GCB belonging to former president Ong Teng Cheong's family up for sale at $60m

A Good Class Bungalow (GCB) belonging to former president Ong Teng Cheong's family has recently been put up for sale at $60 million.

The freehold property is located in the prime area of Dalvey Road which is near Botanic Gardens, Dempsey and Orchard Road.

Occupying a total of 21,882 sq ft of land, the property is being marketed at a price of around $2,742 psf, reported The Business Times. 

The GCB stands on one of two land lots held by the late president's eldest son, Ong Tze Guan, and his former sister-in-law, Wang Yi Yi.

Ong and Wang are both tenants of the GCB with common shares, in which Wang's shares are held in a trust.

A two-storey Art Deco bungalow — previously Ong Teng Cheong's private residence — stands on the second land lot and is not for sale. 

That bungalow was previously the subject of a lawsuit filed by Ong against Wang back in August of 2022, which has since been settled privately, reported The Straits Times then.

According to Shaun Poh, executive director of capital markets at Cushman & Wakefield - the company responsible for marketing the $60m property for sale - that property is located in the exclusive District 10 area which is "extremely sought after by ultra-high-net-worth individuals" according to their press release. 

Poh added that the Dalvey GCB is suitable for buyers interested in creating a multi-generational home or developers who may want to remodel it into a new GCB.

The expression of interest exercise for the property closes on Feb 11, according to their press release.

Another high-profile transaction in the Dalvey Estate took place in 2024 where a GCB belonging to the wife of Zhu Su, the co-founder of collapsed cryptocurrency fund Three Arrows Capital was sold for $51 million, reported Bloomberg then. 

The GCB market saw a strong rebound in 2024, with 35 transactions worth approximately $1.32 billion in total, reported Edge Property. According to data from List Sotheby's, this surpassed the 2023 record low of $432.5 million.

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dana.leong@asiaone.com