Good Class Bungalow Victoria Park Sale 61 Mil
An opulent Good Class Bungalow (GCB) located at the prestigious Victoria Park is now available for purchase, with a hefty price tag of $61 million. The seven-bedroom residence was constructed three years ago and is situated at the end of the tranquil Victoria Close, a cul-de-sac boasting only ten exclusive homes.
Jervis Ng, the associate group district director at PropNex Realty and the agent overseeing the sale of this GCB, explains that in line with the planning guidelines for gazetted GCB areas in Singapore, the number of properties in this exclusive enclave can only be increased by partitioning larger plots exceeding 30,000 sq ft. Ng, who is also the founder of JNA Real Estate, a team under PropNex, highlights that this ensures the privacy and distinctiveness of GCBs along Victoria Park Close will be conserved – a priority that many ultra-high-net-worth individuals and their families are willing to pay a premium for.
“In recent months, we have seen an increase in naturalised Singaporeans entering the GCB market, which has positively impacted buying sentiments,” Ng adds. He believes that this GCB will interest newly minted Singaporeans who were brought up in countries such as China, India, or Indonesia and are looking for a prestigious abode here.
The Victoria Park GCB area houses esteemed residents, including Jack Ma, the renowned Chinese business magnate and co-founder of Alibaba Group, and Tang Wee Kit, a member of the Tang family well-known for founding Tangs department store. Ng reveals that the GCB for sale has been impeccably maintained, giving it a brand-new appearance. The property features a contemporary interior design with top-quality construction materials and finishes.
An inviting bar counter has been set up for hosting guests.
He adds that the bungalow rests on an 18,988 sq ft plot, and the owners worked closely with the architect to maximise the usage of the land. The GCB boasts a total built-up area of 25,300 sq ft, consisting of seven en suite bedrooms, three helper’s rooms, and a basement carpark that can accommodate as many as seven vehicles. The basement level additionally houses an entertainment room that has been outfitted as a home cinema and can also serve as a guest room if necessary. There is also a private fitness centre and a 20m lap pool.
According to Ng, the bungalow sits on a hilltop, affording most rooms a scenic view of the surrounding low-rise neighbourhood. In recent years, there have been relatively few resale transactions in the Victoria Park GCB area. As per caveats, the site where the GCB for sale stands was purchased for $18.2 million in September 2016, which translates to a land rate of $959 psf. The most recent transaction on Victoria Park Close was for a 15,253 sq ft plot that sold for $28.33 million in May 2021, converting to a land rate of $1,857 psf. This was followed by another sale in April 2017 for a 29,956 sq ft plot that fetched $40 million ($1,335 psf). Along Victoria Park Road, the last GCB transaction was recorded in November 2011, where a 32,077 sq ft site exchanged hands for $48 million ($1,496 psf).
Ng expects a growth of 10% to 15% in GCB transaction volume from last year, provided there are no substantial external economic disruptions. He attributes the rise to stabilising factors, including expected lower interest rates, continuous demand from ultra-high-net-worth buyers, and the scarcity of GCBs. Last year, there were around 35 GCB transactions, churning out a total of $1.32 billion in sales volume – significantly surpassing the previous record of $1.186 billion set in 2022.
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