At Caldecott Hill Estate, a Good Class Bungalow (GCB) along Joan Road has been put up for sale. The six-bedroom, double-storey bungalow was built in the 1960s as a family home. The garden has fruit trees and a badminton court, which has long been disused.
The original owner is a renowned accountant who was also an independent director of several listed companies well into his 90s. Now a centenarian, he has handed over the property to his three sons, giving each a one-third share.
The owners have decided to sell the property as there are only three elderly persons living in the house, says Mary Sai, executive director of capital markets at Knight Frank, the exclusive marketing agency for the property. “Some of the family members have moved abroad, others have homes of their own,” she says.
The bungalow sits on a freehold site of 29,483 sq ft. The property has a 53m frontage and a depth of 55.4m, according to EdgeProp Inspector. The asking price of the property is $48 million ($1,628 psf).
The owners have received in-principle approval to redevelop the site into two smaller GCBs. Hence, the property would appeal to those seeking bungalow plots of about 30,000 sq ft, with the potential for redevelopment into two bungalows for extended families who want to live next to each other, reckons Sai.
The fact that the site can be subdivided into two GCBs will also appeal to property developers, she adds. While the existing access to the property is from Joan Road, the future owner could create a second access point from Olive Road, subject to approval from authorities, according to Sai.
The neighbouring Olive Road has seen two record-breaking GCB deals over the past 12 months. In April, a GCB sitting on a freehold, 27,909 sq ft site changed hands for $50.24 million ($1,800 psf), tantamount to the biggest transaction in the neighbourhood in absolute terms. In June last year, another GCB sitting on a 23,424 sq ft, freehold site fetched $36 million ($1,537 psf).
Since last June, eight bungalows have changed hands at Caldecott Hill Estate totalling $184.58 million, based on caveats lodged to date. Three of the eight were transacted in just the first four months of 2022.
Sai sees Caldecott Hill Estate attracting more interest due to the potential redevelopment of the former 752,021 sq ft Caldecott Broadcast Centre into 15 GCBs of at least 15,070 sq ft by developer-owner Perennial Holdings. These GCBs will be 99-year leasehold instead of freehold.
“There is a market for such leasehold GCBs, especially among new Singapore citizens,” notes Sai. She expects the redevelopment of the former Caldecott Broadcast Centre to enhance the exclusivity of the Caldecott Hill Estate. The improved infrastructure, with the nearby Caldecott MRT Station becoming an interchange for the Circle Line and upcoming Thomson-East Coast Line, will also make it more accessible and hence increase the desirability of the location, she adds.
“Well-located GCBs like the one on Joan Road remain highly sought after as they are tightly held for long-term wealth preservation and capital appreciation,” according to Sai.
Given the limited availability of prime landed homes, coupled with strong demand from foreign ultra-high-net-worth families that are willing to pay rental premiums for such properties, Nicholas Keong, head of private office, Knight Frank Singapore, expects the GCB “to draw strong interest”.
The GCB at Joan Road is available for sale by private treaty.