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In a landmark property transaction, the sons of Koufu Group's founding couple Pang Lim and Ng Hoon Tien are making waves in Singapore's luxury real estate market with their impending $58 million purchase of a prime Good Class Bungalow (GCB) site at Joan Road, according to The Business Times.
The sprawling freehold property spans an impressive 39,276 square feet in the exclusive Caldecott Hill Estate (District 11), translating to $1,477 per square foot. This prestigious enclave counts among Singapore's coveted 39 gazetted GCB areas, known for housing the nation's elite.
The site currently features two elegant bungalows on its regular-shaped plot. Originally acquired in the 1960s by Chan Kok Kwan, former president of the Diamond Importers Association of Singapore, the property has served as home to three generations of the Chan family. While one rebuilt two-storey bungalow remains occupied by family members, its counterpart - complete with attic and swimming pool - currently serves as rental accommodation.
Cushman & Wakefield had initially marketed the property through an expression of interest exercise last May at an indicative price tag of $62.8 million ($1,599 psf). The firm highlighted several compelling selling points including:
Prime location near premier shopping destinations
Proximity to top-tier medical facilities
Access to renowned educational institutions
Adjacency to MacRitchie Reservoir's green spaces
Convenient walking distance from Caldecott MRT station
"This GCB site presents a rare opportunity for ultra-high net worth individuals seeking multi-generational dream homes," remarked Shaun Poh, Cushman & Wakefield's Executive Director for Capital Markets.
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