A 31,129 sq ft Good Class Bungalow (GCB) located at Belmont Road fetched $44,188,000 or $1,420 in June this year, in the second highest transacted price for a GCB this year. Another GCB at Ridout Road was sold at $91,688,888 in May. The Belmont Road GCB transaction was the most profitable this year-to-date, trumping the other three transactions with a profit of $13,688,000 for the current seller, who bought the house for $30,500,000 or $980 psf in July 2009.
Based on URA caveat data, this particular GCB has seen two profitable transactions, with the previous owner pocketing a $19,500,000 profit from the sale of the house, after buying it for $11,000,000 or $353 psf in November 1998.
GCBs are landed detached houses that have a plot size of at least 1,400 sqm or about 15,069 sq ft, and are located within the designated Good Class Bungalow Areas. Owing to their rarity and exclusivity, they are often seen as the most luxurious and desirable type of residence in Singapore.
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Two profitable transactions for this GCB
Four profitable GCB transactions this year-to-date