Two well-located landed properties, a Good Class Bungalow (GCB) at 27 Olive Road (pictured) and a bungalow at 44 Faber Drive changed hands recently, according to Knight Frank.
The GCB was sold for S$26.1 million, or around S$1,114 psf. The house was put up for sale by Expression of Interest (EOI) by the estate of the late Dr. Khoo Oon Teik, founder of the National Kidney Foundation (NKF).
“The property has been well received by the market as it is on elevated ground, which offers captivating views of the city landscape, Marina Bay Sands and lush greenery,” said Mary Sai, Executive Director for Investment (Commercial Sales) at Knight Frank.
With a land area of 23,423 sq ft, the GCB is sited within an exclusive enclave at Caldecott Hill Estate and is close to Caldecott MRT station. The buyers are expected to redevelop the property into a luxurious estate.
Meanwhile, the other bungalow was sold for S$10.38 million, or S$886 psf on the land area of 11,719 sq ft.
The elevated site can be subdivided into two plots for smaller detached homes. Moreover, it is located near the new Clementi Mall, Clementi Bus Interchange/MRT station and National University of Singapore (NUS).
“Landed properties as well as GCBs in exclusive locations and within easy access to urban amenities continue to attract buyers despite the financial crisis in Europe and concerns for slower economic growth,” Sai noted.