Three adjoining freehold bungalows at 10/10A Chancery Hill Road, 12 Chancery Hill Road and 14/14A Dyson Road were sold for S$61.1 million, consultancy Cushman & Wakefield said on Friday (Mar 31).
The buyer is a subsidiary company of Sustained Land, a property developer founded and owned by Douglas Ong. All proceeds of the sale will go to registered charities, which were not disclosed.
Ong said: "We respect and admire the decision of having the proceeds going to charity, and hence we set forth on this purchase. This decision to give back to the society is a meaningful element in this sale transaction."
In 2017, Ong bought a Good Class Bungalow along Garlick Avenue in District 10 to redevelop into his family's new home. Meanwhile, his company Sustained Land is a regular participant at state land tenders. It was founded in 2006 and has sold properties such as One Meyer, Sky Everton and Casa Al Mare.
The three bungalows, which have a total site area of about 32,148 square feet, were put on the market on Feb 13 with an indicative price of S$60 million by Peter and John Lee, the executors of the estate of their aunt, the late Agnes Tan. They are also the brothers of singer-songwriter Dick Lee.
Tan is the daughter of the late Tan Cheng Lock, who was a businessman and founder of the Malaysian Chinese Association.
"My brother John and I are grateful to everyone who participated in and organised this tender, and very pleased that the top bid exceeded the indicative price," said Peter Lee. "It is fortuitous that Mr Douglas Ong is sympathetic to (our aunt's) objectives and we are very grateful to him for his support."
The bungalows were sold through a tender exercise which closed on Mar 21 and drew "robust bids", with more than 10 offers from developers and high-net-worth families looking to rebuild for their own use, Cushman & Wakefield said. The bungalows are currently vacant.
Executive director of capital markets at Cushman & Wakefield Shaun Poh said they received an "overwhelming response" with nearly 100 enquiries since the tender launched.
"It was a rare opportunity to own a sizeable freehold bungalow, and the prestigious location of Chancery Hill, made it more attractive," he said. "Hence, we are not surprised that the tender sale resulted in over 10 offers, with the eventual price exceeding our indicative price."
The three bungalows are located in District 11 and the sites are zoned for residential with a two-storey mixed landed use under the Urban Redevelopment Authority 2019 Master Plan.
This article was first published in The Business Times. Permission required for reproduction.
