Koufu founders' family buying Caldecott Hill GCB site for S$58 million

The family of Pang Lim and Ng Hoon Tien, the husband-wife duo that founded Koufu Group, is buying a Good Class Bungalow (GCB) site at Caldecott Hill, reported The Business Times.

BT said it understands that the Pangs will purchase the property at S$58 million.

This works out to S$1,477 per square foot, on the 39,276 sq ft freehold area.

The property is located less than 400m from Caldecott MRT station.

It's also located near MacRitchie Reservoir.

The site contains two bungalows, separated by a low wall, and boasts a swimming pool and lush garden.

Previously, it was put on the market at S$62.8 million.

What's in a GCB

Singapore has 39 GCB areas, with only about 2,700 properties classified as GCBs.

URA guidelines stipulate a minimum plot size of 1,400 square metres or 15,070 sq ft, for newly-built bungalows in GCB areas.

GCB ownership is also largely restricted to Singapore citizens.

As of 2024, the median price of a GCB is around S$36 million, according to Bloomberg.

Top image from Cushman & Wakefield