Good Class Bungalow up for grabs at Olive Road

The 23,423 sq ft property has an asking price of between $26-$28m.

In a release, Knight Frank announced the launch for sale of a Good Class Bungalow (GCB) located at Olive Road by Expression of Interest.

The property has been put up for sale by the estate of the late Dr Khoo Oon Teik. The late Dr Khoo was the founder of the National Kidney Foundation (NKF). He had provided critical leadership as the NKF developed and grew to contribute tremendously to renal treatment in Singapore. He has been called 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. He was honoured by the National University of Singapore in 1999, with the creation of the Khoo Oon Teik Professorship in Nephrology.

The property located at 27 Olive Road has a land area of 23,423 sq ft. It is nestled within the exclusive GCB enclave of Caldecott Hill Estate, which is within the prime residential District 11. The property is very conveniently located and has easy access to all parts of Singapore via the Pan Island Expressway and about 15 minutes drive to Orchard Road. The Caldecott MRT Station is also within a pleasant walk from the property.

Currently, there is a two-storey detached house, that was built over 30 years ago, on the site. “The property is on elevated ground, which offers captivating views of the city landscape, Integrated Resort and MacRitchie Reservoir Park. The plot is ideal for redevelopment into a luxurious new bungalow,” says Mrs Mary Sai, Executive Director, Investment (Commercial Sales).

The asking price for the property is between $26 million and $28 million. This represents a land rate of approximately $1,110 to $1,200 per square foot (psf). Recent transactions within the Caldecott Hill Estate such as properties situated along Andrew Road and Olive Road have hovered around the $1,100 psf to $1,200 psf. A bungalow along Olive Road was said to have changed hands for about $30 million or $1,185 psf.