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.