Latest news with #KoufuGroup
AsiaOne
13-05-2025
- Business
- AsiaOne
Family of Koufu Group founders to buy Caldecott Hill GCB site for $58m, Money News
A Good Class Bungalow (GCB) site in the Caldecott Hill Estate is set to be purchased for $58 million by the sons of Koufu Group founders Pang Lim and Ng Hoon Tien, reported The Business Times. 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]]
Business Times
11-05-2025
- Business
- Business Times
Koufu's Pang family buying Caldecott Hill GCB site for S$58 million
[SINGAPORE] The family of Koufu Group founders Pang Lim and Ng Hoon Tien is understood to be in the early stage of a deal to buy a large freehold site in the Caldecott Hill Estate Good Class Bungalow (GCB) Area for S$58 million. The price works out to S$1,477 per square foot (psf) on the freehold land area of 39,276 sq ft. On the regular-shaped site in Joan Road in District 11 are two bungalows. The property was bought in the 1960s by prominent diamond merchant Chan Kok Kwan and has housed three generations of the Chan family. Rebuilt around 2000, one bungalow has two storeys and a garden, and is occupied by the family. The other one has two storeys with an attic and a swimming pool, and is tenanted, based on a press release issued in early April 2024 by Cushman & Wakefield. It had marketed the property through an expression of interest exercise; the indicative price was S$62.8 million or about S$1,599 psf. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up The Business Times understands that Realstar Premier was involved with the S$58 million sale that was entered into last month. The purchase of the Joan Road property is being made by two sons of Pang and Ng, the husband-and-wife team that founded Koufu Group, which operates food courts among other food and beverage businesses. The site has a depth of about 95 m and a width of about 42 m. The two bungalows on site are separated by a low wall. The site could be redeveloped into a single large bungalow, or subdivided for redevelopment into two separate bungalows, subject to approval. Bungalows in the 39 gazetted GCB Areas are the most prestigious form of landed housing in Singapore, with strict planning conditions to preserve their exclusivity and low-rise character. Among other things, a minimum plot size of 1,400 square metres (about 15,070 sq ft) is stipulated as the planning norm for newly created bungalows in GCB Areas. There are only around 2,700 bungalows in these areas. One generally has to be a Singapore citizen to be allowed to buy a landed property in a GCB Area. The Joan Road property is about 400 m from the Caldecott MRT station. It is also near MacRitchie Reservoir, Singapore Polo Club and The Singapore Island Country Club (Bukit Location). Pang and Ng, through Dominus Capital, privatised and delisted Koufu from the mainboard of the Singapore Exchange in 2022.
