Dick Lee's family to sell $60m bungalows for charity

SINGAPORE – Three adjoining freehold bungalows in Chancery Hill Road and Dyson Road will go on the market at an indicative price of $60 million, with all proceeds to go to charities.

This translates to $1,866 per sq ft (psf), based on a combined land area of 32,148 sq ft, marketing agent Cushman & Wakefield said on Monday.

The properties have been put up for sale by Mr Peter Lee and Mr John Lee, the executors of the estate of their aunt, the late Agnes Tan. Peter and John Lee are brothers of singer-songwriter Dick Lee.

“Aunty Agnes was a first cousin of our late father Lee Kip Lee. She had no children and in her lifetime was a great benefactor, so it is not surprising that the beneficiaries of her estate are all registered charities,” Mr Peter Lee said.

Interested parties can bid for single or multiple adjoining bungalows, which are currently vacant and will be sold on an as-is-where-is basis.

The three sites are zoned for residential use (two-storey mixed landed) under the Urban Redevelopment Authority 2019 Master Plan. Located in District 11, the properties are near shopping malls in Novena and Orchard Road, healthcare facilities in Novena and Newton, and the Botanic Gardens.

Educational institutions in the vicinity include Anglo-Chinese School (Barker Road), St Joseph’s Institution, CHIJ Toa Payoh and Singapore Chinese Girls’ School.

Mr Shaun Poh, Cushman & Wakefield’s executive director of capital markets, said the neighbourhood has been setting a price benchmark, with several recent transactions crossing $3,000 psf. He added that a new bungalow at 29 Mount Rosie Road was sold for $3,805 psf last August, marking the highest price achieved.

The tender for the three bungalows will close on March 21 at 4pm.

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