A two-storey freehold detached house in the Caldecott Hill Estate GCB area has been put up for sale via private treaty with a guide price of $21.8 million.

The property is situated on a 10,858 sq ft plot of land and the guide price reflects a land rate of $2,008 psf. PropNex Realty is the exclusive marketing agent of the property.

Featuring a 40m long frontage along Andew Road, the eight-bedroom bungalow has a built-up area of 9,643 sq ft, which includes an attic and basement that can accommodate five cars. The living area includes two family areas and the site features a swimming pool.

Read also: Six-storey freehold building in Farrer Park on the market for $16.8 mil

Henry Lim Choon Kheng, associate district branch director and head of GCB and prestige landed at PropNex, says he expects the property to appeal to business owners, corporate executives and high-net-worth individuals who are seeking a large family home for multi-generational living.

He also notes that the bungalow was built in 1998. Therefore, the new owner may consider reconstruction or renovation works. “There is a limited supply of available bungalows in GCB areas amid the ongoing tight supply and few motivated sellers,” he says.

But he says that buying interest for landed homes in the Caldecott Hill Estate has picked up since redevelopment plans for the former Caldecott Broadcast Centre along Andrew Road were announced. The area will make way for 15 GCB plots with 99-year leasehold tenures.

According to URA caveats, two landed properties changed hands in the Caldecott Hill Estate GCB area  last year at an average land rate of $2,010 psf. In 2022, four landed properties were sold in the estate at an average land rate of 1,347 psf. There were no transactions recorded so far this year.

Located off Lornie Road, the property is about 20 minutes’ drive from the central business district and about 10 minutes’ drive from the Orchard Road shopping belt.