Sale of two bungalows at Caldecott Hill, a freehold GCB property.
A bungalow with two floors, a garden and an attic was built around 2000. This bungalow is owned by a family. The other bungalow, which has an attic with two floors and a swimming-pool, is rented. Cushman & Wakefield reported that a low-rise wall separates both bungalows.
Shaun Poh said, Executive Director of Capital Markets at Cushman & Wakefield. GCB centrally located sites, particularly large freehold sites over 35,000 sq ft like the one on Joan Road are rare and highly sought by ultra high-net-worth people to build their multi-generational dream homes.
The Business Times announced that a old two-storey house on Andrew Road, in the Caldecott Hill Estate, was sold for S$33.25 million in June of 2022. This is S$1,225/sq ft on a 27,000 square foot land area. Perennial’s Holdings CEO Pua Seck Gwan was reported to have bought the property.
The grandson of the late millionaire Weethiam siew is said to have bought the Olive Road home, according to Huttons.
Perennial, its chairman Kuok Khoon Hong and an entity they own purchased the 752,015 sq. ft. plot on Andrew Road (where the former Caldecott Broadcast Centre was located) in 2020 for S$280.9 millions. Perennial submitted a proposal to the Urban Redevelopment Authority in 2022 for the land to be developed into fifteen 99-year leasehold GCBs.
The Joan Road plot for sale is approximately 95m long and 42m wide.
The future owner may choose to redevelop the property as a massive GCB. Or, they can subdivide the plot in two separate GCBs. Singapore’s most exclusive form landed housing is the bungalow in one of the 39 gazetted GCB Areas. These bungalows are subject to strict planning requirements in order to maintain their exclusivity.
Planning norms for newly built bungalows within GCB Areas include, among others, a minimum of 1,400 square meters (about 15,070 sq ft). The deadline for expressing interest in the property is May 15.
Caldecott Hill has two FREEHOLD bungalows on a GOOD Class Bungalow site (GCB). The guide price is S$62.8M.
Chan Kok Kwan bought the property in District 11 in the 1960s. He was a prominent diamond dealer who belonged to high-society. The Chan family has lived in the property for three generations.
Cushman & Wakefield which is marketing this property said that the bungalows were located in a quiet culde-sac, sharing the road with just one other GCB. They occupy a rectangular plot of land with a total area of 39,276 sq ft. The S$62.8million guide price translates into a land rate around S$1,599per square foot (psf).
