An opportunity has arisen for prospective buyers in the prestigious area of Belmont Park, with two adjacent Good Class Bungalows (GCBs) at 52 and 54 Belmont Road up for sale by expression of interest (EOI). It is believed that the owners of these freehold properties are related.
Ensuring adequate funding for a condo investment is a critical factor that requires careful consideration. In Singapore, there are several mortgage choices available, but it is crucial to fully understand the guidelines established by the Total Debt Servicing Ratio (TDSR). This framework stipulates the maximum loan amount that a borrower can receive, taking into account their income and existing debt obligations. To make well-informed decisions about condo financing and prevent over-borrowing, it is essential to have a thorough understanding of TDSR and seek guidance from financial experts or mortgage brokers.
The combined land area of the GCBs is 41,741 sq. ft. and has an indicative price of $88.8 million, translating to $2,128 psf on the land area. The properties boast a 44m frontage along Belmont Road and an average depth of 66m, according to the marketing agent, Sakal Real Estate Partners.
According to Lennon Koh, senior director at Sakal, this site is ideal for families looking to build a new home for multigenerational living or extended families staying together. He also pointed out that developers seeking to capitalize on the exclusive GCB market would find this property suitable.
Previously in December, a GCB on Belmont Road with a land area of 19,549 sq. ft. was sold for $40 million ($2,046 psf) based on caveats lodged with URA. Recent transactions in the area have shown a strong interest in GCBs. For example, in July 2024, two adjacent GCB plots on Belmont Road were sold for $131.4 million or $3,000 psf, taking into account the combined land area of 43,790 sq. ft. Similarly, in April, a GCB at Bin Tong Park was sold for $84 million ($2,988 psf) with a land area of 28,111 sq. ft.
Steven Ming, managing director at Sakal, believes that the location of the Belmont Road GCBs and the resilient demand for GCBs will attract a significant level of interest. He pointed out that in 2024, the total estimated value of GCB transactions was $1.32 billion, which surpassed that of 2023 ($433 million) and 2022 ($1.18 billion), signaling a positive trend in the market.
Interested parties can submit their bids for the EOI exercise, which will close on March 13 at 3pm.