$54.5m asking price for conservation bungalow owned by family of Lee Choon Guan

A conservation bungalow in Mountbatten Road owned by the same family for almost a century has been put up for sale at a guide price of S$54.5 million.

The freehold heritage property was purchased in 1926 by the family of Lee Choon Guan, who founded the Chinese Commercial Bank in 1912, which eventually merged with Ho Hong Bank and Oversea-Chinese Bank in 1932 to form the Oversea-Chinese Banking Corporation. Lee died in 1924.

"This rare home is just one of 15 conservation bungalows along Mountbatten Road in District 15 and amongst an estimated 85 privately owned conservation bungalows across Singapore," said Knight Frank which is marketing the property.

The two-storey bungalow has a land size of 2,977.7 square metres and is built on a large regular-shaped corner plot. At its guide price, this translates to a land rate of S$1,700 per square foot (psf).

It has seven bedrooms, a family room, a living hall, a formal dining space, staff quarters and a garage. It houses an outdoor garden, koi pond and nursery. The new owner may be able to build new extensions, subject to approval from the relevant authorities, Knight Frank said.

The bungalow's facade reflects Colonial, Victorian and Art Deco architectural styles and comes with a European-style courtyard.

Checks by The Business Times showed that the property is held in the name of a Mrs Mary Bernadette Philomena Lee. According to National Library Board records from 1984, a Dr Alfred Lee occupied the bungalow and it was previously owned by Lee Pang Chuan, Lee Choon Guan's son. In 1993, the Urban Redevelopment Authority (URA) awarded the bungalow conservation status.

Nicholas Keong, Knight Frank's head of residential and private office, said: "This property is not only rich in historic value, but its intrinsic aesthetic appeal is like fine art; a once-in-a-lifetime opportunity for a sophisticated buyer to add an extraordinary property to their portfolio."

Mary Sai, Knight Frank's executive director of capital markets, said that the conservation bungalow, which dates back to 1851, is "incredibly well maintained" and a "trophy asset in the much-coveted East Coast area."

The last conservation bungalow transacted in the area was 759 Mountbatten Road, which sold for $29 million, or at a S$1,391 psf land rate in April 2022. It was sold to Crescendas Eco, a company linked to the Leow family.

A conservation bungalow at 745 Mountbatten Road, which formerly belonged to the late champion swim coach Chan Ah Kow, was sold to property developer Simon Cheong for S$11.05 million in 2004.

He restored the bungalow, known as Chansville, and built four more new bungalows on vacant space on the property.

All five bungalows have been sold. Chansville, with a 22,979 square foot land area, fetched S$13 million or S$566 psf. The other four bungalows fetched between S$5.1 million and S$6.3 million, or S$619 to S$965 psf.

Knight Frank said that according to URA's latest transaction data, the median price psf for freehold landed properties in District 15 has seen steady appreciation between Q12022 and Q42023, growing from S$1,764 psf to S$2,094 psf.

The tender for the Mountbatten Road conservation bungalow closes on April 2 at 3 pm.

ALSO READ: Sold for $61.1m: Proceeds from sale of Dick Lee family's bungalows going to charity

This article was first published in The Business Times. Permission required for reproduction.