Astrid Hill good class bungalow sold for $49 million to Wilmar CEO's nephew, sister-in-law

SINGAPORE - A steady stream of transactions is continuing to surface in the creme de la creme of the Singapore landed housing segment: good class bungalows (GCBs).

Property market watchers described the transacted prices as being on the low side, reflecting softer sentiment earlier this year which may have led serious sellers to adjust their expectations.

In Astrid Hill, a nephew of Wilmar International chairman and chief executive officer Kuok Khoon Hong is buying a slightly more than 10-year-old bungalow for $49 million, or about $2,321 per square foot (psf) on the freehold land area of 21,116 sq ft.

Located in the Queen Astrid Park GCB Area, the bungalow has two storeys and a basement. It has six bedrooms, a swimming pool, a gym and an entertainment room. The total built-up area is in the region of 12,000 sq ft.

The bungalow is being bought by Glenn Kuok and his mother Lee Yong Lah – the son and wife, respectively, of Kuok Koon Seng, who used to be the chief executive of SCMP.com.

Kuok Koon Seng and Kuok Khoon Hong are brothers.

In Ewart Park, a nephew of the late UOB chairman Wee Cho Yaw is acquiring an old two-storey bungalow for $23 million, or $1,521 psf on a land area of 15,121 sq ft. Buyer Wee Boo Tee’s father, Wee Cho Bian, and Wee Cho Yaw were brothers.

Market watchers said the price can be considered “cheap”. Besides the overall softer market tone, additional reasons cited include the age of the bungalow on site, as well as the property’s long driveway.

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The Business Times understands that a bungalow in Dalvey Estate, near the Singapore Botanic Gardens, changed hands a few months ago at $57 million, or slightly above $2,990 psf on a land area of nearly 19,050 sq ft.

On the site is a two-storey bungalow with a basement, a swimming pool and a roof garden. The total built-up area is about 12,000 sq ft. The property was completed in 2009.

It was sold by Teo Kok Woon, the majority shareholder of Catalist-listed TSH Corporation, which runs a chain of whisky and cocktail bars in addition to distributing premium spirits.

Mr Teo is a son of the late hotelier and property developer Teo Lay Swee, who used to own the former Cockpit Hotel and open-air carpark site in the Penang Road/Clemenceau Avenue locale on which now stands the VisionCrest commercial and residential project.

The buyer is understood to be a Singaporean member of an Indonesian family whose businesses include agriculture and commodities.

Bungalows in the 39 gazetted GCB Areas are the most prestigious form of landed housing in Singapore, with strict planning conditions to preserve their exclusivity and low-rise character.

One generally has to be a Singapore citizen to be allowed to buy a landed property in a GCB Area.

Among the factors cited for the weaker sentiment in the segment earlier this year were a continuation of high interest rates and activity quieting in the aftermath of the high-profile money laundering bust in August last year by the Singapore authorities on individuals hailing from Fujian, China. Many potential buyers stayed on the sidelines, hoping for more reasonable pricing after the run-up last year.

However, sentiment in the GCB market has improved recently, with more reasonable price expectations by some owners enticing buyers to re-enter the market, according to market players.

There are only around 2,700 bungalows in GCB Areas. Among other things, a minimum plot size of 1,400 square metres or 15,070 sq ft is stipulated as the planning norm for newly created bungalows in GCB Areas.

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