NKF founder's old bungalow fetches $26m

Published on Oct 30, 2012

By Magdalen Ng

A GOOD class bungalow owned by the late philanthropist Khoo Oon Teik has sold for $26.1 million.

The new owner - thought to be a professional in his early 40s - is understood to be considering redeveloping the property into a luxurious new home.

The two-storey bungalow at 27 Olive Road, which was built more than 30 years ago, occupies a land area of 23,423 sq ft. The sale price translates to about $1,114 per sq ft.

It was put up for sale by the estate of the late Dr Khoo via an expression of interest exercise, which closed on Sept 18, by Knight Frank. The asking price for the property was between $26 million and $28 million.

Ms Mary Sai, executive director of investment (commercial) sales at Knight Frank, said: "The property is on elevated ground, which offers captivating views of the city landscape, Marina Bay Sands and lush greenery."

Dr Khoo founded the National Kidney Foundation and established the first intensive care, renal dialysis and coronary care units at the Singapore General Hospital in the 1960s.

A bungalow on a 25,319 sq ft site in the same area, which is within walking distance to Caldecott MRT station, fetched $30 million in July.

Meanwhile, a landed property at 44 Faber Drive on an elevated site of 11,719 sq ft was sold for $10.38 million or $886 per sq ft last week.

The owner is believed to have plans to subdivide the land into two plots.

Ms Sai said the two sales, in spite of the recent slew of cooling measures, reflect a continued demand for landed homes.

"Landed properties as well as good class bungalows in exclusive locations, and within easy access to urban amenities continue to attract buyers despite the financial crisis in Europe and concerns over slower economic growth," she added.

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