A grandson of the late banker and philanthropist, Mr Lien Ying Chow, has bought a Good Class Bungalow (GCB) in Chee Hoon Avenue after taking part in a tender.
Mr Michael Lien and his wife paid $21.39 million or about $1,197 per sq ft (psf) for the 17,868 sq ft freehold plot, according to caveats lodged.
Mr Lien is executive chairman of Wah Hin & Co, founder of Leap Philanthropy and a board director of Temasek Holdings.
The freehold bungalow, in a cul-de-sac off Adam Road, was put up for sale by CBRE at an indicative value of $25 million.
The detached house, built in the 1960s and renovated in 2005, is partly two-storey and partly one.
The property’s built-up area is about 3,300 sq ft, excluding the car porch and rear terrace, with two bedrooms and a study room. It was believed to be a trustee’s sale.
In another deal late last month, a Queen Astrid Park GCB was sold for $32 million or about $1,169 psf – on a 27,373 sq ft freehold plot.
The buyer was Liu and Lee Investment, a company led by the low-key property investor Liu Shek Yuen.
The Hong Kong-born Dr Liu is said to have global investing experience and had, in 2001, led the purchase of a 201,782 sq ft freehold Jervois Road GCB site from HSBC.
Singapore Christie’s Homes managing director Samuel Eyo said buyers, especially end users, have been returning to the GCB market. Some are newly minted Singapore citizens, he said. “Deals have been done recently and I expect more to come.”