Any takers? Son of late CK Tang selling his Victoria Park GCB for $83m

A Good Class Bungalow (GCB) in the affluent Victoria Park area has been listed for sale at a staggering $83 million.

The 12,852 sqft bungalow sits on a 31,471 sqft plot of land and is located along Victoria Park Close.

Victoria Park is one of the 39 GCB Areas gazetted by the Urban Redevelopment Authority.

The property is partially furnished and boasts six bedrooms, eight bathrooms, covered parking and a swimming pool, among other features, according to the advertisement on PropertyGuru.

The property was listed by the Head of Residential Services at real estate company CBRE, Linda Chern on June 3. 

She declined to comment more when contacted by AsiaOne.

The property is owned by Tang Wee Kit, son of Tang Choon Keng - better known as CK Tang, reported Bloomberg News.

CK Tang established the iconic Tangs department store in Orchard Road in 1958, which is still operating to date alongside a second outlet in Vivocity.

Tang Wee Kit, who is CK Tang's youngest son, is currently the managing director of investment holding firm Tang Holdings and majority owner of CK Tang, which runs the Tangs department stores, reported Forbes.

Slow GCB sales in first half of year

Some 23 GCBs were sold in 2023, the lowest number since 1996 and with the total transaction value for the year at $777.32 million, reported The Business Times (BT) in March this year.

This was about half of the $1.37 billion achieved in 2022 when 47 GCBs were sold.

The first half of 2024 is expected to see slow sales for GCBs, with room for some moderation in prices, reported BT in February.

With the recent increase in property taxes for high-end properties, some owners may be inclined to sell their bungalows, added BT. 

At the same time, some potential buyers intending to acquire a GCB to enjoy high rental income may decide that it is no longer attractive to do so

For owner-occupied properties, property tax rates have been raised from 4 to 23 per cent in 2023, to 4 to 32 per cent in 2024, while for properties that are rented out, rates have been increased from 11 to 27 per cent in 2023 to 12 to 36 per cent in 2024, BT reported.

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bhavya.rawat@asiaone.com