GCB belonging to late NKF founder up for sale

[reporter2]

http://www.businesstimes.com.sg/archive/wednesday/premium/singapore/gcb-belonging-late-nkf-founder-sale

Published August 15, 2012

GCB belonging to late NKF founder up for sale

By michelle tan

http://www.businesstimes.com.sg/archive/wednesday/sites/businesstimes.com.sg/files/imagecache/image_300x200/BT_20120815_TMGCB15_115265.jpg
Bungalow with a view: Nestled within the exclusive GCB enclave of Caldecott Hill estate, the bungalow is on elevated ground which offers captivating views of the city landscape, IR and MacRitchie Reservoir Park - PHOTO: KNIGHT FRANK

A GOOD Class Bungalow (GCB) along Olive Road (in District 11) has been put up for sale by the estate of the late Dr Khoo Oon Teik, founder of the National Kidney Foundation (NKF).

With an asking price of around $26 million to $28 million - which translates to approximately $1,110-

$1,200 per square foot (psf) - the 23,423-square-foot property nestled within the exclusive GCB enclave of Caldecott Hill estate is said to be priced in line with other homes in the vicinity.

Notably, transactions of properties located along Andrew Road and Olive Road were said to have fetched prices in the range of $1,100-$1,200 psf in recent times, according to Knight Frank, with a bungalow along Olive Road exchanging hands for around $30 million or $1,185 psf.

Location-wise, the site, which has a two-storey detached house built some 30 over years ago, is within walking distance from Caldecott MRT Station and at 15 minutes' drive from Orchard Road.

Additionally, Mary Sai, executive director of investment (commercial sales) at Knight Frank, highlighted: "The property is on elevated ground, which offers captivating views of the city landscape, Integrated Resort (IR) and MacRitchie Reservoir Park. The plot is ideal for redevelopment into a luxurious new bungalow."

In terms of the prospects of owning a GCB, Knight Frank pointed out that the sector has remained relatively resilient despite the slew of negative economic news, with transactions of such properties staying "quite active".

Previously, the late Dr Khoo provided critical leadership to the NKF's development. He was called the "Father of nephrology" in Singapore after establishing the first intensive care, renal dialysis and coronary care units at the Singapore General Hospital in the 1960s.

[Pizza88]

Why he never donate to NKF? Got pple donate their HDB to NKF leh... he shld donate his bungalow to NKF as well.

[focus]

On top of hill and with views all round?
I will buy if I got money...
I think this one should go for a premium .. why is it only in line with market.

[reporter2]

http://www.straitstimes.com/archive/wednesday/premium/money/story/caldecott-hill-bungalow-late-nkf-founder-sale-20120815

Caldecott Hill bungalow of late NKF founder up for sale

Published on Aug 15, 2012

By Dennis Chan, Deputy Money Editor


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.

Mrs Mary Sai, executive director of investment (commercial sales) at Knight Frank, said the home is on elevated ground offering views of the city landscape, nearby MacRitchie Reservoir Park and even an integrated resort.

"The plot is ideal for redevelopment into a luxurious new bungalow," she noted.

The property has been put up for sale by the estate of the late Dr Khoo, who founded the National Kidney Foundation.

He is known as the "father of nephrology in Singapore", having established the first intensive care, renal dialysis and coronary care units at the Singapore General Hospital in the 1960s.

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, according to a CBRE analysis.

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.

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