Far East bought GCB at King Albert Park

Far East Organisation bought a Good Class Bungalow (GCB) on a freehold site of over 39,000 square feet at 16 King Albert Park.

Far East is paying S$43.8 million for 16 King Albert Park, translating to S$1,117 per square foot (psf) based on the freehold land area of 39,228 sq ft. The group’s existing four plots add up to 69,803 sq ft.

Based on the total land area of 109,031 sq ft, up to seven bungalows may be developed based on the minimum plot size of 15,070 sq ft per bungalow in Good Class Bungalow Areas.

The plan is to redeveloping the enlarged site of over 100,000 sq ft into several bungalows which the group will hold as an investment property for rental income.

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First GCB on 2017 sold in Jalan Kampong Chantek

The first transaction in a Good Class Bungalow (GCB) Area this year, a bungalow along Jalan Kampong Chantek off Dunearn Road was sold for S$27.59 million — about S$1,003 per square foot (psf) based on the freehold land area of 27,504 sq ft. The property is in the Swiss Club Road GCB Area.

Sited on an upward-sloping site is an old vacant house (11,000 sq ft built-up area) with two storeys and an attic level. There are seven bedrooms and a swimming pool. Ronald Te, co-founder of Super Group behind the famous 3-in-1 Super Coffee sachets, bought the property.

Super Group fellow co-founder David Teo bought a GCB along Fifth Avenue off Bukit Timah Road for S$24.5 million or S$1,626 psf last year. The two-storey house is next to the bungalow where Mr Teo and his family reside.

The Dutch tea and coffee group Jacobs Douwe Egberts (JDE) launched a takeover offer for the beverage group.

Bukit TImah – Novena

The Bukit Timah area is a particularly prominent location with a high land value. The area of Bukit Timah has an extensive flora and fauna compared to other parts of Singapore, and contains Bukit Timah Nature Reserve, which is partially responsible for its high land value. The nature reserve was established in 1883.

The Bukit Timah Race Course, a thoroughbred horse racing facility, was opened in 1933 and operated until 1999.

The area includes educational institutions such as Anglo-Chinese School (Barker Road), Singapore Chinese Girls’ School, Methodist Girls’ School, Hwa Chong Institution, National Junior College, Raffles Girls’ Primary School, Nanyang Primary School, Nanyang Girls’ High School, Pei Hwa Presbyterian Primary School, Saint Joseph’s Institution and Ngee Ann Polytechnic amongst others.

The nearby area hosts many bungalows, typically expensive in land-scarce Singapore, as well as high rise condominiums. Many expatriates and well-heeled Singaporeans live in this region.

This region was later extended and Upper Bukit Timah (District 21) was formed. The Keretapi Tanah Melayu from Malaysia has a passing loop station here along its rail network from Johor Bahru to Tanjong Pagar.

 

Novena and its roads (Jalan Novena Barat and Novena Terrace), buildings (Novena Ville and Novena Gardens), as well as the MRT station in this area are named after the popular Saturday Novena devotion sessions held at the Church of Saint Alphonsus (Novena Church) at 300 Thomson Road. It is so popularly known as the Novena Church that many people, especially non-Catholics, are unaware that the actual name of the church is The Church of Saint Alphonsus.

The current premises of the Novena Church were owned by a wealthy Chinese businessman, Wee Kah Kiat. The premises were bought over by the Redemptorist priests in 1948 where a small church dedicated to Our Mother of Perpetual Help named the Church of Saint Alphonsus was built in May 1950. As accorded to tradition, the novenas to Our Lady of Perpetual Help began in January 1949 and were heavily publicised and instantaneously became widespread in 1951 as intended by Pope Pius XI. Unlike the traditional Wednesdays, the town of Novena celebrates their Novena prayer celebrations and services on a Saturday.

Housing in Novena tends very expensive because of its prime location and facilities. Novena has no HDB flats, but is made up of condominiums and private housing. There are many condominiums in Novena such as Birmingham Mansions, Thomson Euro-Asia and Lion Towers. Newer condominiums include Strata, Novena Suites, Novellis, Soleil at Sinaran (2010) and coming soon (2010) a 5-star serviced hotel across the street from Tan Tock Seng Hospital. These condominiums generally surround the main schools in the area, which are, Saint Joseph’s Institution Junior, formerly known as St Michael’s School at Essex Rd and San Yu Adventist School, on the corner between Thomson Road and Chancery Lane with Balestier Hill Secondary School at Novena Rise.