GCB site at Caldecott Hill with redevelopment potential for sale at $62.8 mil
By Nicholas Lam
/ EdgeProp Singapore |
A pair of two-storey bungalows on a 39,276 sq ft plot on Joan Road is on the market for $62.8 million (Photo: Cushman & Wakefield)
A pair of two-storey bungalows on a 39,276 sq ft, freehold plot is on the market for $62.8 million. The property sits on Joan Road at a quiet cul-de-sac shared with just one other bungalow in the Good Class Bungalow (GCB) Area of Caldecott Hill in prime District 11. The asking price of $62.8 million translates to $1,599 psf based on land area.
Chan Kok Kwan, former president of the Diamond Importers Association of Singapore, acquired the property in the 1960s and has owned it for the past six decades. Three generations of the Chan family have lived there.
The property was rebuilt sometime in 2000. One bungalow, a two-storey house with a lush garden, is still occupied by the Chan family, while the other two-storey bungalow with an attic and swimming pool is currently tenanted. A low wall separates the two houses.
One bungalow, a two-storey house with a lush garden, is still occupied by the Chan family, while the other two-storey bungalow with an attic and swimming pool is currently tenanted (Photo: Cushman & Wakefield)
Shaun Poh, executive director of capital markets at Cushman & Wakefield, who is marketing the property, says the GCB plot is regular-shaped with a 42m frontage and 96m depth. He adds that huge freehold sites above 35,000 sq ft in a central location like Caldecott Hill rarely appear on the market and are highly sought-after by ultra-high-net-worth individuals.
According to Poh, these GCB sites are tightly held for wealth preservation and appeal to multi-generational families.
Given the site area of nearly 40,000 sq ft, the property can be redeveloped into a single massive GCB or sub-divided into two smaller GCB plots, subject to approval, he adds.
The property is available for sale by expression of interest and will close on May 15.
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