Caldecott Hill site with two bungalows for sale freehold at S$62.8M
Perennial’s chairman Kuok Khoon Hong bought a plot of 752,015sq ft land on Andrew Road in 2020. It cost S$280.9million. Perennial had proposed the Urban Redevelopment Authority, in 2022, to develop the land as 15 99-year Leasehold GCBs.
The Joan Road house for sale has a plot width and depth of approximately 42m and 95m respectively.
Future owners could explore the option of subdividing the plot to create two GCBs.
Singapore’s Bungalows in 39 Gazetted GCB Areas represent the most prestigious form landed residential housing. There are strict planning conditions in place to ensure their exclusivity, low-rise nature and preservation.
Caldecott Hill’s GOOD Class Bungalows site, which includes two freehold bungalows, is for sale at a guide cost of S$62.8M.
Chan Kok Kwan purchased District 11’s property in the 60s. A prominent diamond merchant, Chan Kok Kwan moved in high society circles. Three generations have lived there.
Cushman & Wakefield said the two bungalows, located in a cul-de sac, share a plot with only one GCB on the same road. This plot has a size of approximately 39,276 square foot (sq ft).
The S$62.8-million guide price corresponds to a rate per square foot of approximately S$1,599
One bungalow, which was rebuilt in the year 2000, has two levels and a spacious garden. It’s occupied by its family. The other bungalow is two storeys, with an attic. There’s also a pool.
Cushman & Wakefield says that a low, but sturdy wall separates these two bungalows.
Shaun Poh (executive director, capital markets, Cushman & Wakefield) said that GCB properties in the heart of the city, including large freehold lots above 35,000 sft as at Joan Road were rare to find and sought after by high-networth individuals looking to build a family dream home.
The Business Times published that an old, two-storey property on Andrew Road at the Caldecott Hill Estate would be selling in June 2020 for S$33,000,000 or S$1,225/sqft. The land was approximately 27,000 sqft. Perennial’s chief executive Pua Seckguan is said to have acquired the property.
According to Huttons, this Olive Road property is believed to have been purchased by the grandson of deceased millionaire Wee Tham Siew.
In GCB Areas, a minimum size plot of 1400 square metres (15070 sq ft or so) is specified as the standard planning for newly created bungalows.
The Expression of Interest exercise for the Property will close on 15 May.
