Wife of Fragrance Group's founder buys GCB for $65m - and it's not the couple's first

There's been plenty of movement when it comes to the Good Class Bungalow (GCB) market in recent times, with one transaction involving a GCB in Bishopsgate.

Lim Wan Looi, the wife of Fragrance Group founder and executive chairman James Koh, purchased the GCB for $65 million, according to Edgeprop.

While the caveat was lodged last July, the property officially changed hands in March. 

The freehold site is 29,435 square feet and doing the math, its price tag works out to approximately $2,208 per sq ft.

It is an old single-story bungalow surrounded by trees, away from the main road, and is likely to be redeveloped, according to the property platform. 

While most people can only dream about purchasing property at such prices, Lim and her husband appear to be on a bit of a property shopping spree.

Prior to this Bishopsgate purchase, Koh acquired a 25,272 square feet GCB plot at Lornie Road for $24.8 million and a 21,046 sq ft freehold bungalow plot at Hillside Drive for $19.25 million.

The last resale transaction on Bishopsgate was back in November 2018 when a 16,555 sq ft GCB exchanged hands for $26 million.

If you're looking for a home and Bishopsgate is your ideal location, renting might be another option, but be prepared to pay.

In October 2020, the monthly premium for one GCB at Bishopsgate came up to $150,000. This made it the first residential property in Singapore to achieve a monthly rental fee above the $100,000 mark.

Since then, the record has been smashed — a GCB at Queen Astrid Park in Holland Village is being rented out to a Chinese national for $200,000 a month.

ALSO READ: Oxley Rise mansion size of multiple GCBs put up for sale by Hong Fok's Cheong family

amierul@asiaone.com