37-year-old CEO in early stage of buying $55.5 million Belmont Park GCB

The 37-year-old Group CEO of Auric Pacific Group, Dr Andy Adhiwana, who is also the son-in-law of property developer OUE executive chairman Stephen Riady, has reportedly been granted an option to buy a good-class bungalow (GCB) in the Belmont Park GCB area for $55.5 million.

With a land area of 27,000 sq ft, this translates to a price psf of around $2,055.

According to Business Times, the freehold property that Dr Adhiwana is buying comes with a two-storey bungalow and a swimming pool. It sits on land that cascades downwards.

Auric Pacific Group owns several businesses and consumer brands, such as Sunshine Bread.

Dr Adhiwana holds a Bachelor of Medicine, Bachelor of Surgery (both in 2011) and Doctorate in Medicine with cum laude in 2012 from Heidelberg University Germany, and a Master of Business Administration in 2013 from the National University of Singapore.

He is the recipient of the Singapore Business Review Executive of the Year Award 2016 and The Asia Pacific Entrepreneurship Award 2016.

Born in Germany, raised in Indonesia, and now a Singapore citizen, he speaks fluent German, English and Bahasa Indonesia. In 2020, he bought a full-page ST ad to congratulate and celebrate his father-in-law's 60th birthday.

The seller of the GCB is reportedly Woo Tsung Chwen, a member of the Tay family of OG Department Stores group. He had bought it via a mortgagee sale in October 2019 for $34.5 million, or $1,278 psf.

Should the deal go through, Woo would make a gain of around $21 million or 60 per cent, without factoring into other expenses like stamp duties and legal fees.

It is understood that the property was developed in the early 2000s by David Chew, who used to control The Stratech Group with his wife Leong Sook Ching. As the group went into liquidation, the property was put on auction by Deutsche Bank.

According to a 2019 news release on the mortgagee sale, the property was initially put up for sale with a guide price of $42 million, or approximately $1,557 psf.

It is also located next to the GCB bought by Kuok Hui Kwong, chairman of Shangri-La Asia and daughter of Malaysian tycoon Robert Kuok. She had bought it in 2018 for $43.5 million.

Just two days ago, it was reported that a GCB at White House Park was sold for $45.5 million. It was also the highest deal in terms of price psf in the GCB market so far this year, according to Pow Ying Khuan, Head of Research at 99 Group.

A GCB along Swiss Club Road has also just been put on the market for $39.9 million. With a land area of approximately 21,293 sq ft, this translates to a price psf of approximately $1,874.

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According to ERA's department of Capital Market and Investment Sales, Luxury Homes, the sole marketing agent for the sale, the property comes with a built-up area of approximately 10,600 sq ft.

It is currently occupied by a double-storey bungalow with an attic, and has a driveway leading to the house that is away from the main street.

Douglas Wong, Senior Director of ERA Capital Market and Investment Sales, Luxury Homes (GCBs) commented, "GCBs, being the rare (only about 2,800 GCBs island wide) and ultimate residential option in Singapore, not only is it a staple for local UHNWIs, there is also a strong demand from new Singapore citizens and the younger buyers entering the GCB market."

This article was first published in 99.co.