Family of Koufu Group founders to buy Caldecott Hill GCB site for $58m, Money News
The freehold site located at Joan Road occupies 39,276 sq ft of land and costs $1,477 psf.
There are two bungalows occupying the regular-shaped plot within the prestigious Caldecott Hill enclave in District 11, which is one of 39 gazetted GCB areas in Singapore.
The property was initially purchased in the 1960s by Chan Kok Kwan, the former president of the Diamond Importers Association of Singapore, and housed three generations of the Chan family.
It was recently rebuilt around 2000, with one of the two-storey bungalows being occupied by the Chan family. The second bungalow, which also features an attic and a swimming pool, is tenanted, according to a release in April 2024 by real estate company Cushman & Wakefield.
The GCB site had been marketed through an expression of interest exercise in May 2024 by the firm at an indicative price of $62.8 million ($1,599 psf).
The property's close proximity to shopping malls, hospitals, renowned educational institutions and MacRitchie Reservoir was highlighted in the press release. It is also within walking distance of Caldecott MRT station.
The GCB site is also "highly sought after by ultra-high net worth individuals to build their dream home for multi-generation families", said Shaun Poh, Cushman & Wakefield's executive director of capital markets, in the release.
He added that with a plot depth of about 95m and and a width of about 42m, the property can also be redeveloped into a single massive GCB, or split into two separate GCBs, subject to approval.
According to The Business Times, the real estate sale is still in its early stages and is being brokered by Realstar Premier.
A check on URA's caveat records shows that the last GCB sale in Caldecott Hill Estate was completed in August 2023, with an 11,082 sq ft property at Caldecott Close sold for $22 million.
[[nid:713431]]
dana.leong@asiaone.com
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
a day ago
- Straits Times
First-half GDP boost likely temporary; Republic must stay relevant amid challenges: Chan Chun Sing
Sign up now: Get ST's newsletters delivered to your inbox Singapore's GDP growth hit 4.3 per cent year-on-year in the first half of 2025, which is stronger than expected. SINGAPORE – Despite the stronger than expected gross domestic product (GDP) growth in the first half of 2025, the boost to the Republic's economy is likely to be temporary. And Singaporeans will need to be clear about the challenges that lie ahead, said Defence Minister Chan Chun Sing. He was speaking at the Tanjong Pagar GRC and Queenstown and Radin Mas SMCs' 60th National Day dinner on Aug 16 at Tanjong Pagar Community Club. On Aug 7, a baseline tariff of 10 per cent from the United States came into effect for Singapore. Prime Minister Lawrence Wong had said on April 8 the tariff would hurt the nation's economy, businesses and workers, and significantly impact the economy's growth. Speaking to more than 750 residents, partners and volunteers at the dinner, Mr Chan said the good news is that Singapore's GDP growth hit 4.3 per cent year on year in the first half of 2025, which is stronger than expected. But part of the growth came from a flurry of front-loading activity – where businesses stepped up production and exports ahead of the tariff hikes. And that boost is likely to be temporary, he said. Mr Chan, an MP for Tanjong Pagar GRC, warned his constituents: ' Looking ahead, we are concerned with the uncertainties in the global environment that will slow down the investments or will reduce the confidence of investors. ' He added that the bigger challenge will come from the uncertainty over the tariffs, which could have an impact on the job market or lead to rising inflation. Mr Chan also cautioned that external parties will continue to try to influence how Singaporeans think. He said: 'We must make decisions based on our own long-term interests, rather than be swayed by others to do their bidding or to be their proxies.' Still, he said there was no need for Singaporeans to despair. 'Even in the toughest of times, we must play to our strengths, there will be opportunities for us to seize, and this will depend on what we do together as a nation.' Pointing out that the world had become increasingly 'transactional', he said the Republic must remain relevant. Mr Chan, who is also Coordinating Minister for Public Services, said: 'We must develop tangible capabilities, be it on the economic front or on the security front, and offer real value proposition for others who want to partner us.' He said Singapore has to be consistent and coherent, especially in a world of unpredictability, to nurture stability, both for Singaporeans and for investors. 'Investors are not just looking for the highest returns for their investment, but they are also looking for a reliable place to put their investment, where their investment can be governed by the rule of law, where their intellectual property can be protected,' he said. To show that Singapore was thinking long-term, the minister said the country needs to invest in its people through education, training, and equipping the workforce with skills to thrive in an evolving world. Mr Chan said Singapore must continue to manage the country's financial reserves and finances to better prepare for future challenges. Another way is to invest in major infrastructure projects to maintain global competitiveness. He cited some long-term plans, including the construction of Changi Airport Terminal 5 and the Tuas mega port. Mr Chan said opportunities will open up in Singapore as businesses and investors seek to diversify risks, and companies prioritise resilience and preparedness. He said Singapore can fill that role if the nation remains relevant, offer a stable political system and a coherent government. Mr Chan was accompanied by his Tanjong Pagar GRC team – Minister of State Alvin Tan, Ms Joan Pereira, Ms Rachel Ong and Mr Foo Cexiang. Senior Parliamentary Secretary Eric Chua, the MP for Queenstown, and Radin Mas MP Melvin Yong were also there. At the event, Mr Chan paid tribute to the Malay community and acknowledged its contributions to nation-building. And he called on all Singaporeans to continue to be united to care for one another. Said Mr Chan: 'We are not done building Singapore, and I'm sure the younger generation amongst us today will make sure that one day, 40 years later, when we stand outside here, we will see an even better Singapore.' He added, it will not be measured just in terms of a development in the country's infrastructure, but rather in the way Singaporeans unite to face long-term challenges. 'If we can do that, then I am very sure we can all have that quiet confidence we will make it to SG100,' said Mr Chan.
New Paper
2 days ago
- New Paper
TikTok video calling Koufu outlet 'saddest in Singapore' goes viral, sparks discussion online
A TikTok video has gone viral, dubbing a Koufu outlet at Le Quest Mall the "saddest Koufu in Singapore". Posted by yokey017 on Aug 14, the subtitle read: "Only 4 out of 11 stalls open. Drinks, caifan, western, chicken rice." The video pans across a near-empty food court, showing numerous vacant stalls - some with their signboards still up, but no stall owners in sight. It's unclear when or what time the video was taken. The New Paper understands the lease for Koufu Le Quest is ending in October. Netizens speculate reasons The post quickly gained traction, amassing more than 120,000 views and 1,000 likes. "This food court has been like this for the longest time," said a comment. Many netizens pointed to steep rentals as a possible reason for the closures. "Government should look into rental issue," one wrote, with some estimating rent for a small stall to be about $8,000 to $10,000 a month. Others pointed to manpower shortages. "High rentals and lack of manpower are always the reasons," one user commented. "No one wants to work a 12-hour shift with low pay and demanding customers expecting their food to be ready in five minutes." Another highlighted the plethora of options available. "It's too competitive laaa. There's a few coffee shops surrounding the area, and there're other food stores in Le Quest," said a user. Rising food prices also came up as a concern, with some lamenting that higher rentals were often passed on to customers - pushing them towards cheaper options such as the hawker centre nearby. Others urged stallholders not to accept unsustainable rental rates. "If rental costs are high, just reject it. If everyone cooperates, landlords will eventually be forced to revise the prices," another added. Other outlets too? Several commenters say they've observed similar scenes elsewhere. "(The outlet at) Anchorpoint is also in the same situation," said one user. Another pointed out: "There's one opposite Taman Jurong hawker center, it's quite empty too." "Hawker culture will die very soon if it continues at this rate," one remarked. In response to queries from The New Paper, Koufu Group acknowledged that some foodcourts may currently have lower stall occupancy "due to factors such as evolving consumer preferences, shifting foot traffic patterns, and post-pandemic recovery trends", but said this was "not representative of our overall network performance". The group added that it is "actively engaging" with potential tenants, introducing new dining concepts, and enhancing marketing initiatives to boost customer traffic and tenant interest. "Many of our foodcourts continue to enjoy strong occupancy and footfall, and with over two decades in operation, we remain confident in our long-term strategy to adapt to market changes, support our tenants, and deliver quality and variety to the communities we serve." TNP has reached out to yokey017 for comment. According to its website, Koufu Group, established in 2002, aims to "bring forth 'Koufu' to everyone", with a mission to provide good food and service rooted in traditional Singaporean cooking and the coffee shop culture. In addition to operating Koufu food courts, the group also manages other food hall brands such as Gourmet Paradise and Happy Hawkers, as well as concept stores like Dough Culture and cafés such as 1983 Coffee & Toast.
Business Times
2 days ago
- Business Times
Fed watch, Japan's rally, and Indonesia's record run
It's been a week of market milestones in Asia from Wall Street optimism spilling over into Tokyo to Indonesia's equity surge and Singapore's brighter growth outlook. But how much of this momentum is real, and how much is just the market getting ahead of itself? In this week's Market Focus Weekly from The Business Times, host Emily Liu speaks with Gary Tan, CEO of Allspring Global Investments Singapore, about what's moving the numbers and whether investors should brace for a change in direction. Why listen? The Fed's next move and the 150-point cut chatter A softer US CPI print has traders convinced a September cut is coming. But Tan explains why a 150-basis-point slash is unlikely without an economic shock, and posits what's more realistic. Japan's rally and the policy cross-currents A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up The Nikkei and Topix are climbing fast, boosted by governance reforms, a weak yen, and strong earnings. But with unusual public pressure from the US on Japan's interest rates, how long can the momentum last? Indonesia's record-breaking run Foreign funds are flooding back, macro indicators are stabilising, and the Jakarta Composite Index is flirting with all-time highs. Here Tan shares what's driving the rally and whether in his opinion it's built to last. If you want the market signals without the noise, you'll want to listen in. Catch the full episode at or email your thoughts to btpodcasts@ . --- Written and hosted by: Emily Liu ( emilyliu@ ) With Gary Tan, CEO, Allspring Global Investments Singapore Edited by: Chai Pei Chieh & Claressa Monteiro Produced by: Emily & Chai Pei Chieh A podcast by BT Podcasts, The Business Times, SPH Media --- Follow Market Focus Weekly podcasts every Friday: Channel: Amazon: Apple Podcasts: Spotify: YouTube Music: Website: Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party's products and services. Please consult professional advisors for independent advice. Discover more BT podcast series: BT Money Hacks at: BT Correspondents: BT Podcasts: BT Branded Podcasts:
