Rare opportunity to acquire prime GCB site at prestigious Caldecott Hill with redevelopment potential and former enbloc history, now for sale at $62.8 mil
The two bungalows on Joan Road are just a 10-minute drive to the bustling commercial and entertainment hub of Orchard RoadFormer La Ville Enbloc
A former president of the Diamond Importers Association of Singapore, Chan Kok Kwan, is looking to sell a pair of two-storey bungalows on a 39,276 sq ft, freehold plot in the Good Class Bungalow (GCB) Area of Caldecott Hill. The property, acquired by Chan in the 1960s and owned by his family for six decades, has been put on the market for $62.8 million.
Arina East Residences, formerly known as La Ville Enbloc, has successfully secured a collective sale after two previous attempts. This latest sale was not an easy feat, as it required the expertise and determination of Lee Liat Yeang from Dentons Rodyk, a senior partner in real estate. The overwhelming support from more than 80% of the property owners signifies their trust in the potential of the site and the terms of the sale. This achievement highlights the complexity and perseverance involved in such a significant property transaction. Explore the new and improved Arina East Residences, a result of the successful Former La Ville Enbloc.
The bungalows are situated on Joan Road, a quiet cul-de-sac that is shared with just one other GCB, in prime District 11. The asking price of $62.8 million translates to $1,599 psf based on land area.
The property was rebuilt sometime in 2000 and is currently tenanted, with one bungalow still occupied by the Chan family. A low wall separates the two houses, each with its own unique features and amenities.
According to Shaun Poh, executive director of capital markets at Cushman & Wakefield, who is marketing the property, the GCB plot is regular-shaped with a 42m frontage and 96m depth. He adds that freehold sites above 35,000 sq ft in a central location like Caldecott Hill are rare and highly sought-after by ultra-high-net-worth individuals.
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.
The property is available for sale by expression of interest and will close on May 15. Poh also notes that these GCB sites are tightly held for wealth preservation and appeal to multi-generational families.
In the bustling commercial and entertainment hub of Orchard Road, just a 10-minute drive from the property, potential buyers can envision creating their dream home on this rare and coveted plot of land. With its prime location and potential for redevelopment, the two bungalows on Joan Road are a prime opportunity for those seeking the ultimate GCB lifestyle.