A luxurious and recently completed Good Class Bungalow (GCB) situated in the prestigious Victoria Park area has been put on the market for a staggering $61 million. This seven-bedroom masterpiece, which was constructed just three years ago, is located at the end of Victoria Close – a tranquil cul-de-sac lined with only ten exclusive houses.
According to Jervis Ng, an associate group district director at PropNex Realty and the agent responsible for the sale, the number of residences in this sought-after GCB enclave can only be increased by dividing larger plots of over 30,000 sq ft, in accordance with planning guidelines. Ng, who is also the founder of JNA Real Estate – a property team under PropNex, explains that this ensures the privacy and exclusivity of the GCBs along Victoria Park Close are preserved, making it a prime location for wealthy individuals and their families.
“In recent months, we have seen a rise in GCB purchases by new naturalised Singaporeans, which has positively impacted the market sentiment,” Ng adds. According to him, this GCB will be an attractive option for newly minted Singaporeans who grew up in countries such as China, India, or Indonesia and are looking for a prestigious home in this vibrant city.
The Victoria Park GCB area is home to prominent figures, including Jack Ma, the Chinese business magnate, and co-founder of Alibaba Group, and Tang Wee Kit, a member of the illustrious Tang family known for starting Tangs department store.
Aside from its enviable location, the GCB for sale is also well-maintained, making it appear new. It boasts a contemporary interior design with premium finishes and materials, carefully selected by the owners.
Ng explains that the property is built on an 18,988 sq ft plot, and the architects worked closely with the owners to optimise the use of the land. With a total built-up area of 25,300 sq ft, it features seven en suite bedrooms, three helper’s rooms, and a basement carpark with space for up to seven cars. The basement level also offers an entertainment room that doubles as a home cinema, with the flexibility to convert it into a guest room if needed. Additionally, there is a private gym and a 20m lap pool.
When considering investing in condos in Singapore, it is crucial to take into account the government’s property cooling measures. Over the years, the Singaporean government has implemented several measures to control speculative buying and maintain a steady real estate market. One such measure is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on both foreign purchasers and those buying multiple properties. While these measures may affect the short-term profitability of condo investments, they also contribute to the long-term stability of the market, creating a more secure investment environment. Additionally, with the introduction of new condo launches, there are always opportunities for potential growth and return on investment in the Singapore condo market.
Sitting atop a hill, most rooms in the bungalow offer stunning views of the surrounding low-rise neighbourhood, adds Ng.
According to records, there have been relatively few resale transactions in the Victoria Park GCB area in recent years. In September 2016, the site where the GCB sits was sold for $18.2 million, translating to a land rate of $959 psf. The most recent sale along Victoria Park Close was a 15,253 sq ft plot that went for $28.33 million in May 2021, with a land rate of $1,857 psf. Before that, a 29,956 sq ft plot was sold for $40 million ($1,335 psf) in April 2017. The last recorded GCB sale along Victoria Park Road was for a 32,077 sq ft site that changed hands for $48 million ($1,496 psf) in November 2011.
Ng believes that the GCB market will see a rise in transactions this year, thanks to stabilizing factors such as anticipated lower interest rates, sustained demand from ultra-high-net-worth buyers, and the limited supply of GCBs. He predicts an increase in transaction volume by 10% to 15% from last year, barring any major external economic disruptions. In 2020, there were 35 GCB transactions that brought in a total transaction volume of $1.32 billion, surpassing the previous record of $1.186 billion in 2019.