A luxurious Good Class Bungalow (GCB) located at Victoria Park, which was completed three years ago, is now up for sale with a price tag of $61 million. This property boasts seven bedrooms and is situated at the end of Victoria Close, a secluded cul-de-sac with a limited number of just 10 homes.Following the strict regulations set by the government for gazetted GCB areas, the only way to increase the number of homes in this exclusive enclave is by dividing larger plots of over 30,000 sq ft. According to Jervis Ng, the associate group district director at PropNex Realty who is currently marketing the sale of this GCB, the number of houses in this area will remain limited, ensuring privacy and exclusivity for its residents. Ng is also the founder of JNA Real Estate, a property team under PropNex.According to Ng, this GCB has seen increased interest from the new naturalised Singaporeans who have recently entered the market. This shows a significant improvement in buying sentiment and indicates a potential interest in buying this GCB. Ng believes that this luxurious home will particularly appeal to high-net-worth individuals and their families who are looking for a top-tier residence in Singapore.The highly sought after Victoria Park GCB area is home to several prominent residents such as Jack Ma, the co-founder of Alibaba Group and Tang Wee Kit, a member of the Tang family who is known for founding Tangs department store. This exclusive property for sale has been well maintained and still looks new. It boasts a modern interior design with top quality materials and finishes that add to its luxurious appeal.Ng also points out that the owners have efficiently utilised the 18,988 sq ft plot by working closely with the architect. The GCB has a total built-up area of 25,300 sq ft, featuring seven en suite bedrooms, three helpers’ rooms, and a basement carpark that can accommodate up to seven cars. Furthermore, the basement level has an entertainment room that can easily be converted into a guest room. It also comes with a private gym and a 20m lap pool.The GCB is located on an elevated hilltop, offering beautiful views of the surrounding low-rise neighbourhood from most of its rooms. According to Ng, there have been limited resale transactions in the Victoria Park GCB area in recent years. The last recorded transaction in this area was for a 15,253 sq ft plot that sold for $28.33 million in May 2021. This translates to a land rate of $1,857 psf. Before this, a 29,956 sq ft plot was purchased for $40 million in April 2017, which is equivalent to a land rate of $1,335 psf.On Victoria Park Road, the most recent GCB sale was for a 32,077 sq ft site that changed hands for $48 million in November 2021. This equates to a land rate of $1,496 psf. With the stability of factors such as an expected reduction in interest rates, the constant demand from high-net-worth buyers, and the limited supply of GCBs, Ng believes that there will be a significant increase in transaction activity in the GCB market this year. He predicts that the GCB transaction volume might rise by 10% to 15% compared to last year, as long as there are no major economic disruptions.More than 35 GCB transactions were recorded in 2021, bringing in a total transaction volume of $1.32 billion, significantly higher than the previous high of $1.186 billion achieved in 2022. This shows the continuous growth and demand for GCBs in Singapore, making them a highly sought after type of property among the ultra-rich. With its desirable location, luxurious features, and privacy, this newly listed GCB in Victoria Park is expected to attract significant interest from potential buyers.
When purchasing a condo, it is crucial to also take into consideration the maintenance and management of the property. Most condos come with maintenance fees that cover the maintenance of shared spaces and amenities. Though these fees may increase the total cost of ownership, they are necessary for ensuring the property’s continued upkeep and value. To ease the burden of managing a condo, investors can enlist the help of a property management company, making it a more passive investment.