Family of Koufu Group founders to buy Caldecott Hill GCB site for $58m, Money News
A Good Class Bungalow (GCB) site in the Caldecott Hill Estate is set to be purchased for $58 million by the sons of Koufu Group founders Pang Lim and Ng Hoon Tien, reported The Business Times.
The freehold site located at Joan Road occupies 39,276 sq ft of land and costs $1,477 psf.
There are two bungalows occupying the regular-shaped plot within the prestigious Caldecott Hill enclave in District 11, which is one of 39 gazetted GCB areas in Singapore.
The property was initially purchased in the 1960s by Chan Kok Kwan, the former president of the Diamond Importers Association of Singapore, and housed three generations of the Chan family.
It was recently rebuilt around 2000, with one of the two-storey bungalows being occupied by the Chan family. The second bungalow, which also features an attic and a swimming pool, is tenanted, according to a release in April 2024 by real estate company Cushman & Wakefield.
The GCB site had been marketed through an expression of interest exercise in May 2024 by the firm at an indicative price of $62.8 million ($1,599 psf).
The property's close proximity to shopping malls, hospitals, renowned educational institutions and MacRitchie Reservoir was highlighted in the press release. It is also within walking distance of Caldecott MRT station.
The GCB site is also "highly sought after by ultra-high net worth individuals to build their dream home for multi-generation families", said Shaun Poh, Cushman & Wakefield's executive director of capital markets, in the release.
He added that with a plot depth of about 95m and and a width of about 42m, the property can also be redeveloped into a single massive GCB, or split into two separate GCBs, subject to approval.
According to The Business Times, the real estate sale is still in its early stages and is being brokered by Realstar Premier.
A check on URA's caveat records shows that the last GCB sale in Caldecott Hill Estate was completed in August 2023, with an 11,082 sq ft property at Caldecott Close sold for $22 million.
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dana.leong@asiaone.com
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Business Times
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- Business Times
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Straits Times
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- Straits Times
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