TikTok’s Chew Shou Zi and Nippon Paint’s Goh Cheng Liang are some of the notable figures that own good class bungalows in some of Singapore’s most exclusive estates, but another reputable family brand is claiming a piece of GCB property pie. It’s none other than Pang Lim and Ng Hoon Tien, the husband-wife duo behind homegrown food court brand Koufu. The home in question? A $58 million dollar GCB along Caldecott Hill.
GCB sold for $58 million, originally listed for $62.8 million
Source: Cushman & Wakefield
Advertised by real estate firm Cushman & Wakefield, the GCB site itself consists of a pair of adjacent freehold bungalows at Joan Road, which is located in the Caldecott Hill estate area. While the property was initially listed for $62.8 million, it seems that the final settled price is at $58 million, which translates to $1,477 psf given its 39,276sqft area.
It’s worth noting that its $58 million price tag isn’t exactly groundbreaking. There are quite a handful of GCBs which command a far higher value—such as a $93 million one by Nippon Paint Magnate Goh Cheng Liang—but $58 million is on the slightly higher side compared to some other GCB transactions as of late.
Located on a quiet cul-de-sac, the site was acquired in the 1960s by the family of Mr Chan Kok Kwan, former President of the Diamond Importers Association of Singapore (DIAS), and housed 3 generations of the Chan family.
Source: Google Maps
Of the 2 bungalows on the site, the one with the lush garden (left of road) remains occupied by the Chan family, while the other with an attic and a swimming pool (right of road) is currently tenanted. The entire land plot area is tucked away in a quiet corner in the Caldecott Hill estate amidst lush greenery and serene surroundings, providing much-needed privacy as well as quietness.
You can find the original listing of the GCB on property organisation Cushman & Wakefield’s website.
Central location close to nature & lifestyle destinations
Source: Google Maps
Located in central Singapore in the Caldecott Hill estate, the closest MRT is actually just a short 3-minute drive or 7-minute walk away, giving you access to the Circle Line and Thomson-East Coast Line. Lifestyle and nature destinations such as MacRitchie Reservoir, Singapore Island Country Club and Singapore Polo Club are also nearby.
In terms of schools, you have brand name schools such as St Joseph’s Institution International, Raffles Girls’ and Raffles Institution, Catholic High, Singapore Chinese Girls’ School and St Joseph’s Institution all in close proximity, which is an added bonus.
Connectivity-wise, the GCB sits on the major Thomson and Marymount Roads, which also connects to other major roads such as Lornie Road and Upper Thomson Road. These give you access to other popular parts of Singapore such as Holland Village, Novena, and even Bukit Timah, which are all a short drive away.
GCBs—A status symbol of luxury and affluence
In summary, the $58 million GCB sale continues to prove the point that real estate remains a highly-coveted asset class, especially among the upper echelons of society. While they don’t necessarily exchange hands very frequently, the high price tags of GCBs make them undoubtedly newsworthy whenever they are purchased.
Of course, you need not be some real estate tycoon, CEO of a large conglomerate, or heir to some billion dollar business to purchase a GCB. Anyone can do so! If you do have deep pockets or just happen to have about $50 million lying around, the good news is that there are quite a number of GCBs being listed for sale for you to consider.
Otherwise, most of us can only continue to wonder and marvel at the sheer size and opulence of such purchases, while hoping that we can perhaps one day afford such a purchase.
Read more about multi-million dollar homes:
- 15 good class bungalows in Singapore that belong to famous entrepreneurs
- Fragrance Hotel CEO James Koh & wife Lim Wan Looi own good class bungalows on Lornie Road & Bishopsgate
- These 3 siblings renovated a GCB into a futuristic sanctuary
Cover image adapted from: Google Maps
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