Cushman & Wakefield (“C&W”), as the exclusive marketing agent, is pleased to present for sale a pair of adjacent freehold bungalows (collectively the “Property”) situated on a single Good Class Bungalow (“GCB”) site at Joan Road, in the prestigious Caldecott Hill Estate via an Expression of Interest (“EOI”) exercise. The indicative price is $62.8 million (approx. $1,599 psf).
Located on a quiet cul-de-sac shared with only one other GCB sharing the road, the two bungalows occupy a regular-shaped plot with a land area of approximately 39,276 sq ft. Acquired in the 1960s by Mr Chan Kok Kwan, former President of the Diamond Importers Association of Singapore (DIAS), the Property has housed three generations of the Chan family. Rebuilt around year 2000, one bungalow (two-storey with a lush garden) remains occupied by the family while the other bungalow (two-storey with attic and a swimming pool), separated by a low wall, is tenanted.
The Property is within proximity to various lifestyle and nature destinations such as MacRitchie Reservoir, Singapore Polo Club and The Singapore Island Country Club (Bukit Location). Caldecott MRT Station which serves as an interchange between the Circle Line and Thomson-East Coast Line is a mere 7-minute walk away.
The location is within a few minutes’ drive from the shopping (Velocity at Novena Square, Square 2 and United Square) and healthcare (Mount Alvernia Hospital and Health City Novena) facilities in Novena/Newton. Renowned educational institutions nearby include St Joseph’s Institution International, Raffles Girls’ School, Raffles Institution, Catholic High School, Singapore Chinese Girls’ School and St Joseph’s Institution.
The Property forms part of the prestigious Caldecott Hill enclave in District 11, one of 39 gazetted GCB areas in Singapore. Caldecott Hill Estate was the talk of the town when a large 99-year leasehold site housing former Caldecott Broadcast Centre was sold to developer Perennial Holdings in 2020.
Mr. Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, says: ““GCB sites that are centrally located, especially large freehold sites above 35,000 sq ft such as the one at Joan Road rarely appear on the market and are highly sought after by ultra-high net worth individuals to build their dream home for multi-generation families. They are usually tightly held for long-term wealth preservation and capital appreciation.”
“With a plot depth and width of approximately 95m and 42m respectively, future owners may explore the option of redeveloping the Property into a single massive GCB, or subdividing the plot into two separate GCBs, subject to approval.” Mr Poh added.
The EOI exercise will close on 15 May 2024 (Wednesday), 3pm. All interested parties are invited to submit their bids to Cushman & Wakefield.
