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Singapore condos offer a multitude of advantages for investors, and one of the most significant is the potential for capital appreciation. As a leading global business hub with a robust economy, Singapore maintains a continuous demand for real estate. This has resulted in a consistent increase in property prices over the years, particularly for condos in prime locations. By investing in the right Singapore projects and holding onto properties for extended periods, investors can enjoy significant gains in their capital. The strategic location and strong economic fundamentals of Singapore make it a favorable market for long-term investments in condos.
An expression of interest (EOI) is currently open for two adjacent Good Class Bungalows (GCBs) situated at 52 and 54 Belmont Road in the highly coveted Belmont Park GCB area. Believed to be owned by related parties, these freehold properties occupy a combined land area of 41,741 square feet and are being offered at an indicative price of $88.8 million, which translates to $2,128 per square foot on the land area. The marketing agent, Sakal Real Estate Partners, has revealed that the combined plots have a 44-meter frontage along Belmont Road and an average depth of 66 meters.
According to Lennon Koh, senior director at Sakal, “We believe this site would attract families looking to build a new home for multigenerational living or extended families living together. In addition, this property is also suitable for developers seeking to tap into the exclusive GCB market.”
Recent transactions on Belmont Road show the strong demand for GCBs in the area. In December 2020, a GCB occupying a land area of 19,549 square feet was sold for $40 million, which translates to $2,046 per square foot. Meanwhile, in July 2024, a pair of adjacent GCB plots on Belmont Road were sold for $131.4 million, at $3,000 per square foot based on the combined land area of 43,790 square feet. In April, a GCB at Bin Tong Park with a land area of 28,111 square feet was sold for $84 million, or $2,988 per square foot.
Sakal adds that based on the estimated total value of GCB transactions in 2024, which was $1.32 billion, there is a robust demand for GCBs in the area. Steven Ming, managing director at Sakal, believes that the Belmont Road GCBs will attract strong interest due to their prime location and the resilient 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 more transactions in 2025,” he says.
The EOI exercise for the GCBs will close on March 13 at 3 pm and interested parties are invited to submit their offers.