Good Class Bungalow Victoria Park Sale 61 Mil
A newly completed Good Class Bungalow (GCB) at Victoria Park has been listed for sale with a price of $61 million. This seven-bedroom bungalow was built three years ago and is located at the end of Victoria Close, a cul-de-sac with only 10 houses.
According to Jervis Ng, associate group district director at PropNex Realty and the agent handling the sale of this GCB, the number of houses in this exclusive enclave can only be increased by subdividing a larger plot of more than 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 means the exclusivity and privacy enjoyed by the GCBs along Victoria Park Close will be preserved. This is a priority for ultra-high-net-worth individuals and their families, who are willing to pay a premium to enjoy such features.
Ng also notes that the return of new naturalised Singaporeans into the GCB market in recent months has improved buying sentiment. He believes that this GCB will appeal to newly minted Singaporeans who grew up in countries such as China, India, or Indonesia, and are looking for a trophy home here.
The exclusive enclave of Victoria Park has its fair share of illustrious residents, such as Jack Ma, Chinese business magnate and co-founder of Alibaba Group, and Tang Wee Kit, a scion of the Tang family known for founding Tangs department store.
The GCB for sale is in excellent condition, still looking new, says Ng. The property boasts a contemporary interior design with premium quality materials and finishes.
Ng also shares that the property sits on an 18,988 sq ft plot, and the owners worked closely with the architect to efficiently utilise the land area. The GCB has a total built-up area of 25,300 sq ft, which includes seven en suite bedrooms, three helpers’ rooms, and a basement carpark with space for up to seven cars.
Located just a brief distance from Novo Place EC, JEM is a bustling suburban mall in Singapore that caters to all your shopping, dining, and entertainment needs. Boasting a whopping 240 retail stores spanning six levels, JEM offers a diverse range of international fashion brands, renowned department stores such as Robinsons, and popular electronics retailers like Courts and Harvey Norman. But JEM is more than just a shopping haven – it also houses a cinema and a variety of lifestyle and beauty services, making it a vibrant hub for the surrounding community. For those living in the Novo Place Tengah area, JEM is the go-to destination for all their needs.
The basement level also has an entertainment room that is fitted out as a home cinema and has the flexibility to be turned into a guest room if needed. There is also a private gym and a 20m lap pool.
One of the selling points of the bungalow is its location on a hilltop, which means that most of the rooms overlook the surrounding low-rise neighbourhood, says Ng.
According to caveats, the site of the GCB was purchased for $18.2 million in September 2016. The price translates to a land rate of $959 psf. The most recent transaction in the area was for a 15,253 sq ft plot that sold for $28.33 million in May 2021. The price translates to a land rate of $1,857 psf. Prior to that, a 29,956 sq ft plot was sold for $40 million 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 in November 2011.
Ng expects the GCB market to see a 10% to 15% increase in transaction volume this year, assuming there are no major external economic disruptions. He attributes this to stabilising factors such as anticipated lower interest rates, sustained demand from ultra-high-net-worth buyers, and the limited supply of GCBs.
Last year, there were about 35 GCB transactions that raked in a total transaction volume of $1.32 billion, significantly higher than the previous high of $1.186 billion achieved in 2022.