Two bungalows on a freehold GCB in Caldecott Hill are for sale at S$62.8million
Caldecott Hill site for two GOOD Class Bungalows (GCBs) with freehold bungalows is listed at S$62.8M. Chan Kok Kwan was a diamond merchant of high society who bought the District 11 property in 1960. Three generations of the Chans have lived there.
Cushman & Wakefield is the company marketing the property. The two bungalows are located on a quiet cul de sac shared only with one other GCB.
The S$62.8m guide price is equivalent to about S$1,599 a square foot.
One bungalow was rebuilt around 2000. It has two floors and a large garden. The family occupies it. The second bungalow is a two-storey building with a pool and an attic. It’s rented.
Cushman & Wakefield stated that a low wall separates the two bungalows.
Shaun Poh is the executive director for capital markets at Cushman & Wakefield. He said that GCB sites in central locations, and especially large freehold plots above 35,000 sq ft, such as Joan Road, are rarely available on the market. They are sought-after by ultra-high net-worth individuals who want to build a dream home.
The Business Times stated that a two-storey bungalow in Caldecott Hill Estate on Andrew Road was purchased in June 2022 by Perennial Holdings’ chief executive Pua Seck Guian for S$33,000,000, or S$1,225 per square foot on a land size of almost 27,000 sq ft.
According to Huttons the Olive Road property, which was bought by the grandson who was the millionaire Weethiam Siew, was sold at a record price of S$50.2million in April 2022.
In 2020, an entity owned and controlled by Perennial’s chairman Kuok Khoon Hong purchased a 752,015 square foot plot of land located on Andrew Road, where the former Caldecott Broadcast Centre once stood. The purchase price was S$280.9million. Perennial proposed in 2022 to the Urban Redevelopment Authority that the land be developed into 15 99-year leasehold condominium blocks.
The plot dimensions of the Joan Road property for sale are approximately 95 m in depth and 42 m wide.
Future owners can explore the possibility of developing the property into one massive GCB or subdividing it into two separate plots. This option is subject to approval.
The 39 gazetted GCB Areas have the most exclusive form of landed property in Singapore. Planning conditions are strict to maintain their exclusivity and character.
The planning standard for newly constructed bungalows in GCB Areas stipulates, among other things: a minimum plot of 1,400 sq m (about 15,070 square ft).
Expressions of interest for the property closes on May 15th.
