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

By Lin Zhiqin

/ The Edge Property |

October 13, 2015 9:00 PM SGT

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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
Queen Astrid Park	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

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