Caldecott Hill site with two bungalows for sale freehold at S$62.8m
Shaun Poh executive director of Cushman & Wakefield’s capital markets, said that GCB site centrally-located, especially large, freehold, sites larger than 35,000 square feet, like the one at Joan Road rarely come on the market.
These sites are highly sought-after for ultra-high-net worth individuals to build a multigenerational family home.
The Business Times revealed that a two storey bungalow located on Andrew Road within the Caldecott Hill Estate had been bought by Perennial holdings chief executive Pua Seck-Guan in June 2022.
The property was valued at S$33million, or S$1,225psf. According to Huttons’ report, the Olive Road house was purchased by the grandson Wee Thiam Siw, who died in 2000.
Caldecott Hill, a site of two freehold bungalows belonging to a GOOD class bungalow (GCB), is currently on the market with a price guide of S$62.8million.
Chan Kok Kwan – a diamond trader who was well known in high society circles – purchased the District 11 house in the 1960s. Three generations of Chan family have lived here.
Two bungalows are in Caldecott Hill
Cushman & Wakefield who is marketing the property, said the two bungalows are situated on a quiet culde’sac that shares a road with only another GCB. The S$62.8 Million guide price equates to an average land rate of S$1,599/square foot (psf).
Rebuilt in 2000, the bungalow has two stories and a small garden. It is occupied by a family. The other bungalow also has an attic, a swimming pool and two storeys. Cushman & Wakefield explained that a low fence separates the bungalows.
Perennial chairman Kuok Khoon Hong, and a Perennial-owned entity, purchased in 2020 a 752,015 ft2 plot of land at Andrew Road.
This was the site where once stood the Caldecott Broadcast Centre. Perennial’s proposal to the Urban Redevelopment Authority for 2022 was to convert the land into 15 99 year leasehold GCBs.
Future owners have the option to develop the land into a single massive GCBC or subdivide it into two smaller GCBCs.
Singapore’s Bungalows located in the 39 gazetted GCB Areas, are the most prestigious type of landed homes. They have strict planning restrictions to maintain the exclusivity and low rise character.
As a planning standard, a minimum lot size of 1,400 m2 (about 15 070 sq ft), is required for newly-created bungalows. Expressions of Interest for this property will close May 15, 2019.
