JLL launches two adjoining Good Class Bungalows
The freehold properties sit on two separate land lots with a total land area of approximately 41,741 sqft.
SINGAPORE, 18 September 2023 – JLL, as exclusive marketing agent, has launched two adjoining Good Class Bungalows (GCBs) at No. 52 and No. 54 Belmont Road (the “Properties”) for sale by Expression of Interest.
The freehold properties sit on two separate land lots with a total land area of approximately 41,741 sqft. The plots allow for a single mansion or can potentially be separately redeveloped into two brand new GCBs..
The Properties are situated in one of the most prestigious GCB enclaves among the 39 gazetted GCB Areas (GCBAs) in Singapore. There are approximately 2,900 GCB plots across the 39 safeguarded GCBAs. Given this very limited supply, large GCB plots have been subdivided into small plots over the years and it has become increasingly difficult to find large plots or adjoining plots in the market today.
No. 52 Belmont Road has a land area of 24,178 sqft with an existing single storey house and a pool. No. 54 Belmont Road has a land area of 17,563 sqft with an existing single storey house with a lower level and a pool on site. The Properties enjoy high exclusivity and is located near a cul-de-sac.
“The vendors of the Properties are expecting offers of $2,100 psf on the land areas. Potential buyers who are looking for large adjoining GCB plots in this highly desirable neighbourhood are well aware that such an offering is a rare find. The existing houses were built in the 1970s and potential buyers are likely to redevelop the sites to contemporary style with bespoke functionality and amenities to suit their individual lifestyles,” says Mr. Tan Hong Boon, Executive Director at JLL.
The sought-after Belmont Park GCBA is in close proximity to Holland Village with amenities such as supermarkets, shops and popular restaurants. There are also several schools in close proximity including the Henry Park Primary School, Nanyang Primary School and Saint Margaret’s Secondary School.
Despite the significant hike in Additional Buyer’s Stamp Duty (ABSD) under the April 2023 market cooling measures, domestic and international buyers who are actively seeking GCB properties for owner-occupation purposes will continue to create a robust and consistent market support as most GCB purchasers nowadays tend to be buyers of their first residential property counts and are not subject to ABSD. Buyers who have a strong focus on legacy planning are expected to proceed with their strategic intentions, as the numerous advantages associated with owning a GCB could outweigh any additional costs involved. GCBs offer not only an opportunity for wealth preservation but also exclusivity and prestige, which adds value to long-term estate planning and investment.
The Expression of Interest exercise will close on 27 October 2023, at 3.00 p.m.
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.