Caldecott Hill bungalow of up for sale

Caldecott Hill bungalow of up for sale

A bungalow owned by the late philanthropist Khoo Oon Teik is up for sale.

The good class bungalow (GCB) at 27 Olive Road has a land area of 23,423 sq ft and is being sold via an expression of interest by Knight Frank.

The two-storey bungalow, built over 30 years ago, sits on the site, which nestles within the GCB enclave of Caldecott Hill Estate. It is within walking distance of Caldecott MRT station.

The asking price for the property is between $26 million and $28 million, representing a land rate of about $1,110 to $1,200 per sq ft (psf). Buyers have up to Sept 18 to indicate their interest.

Recent transactions within the estate, such as properties situated along Andrew Road and Olive Road, have hovered around the $1,100 psf to $1,200 psf mark.

A bungalow along Olive Road is believed to have changed hands for about $30 million or $1,185 psf last month. The 25,300 sq ft sale site houses a two-storey detached house, which the buyer is expected to tear down and rebuild.

The GCB market has perked up, with transactions doubling in the second quarter to 18 units compared with the first three months of the year.

GCBs typically have a minimum plot size of 15,069.46 sq ft, but some sites may be smaller as a result of being gazetted under GCB areas in 1980.

They are highly prized because no new GCB areas will be gazetted, which means any fresh supply on the market can come only from carving up a much larger parcel of land into two or more plots, each of which must meet the minimum plot requirement.

Source: The Straits Times – 15 August 2012