http://www.businesstimes.com.sg/prem...0-psf-20130910

Published September 10, 2013

Belmont Road GCB put up for sale at $50m or $1,890 psf

By Felda Chay [email protected]


74 Belmont Road: Sitting on the 26,455 sq ft plot is a 16,200 sq ft home that comprises a main house and a self-contained guest house linked by a sheltered walkway - PHOTO: SAVILLS

A GOOD class bungalow (GCB) at 74 Belmont Road is up for sale at about $50 million - or $1,890 per square foot (psf) of land area.

For sale by expression of interest, the property sits on a land area of 26,455 square feet. According to marketing agent Savills, the land is "regular in shape and well undulated".

Sitting on the plot is a 16,200 sq ft home that comprises a main house and a self-contained guest house. Designed by Lekker Design, the property was completed in 2009 and is suitable for multi-generational living.

The main house has formal dining and entertainment areas, a family room, a master bedroom and four "well-sized" bedrooms, said Savills. "In addition, there are smaller rooms that could accommodate a wine cellar cum cigar room and even a gymnasium."

The guest pavilion is linked to the main house by a sheltered walkway and has an entertainment area and bedrooms. The property also comes with a 20-metre mineral water swimming pool.

Said Steven Ming, deputy managing director for Savills Singapore: "The GCB market remains the buying interest of the ultra rich. The limited supply and strong holding power of GCB owners will hold GCB prices steady, while there's still an upward bias for very good properties."

The average unit price based on land area for GCBs transacted so far this year rose 1.1 per cent to $1,387 psf compared with the average unit price for the whole of 2012, according to Savills.

Prominent deals inked so far this year include the sale of SC Global boss Simon Cheong's home at Cornwall Gardens, which was sold for $42.5 million, or $2,051 psf based on its land area of 20,720 sq ft.

This is close to the GCB record of $2,111 psf set last October for a Leedon Park property that bungalow investor George Lim sold for $33 million.

Said Savills: "Moving forward, we expect transaction prices to grow at a moderate pace with properties at ultra-prime locations such as Nassim and Dalvey leading the increase. Transaction volume is also predicted to be similar as last year due to the current economic uncertainty."