Son of late CK Tang slashes asking price for Victoria Park GCB from $83m to $73m

Will slashing the asking price by $10 million attract buyers?

A Good Class Bungalow (GCB) owned by the son of late retail tycoon CK Tang is now going for $73 million, down from the $83 million listed in June, Bloomberg reported on Friday (Oct 18).

The 12,852 sq ft bungalow sits on a 31,471 sq ft plot of land along Victoria Park Close, and boasts six bedrooms, eight bathrooms, a dining hall for 20 people and a swimming pool among other features.

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

This property is owned by Tang Wee Kit, the youngest son of Tang Choon Keng, who founded the Tangs department store back in 1958 in Orchard. 

According to Bloomberg, the GCB is among a number of luxury property struggling to sell despite a recovery in property transactions in Singapore.

$308 million for Nassim Road GCB

Despite failing to sell twice, the asking price for another GCB has gone up from $175 million in 2019 to $308 million this year.

The freehold property on 40 Nassim Road is owned by Hong Fok Corporation's co-CEO Cheong Pin Chuan and his wife, and has a total area of over 58,000 sq ft divided into three plots.

A conservation bungalow occupies the largest (28,138 sq ft) plot, while the other two plots measuring 15,779 sq ft and 14,867 sq ft are currently used as gardens.

It was rented out in 2020 for $50,000 a month before going back on the market in 2022 with a guide price of $220 million.

Julian Yip, managing director of Realstar Premier, the marketing agent for the property, told AsiaOne that the owners had instructed him to sell either the whole plot or divide the plot between the conservation property and the two smaller plots.

"There are existing ones that are like that, but rare — it's quite rare to be able to build three [bungalows]," he said.

The owners' decision to sell the property now is likely to succeed because there's no competition in the market at the moment, Yip added.

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drimac@asiaone.com