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Belmont Road GCB for $25.5 mil

cheeyuen.tan@bizedge.com

On Jan 19, a Good Class Bungalow (GCB) on Belmont Road was put up for auction by Colliers International. A mortgage sale, it had an opening price of $25.5 million ($1,562 psf), based on land area of 16,327 sq ft. As there were no bids, the property was withdrawn. It will be put up for auction a second time by Colliers on Feb 22.

The freehold site that the GCB is sitting on includes a long, private driveway. The double-storey house contains four bedrooms, including the master suite on the second level. The first level has a living and dining area that opens out to the swimming pool and lawn. The kitchen is fully fitted with De Dietrich appliances.

There is also a basement level which has been turned into an entertainment area. The house has a built-up area of 7,200 sq ft, excluding the pavilion and car porch, which is big enough for five vehicles.

 

The living and dining area of the house overlooks the swimming pool

The last time the property changed hands was six years ago, when it was put up for sale by the previous owner shortly after the house was completed. It was first offered for sale at a Knight Frank auction on Jan 28, 2010. The house was sold two months after the auction for $16 million ($980 psf), according to a caveat lodged in March 2010.

Belmont Road and the neighbouring Leedon Road are among the most sought-after GCB neighbourhoods.

The previous owner paid $13.8 million ($845 psf) for the property in September 2007, tore down the original house and then built a new one. The house has a contemporary tropical design, with high ceilings and skylights, timber and full-height windows.

The owners who bought the house in March 2010 moved in and lived there for several years before the property was foreclosed by the bank.

The latest GCB transaction at Belmont Road was for a property on a 31,129 sq ft freehold site. It fetched $44.19 million ($1,420 psf), based on a caveat lodged in June 2015.

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