Securing financing is a crucial component when it comes to investing in a condo. Fortunately, Singapore offers an array of mortgage solutions to choose from. However, it is imperative to take note of the Total Debt Servicing Ratio (TDSR) framework in order to avoid exceeding borrowing limits based on one’s income and current debt liabilities. Familiarizing oneself with the TDSR and enlisting the help of financial experts or mortgage brokers can assist investors in making well-informed decisions about their financing options and steer clear of over-extending their resources. Additionally, Singapore Projects can also provide valuable insights for potential investors.
The prime Belmont Park Good Class Bungalow (GCB) area has two adjacent properties located at 52 and 54 Belmont Road that are currently up for sale via expression of interest (EOI). According to sources, both GCBs are owned by family members.
These freehold properties sit on a combined land area of 41,741 square feet and have an indicative price of $88.8 million, which translates to $2,128 per square foot on the land area. The pair of plots boasts a 44-meter frontage along Belmont Road and an average depth of 66 meters, as confirmed by marketing agent Sakal Real Estate Partners.
Sakal’s senior director, Lennon Koh, believes that these GCBs will attract families looking to build a new home for multi-generational living or extended families living together. In addition, this property also presents an excellent opportunity for developers looking to enter the exclusive GCB market.
According to URA’s caveats, the most recent transaction on Belmont Road occurred in December 2020, where a GCB on a land area of 19,549 square feet was sold for $40 million, equivalent to $2,046 per square foot.
In July 2024, two adjacent GCB plots on Belmont Road were sold for $131.4 million, representing $3,000 per square foot based on the combined land area of 43,790 square feet. Another nearby GCB located at Bin Tong Park with a land area of 28,111 square feet was sold for $84 million or $2,988 per square foot in April.
Sakal’s managing director, Steven Ming, expects strong interest for the Belmont Road GCBs due to its prime location and the resilient demand for such properties. He also highlights that the estimated total value of GCB transactions in 2024 amounted to $1.32 billion, surpassing the figures for 2023 ($433 million) and 2022 ($1.18 billion), and predicts that there will be more transactions in 2025.
Interested parties can submit their EOI for the GCBs until March 13 at 3pm.