A GOOD Class Bungalow (GCB) site with two freehold bungalows in Caldecott Hill is on the market at a guide price of S$62.8 million.

The District 11 property was purchased in the 1960s by Chan Kok Kwan, a prominent diamond merchant who moved in high-society circles. It has housed three generations of the Chan family. 

Located on a quiet cul-de-sac shared with only one other GCB along the road, the two bungalows occupy a regular-shaped plot with a land area of about 39,276 square feet (sq ft), said Cushman & Wakefield, which is marketing the property.

The S$62.8 million guide price translates to a land rate of about S$1,599 per square foot (psf).

Rebuilt around 2000, one bungalow has two storeys and a garden, and is occupied by the family. The other bungalow has two storeys with an attic and a swimming pool, and is tenanted.

Both bungalows are separated by a low wall, Cushman & Wakefield said.

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Shaun Poh, executive director of capital markets at Cushman & Wakefield, said: “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.” 

The Business Times reported that an old two-storey bungalow on Andrew Road in the Caldecott Hill Estate was sold in June 2022 for S$33 million, or S$1,225 psf on a land area of nearly 27,000 sq ft. Perennial Holdings chief executive Pua Seck Guan was said to have purchased the property. 

In Olive Road nearby, a GCB was sold for a record S$50.2 million in April 2022, or about S$1,800 psf on a land area of 27,909 sq ft. According to Huttons, the Olive Road property was reportedly bought by the grandson of late millionaire Wee Thiam Siew.

A 752,015 sq ft plot of land on Andrew Road where the former Caldecott Broadcast Centre stood was bought by an entity owned by Perennial and its chairman Kuok Khoon Hong in 2020 for S$280.9 million. In 2022, Perennial had proposed to the Urban Redevelopment Authority to redevelop the land into 15 99-year leasehold GCBs. 

The Joan Road property on sale has plot depth and width of about 95 m and 42 m, 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. 

Bungalows in the 39 gazetted GCB Areas are the most prestigious form of landed housing in Singapore, with strict planning conditions to preserve their exclusivity and low-rise character.

Among other things, a minimum plot size of 1,400 square metres (about 15,070 sq ft) is stipulated as the planning norm for newly created bungalows in GCB Areas.

The expression of interest exercise for the property will close on May 15.