Three different transactions of freehold bungalows were made recently. Two of them were for sites at Gilstead Road.
According to this report from The Business Times, Peak Vista of Kheng Leong Company has bought two bungalows for S$70 million in Gilstead Road. The two properties occupy a site area of 43,457 sq ft, translating to S$1,611 psf.
Kheng Leong is the private real estate arm of the family of UOB chairman emeritus Wee Cho Yaw.
According to a press release by Edmond Tie on the tender exercise of the bungalows, the asking price was S$91.8 million. The site is zoned for residential use and can be redeveloped to build up to 56 residential units, subject to planning approval.
A further check by 99.co on the transactions records found that the deal was closed in December last year.
The other Gilstead Road bungalow sale was closed last month on 5 January. It was sold to an entity owned by Melvin Poh, founder of property developer Fission Group, and his brother Jason for S$17 million. With a land area of 10,505 sq ft, this translates to S$1,618 psf.
According to report, the plan was to redevelop the plot into two three-storey bungalows with an attic.
Coincidentally, another freehold bungalow was sold on the same day in Meyer Road for S$32.68 million. With a land area of 25,526, this translates to S$1,280 psf.
It is reported that the buyer is the son of property developer Ibraco’s chairman Ng Cheng Chuan. The option to purchase was granted a year ago but was only exercised last month. The report also mentioned that the property is believed to be redeveloped for the family’s own occupation.
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If you found this article helpful, 99.co recommends Fragrance Group boss bought a bungalow in Caldecott Hill GCB area for S$981 psf and Singaporean in his early 30s bought 6 semi-Ds put up for sale by Lee family of OCBC for S$43.18m.
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