JUST SOLD: Record $13.7mil profit for Belmont Road Good Class Bungalow

By
/ The Edge Property
|
October 13, 2015 9:00 PM SGT
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 $353 psf in November 1998.
GCBs are landed detached houses that have a plot size of at least 1,400 sqm or about 15,069 sq ft, and are located within the designated Good Class Bungalow Areas. Owing to their rarity and exclusivity, they are often seen as the most luxurious and desirable type of residence in Singapore.
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Two profitable transactions for this GCB
Location
District
Area (sq ft)
Sold on
Sales Price ($)
Bought on
Purchase Price ($)
Profit ($)
Profit (%)
Holding Period (years)
Belmont Road
10
31,129
Jul-09
30,500,000
Nov-98
11,000,000
19,500,000
177%
10.7
Belmont Road
10
31,129
Jun-15
44,188,000
Jul-09
30,500,000
13,688,000
45%
5.9

Source: URA, The Edge Property

Four profitable GCB transactions this year-to-date
Location
District
Area (sq ft)
Sold on
Sales Price ($)
Bought on
Purchase Price ($)
Profit ($)
Profit (%)
Holding Period (years)
Belmont Road
10
31,129
Jun-15
44,188,000
Jul-09
30,500,000
13,688,000
45%
5.9
Swettenham Road
10
15,242
Jan-15
23,520,000
May-09
13,000,000
10,520,000
81%
5.7
10
27,373
Jul-15
32,000,000
Feb-10
28,280,000
3,720,000
13%
5.5
Gallop Road
10
15,102
Mar-15
25,800,000
Nov-11
23,500,000
2,300,000
10%
3.4

Source: URA, The Edge Property

* Profitabiliity computed based on caveat data matching and excludes all fees and duties, as well as any construction and renovation costs