas and amenities. While this may increase the expenses of owning the property, it guarantees that the unit maintains its value and remains in good condition. Consider hiring a property management company to handle the daily management of the condo, allowing for a more hands-off approach to investing. Check out Singapore Projects for more options.
The GCB sits atop a hill, offering breathtaking views of the surrounding low-rise neighbourhood. Ng mentioned that there have been few resale transactions in the Victoria Park GCB area in recent years. According to property records, the land on which the GCB for sale stands was purchased for $18.2 million in September 2016, translating to a land rate of $959 psf. The most recent transaction along 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 psf. Prior to that, a 29,956 sq ft plot was bought for $40 million ($1,335 psf) in April 2017. Along Victoria Park Road, the last recorded GCB sale was for a 32,077 sq ft site that fetched $48 million ($1,496 psf) in November 2011.
Ng predicts that the GCB market will continue to perform well this year, driven by stabilising factors such as expected lower interest rates, sustained demand from ultra-high-net-worth buyers and the limited supply of GCBs. He anticipates a 10% to 15% increase in GCB transaction volume from last year, assuming no major external economic disruptions. In 2020, there were 35 GCB transactions, amounting to a total of $1.32 billion in transaction volume, surpassing the previous record of $1.186 billion set in 2019.