Good Class Bungalow Victoria Park Sale 61 Mil

A newly completed Good Class Bungalow (GCB) is now on the market in Victoria Park for the price of $61 million. This modern seven-bedroom bungalow was built just three years ago and is situated at the end of Victoria Close, a quiet cul-de-sac with only 10 other houses.

According to Jervis Ng – associate group district director at PropNex Realty and agent responsible for marketing the GCB for sale – the number of houses in this exclusive enclave can’t be increased without subdividing the larger plots of more than 30,000 sq ft, which is in line with planning guidelines. Ng, who is also the founder of JNA Real Estate – a property team under PropNex – explains that this will ensure that the privacy and exclusivity enjoyed by the GCBs in Victoria Park Close area will be maintained. This is a priority for many ultra-high-net-worth individuals and their families who are willing to pay a premium for this privilege.

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Ng also notes that there has been a recent surge in new naturalized Singaporeans entering the GCB market, which has positively impacted the buying sentiment. He believes that this particular GCB will be highly sought after by newly minted Singaporeans who grew up in countries like China, India, or Indonesia and are now looking for a trophy home here.

Some of the illustrious residents of Victoria Park GCB area include 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.

Ng further mentions that this GCB has been meticulously taken care of and still looks brand new. It features a contemporary interior design with high-quality materials and finishes. With a plot size of 18,988 sq ft, the owners have worked closely with the architect to make the most of 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 car park that can accommodate up to seven cars. The basement level also boasts of an entertainment room, which is currently fitted out as a home cinema but can easily be converted into a guest room if needed. There is also a private gym and a 20m lap pool.

Perched on a hilltop, most of the rooms in the GCB offer stunning views of the surrounding low-rise neighborhood, according to Ng.

While there haven’t been many resale transactions in the Victoria Park GCB area in recent years, according to caveats, the site of this GCB was purchased for $18.2 million in September 2016. This translates to a land rate of $959 psf. In May 2021, a 15,253 sq ft plot along Victoria Park Close was sold for $28.33 million, equating to a land rate of $1,857 psf. Prior to that, a 29,956 sq ft plot was sold for $40 million ($1,335 psf) in April 2017. Along Victoria Park Road, the last recorded GCB sale was for a 32,077 sq ft site that changed hands for $48 million ($1,496 psf) in November 2011.

According to Ng, the GCB market is expected to see an increase of 10% to 15% in transaction volume this year, thanks to factors like anticipated lower interest rates, sustained demand from ultra-high-net-worth buyers, and the limited supply of GCBs. He also predicts that there will be about 35 GCB transactions this year, with a total transaction volume of $1.32 billion, surpassing the previous high of $1.186 billion in 2022.