Victoria Park Bungalow sold for S$40M

The Victoria Park Bungalow, in the prestigious GCB area, was built about 20 years agi and sits on a 999-year leasehold land of size 29,955 sqft. This translate to S$1335 psf based on land area. The 2-storey house with a basement is sitting on a regular-shaped elevated plot and said to have 5 bedrooms with a swimming pool and large koi pond.

First GCB on 2017 sold in Jalan Kampong Chantek

The first transaction in a Good Class Bungalow (GCB) Area this year, a bungalow along Jalan Kampong Chantek off Dunearn Road was sold for S$27.59 million — about S$1,003 per square foot (psf) based on the freehold land area of 27,504 sq ft. The property is in the Swiss Club Road GCB Area.

Sited on an upward-sloping site is an old vacant house (11,000 sq ft built-up area) with two storeys and an attic level. There are seven bedrooms and a swimming pool. Ronald Te, co-founder of Super Group behind the famous 3-in-1 Super Coffee sachets, bought the property.

Super Group fellow co-founder David Teo bought a GCB along Fifth Avenue off Bukit Timah Road for S$24.5 million or S$1,626 psf last year. The two-storey house is next to the bungalow where Mr Teo and his family reside.

The Dutch tea and coffee group Jacobs Douwe Egberts (JDE) launched a takeover offer for the beverage group.

Prime Sentosa Cove Bungalow sold for just $1108 psf

IN the same week that a bungalow on Sentosa Cove was sold at a near-record price, another sale has been concluded in the waterfront housing district at what some may consider a bargain basement price for an ultra-prime locale.

BT has learnt that a seafronting bungalow along Cove Drive with views of the Southern Islands has been sold for just S$1,108 per square foot on land area.

This comes barely a week after news of a bungalow along Ocean Drive being transacted at a near-record price of S$2,923 psf.

The price for the Cove Drive property has baffled property market watchers, given its posh location in the southern precinct.

Market observers note that the house appears to have been vacant since it was built about five years ago. The absolute price is S$9 million and the property is on 8,126 square feet of land with 99-year leasehold tenure starting Jan 30, 2007.

It spans two storeys and a basement. There is a pool on the ground level facing the Southern Islands. “The house appears to be properly finished but it’s just that the lighting and other fittings, furnishings are missing,” said a source. “Assuming one were to spend a further S$2 million fitting it out, the total cost of S$11 million would work out to S$1,354 psf – which still seems low.”

This could be a one-off transaction, just as the Ocean Drive deal could also be seen as a one-off and not reflective of a broad-based recovery of bungalow prices on Sentosa Cove to peak levels, he added.

The Ocean Drive bungalow, which changed hands for S$28 million, is on 9,580 sq ft of land with 99-year-leasehold tenure starting June 2005. The seller is said to have invested a few million dollars fitting out the interior.

That property fronts the sea but also has views of the container terminals and Singapore’s Central Business District. It is located in the northern precinct of Sentosa Cove, which was the first phase of the development of the waterfront residential district.

The Cove Drive bungalow is located in the southern precinct, where residential land parcels were sold later. The bungalow location, with its Southern Islands facing, is considered superior to the one along Ocean Drive and is in a quieter area.

http://business.asiaone.com/property/news/prime-sentosa-cove-bungalow-sold-just-s1108-psf

Lien’s grandson pays $21m for Good Class Bungalow

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.”

http://www.straitstimes.com/business/property/liens-grandson-pays-21m-for-good-class-bungalow

Ridout bungalow in family row almost sold

A PRIME good-class bungalow that has been caught up in a 10-year-long family dispute is finally close to being sold.

The new owner of the 73,277 sq ft site at 35 Ridout Road is expected to be revealed around May 22 after a tender process that attracted a top bid of about $85 million.

But it has been a fractious journey to get to this point.

The property was the family home of the late property investor Chow Cho Poon, who died in 1997, leaving his estate to his wife and three sons. His daughter was left just $1,000. However, she will get more from her mother’s bequest.

Nine properties in the estate, including the office building Chow House, which is now being redeveloped into Crown at Robinson, were sold for about $175 million in 2010.

But his will sparked friction and held up its execution.

Then Mr Chow’s wife executed a deed of trust and a deed of family agreement to redistribute her share of his estate as well as her own assets.

The sprawling home in Ridout Road that had been left to her was placed in a trust, which also contained shares, cash, jewellery and other objects. Her sons were to get a 30 per cent cut each and her daughter, 10 per cent.

The rest of her assets went into an estate, from which her sons would get one-third each and her daughter, $500,000.

But this just clouded the legal waters. After she died in 2002, the estates of both parents could not be settled due to outstanding debts and loans that were disputed.

Assets had mainly been tied up as shares in the companies, but this was resolved when the firms were liquidated following a court order in 2008. The death of both parents and the tangled wills ignited bitter disputes among the children that have involved many legal actions.

The daughter, Mrs Betty Sheares, sued her brothers in 2004, claiming they failed to give her any information on the administration of the trust.

In 2005, youngest brother Kwok Ching, an eye surgeon, sued the other two, claiming they acted oppressively against him as a minority shareholder in the family’s companies.

The firms were later ordered to be wound up on the application of eldest son Kwok Chi, who is also an eye surgeon.

“Looking at the actions of the parties over the years, the outlook for an amicable resolution of their various difficulties with one another appears bleak,” said Justice Judith Prakash at the time, adding that a clean break could benefit them all and “reduce the prospect of further litigation”.

No one has lived in the house since Mrs Chow died. The three brothers live in Hong Kong and Mrs Sheares lives elsewhere in Singapore.

But that has not stopped disputes arising over it.

While some simply wanted it sold at the best market price, second son Kwok Chuen, an architect, said in an affidavit he strongly opposed the sale of the house, which was purchased by his late father in the 1950s.

“I have many fond memories of my family in the property (and) am sure my siblings share the same sentiments… It has always been my late mother’s wish and intention for the property to remain within the family and preserve our family heritage,” he said.

He could not buy out his siblings’ shares, but asked the court to direct that the property be subdivided into four plots, with the family home retained.

The siblings also squabbled over items in the house. These included two portraits of the parents, said to have been done by the late Singapore pioneer artist Liu Kang, and 174 pieces of jewellery.

A resolution drew nearer in 2011 when Padang Trust Singapore, appointed that year by the sons as the new trustee of the trust set up by Mrs Chow, sought guidance from the High Court, including what to do with the house.

The court ordered that the property be put up for tender, with the trustee to then conduct an auction among the four siblings within a month after the tender closed to give them the right to top the highest bid.

But if any of them sought to buy the property, they were barred from using their entitlement as a beneficiary against the purchase price.

Now, more than 10 years after the death of both parents, Mrs Sheares, who is the daughter-in-law of the late president Benjamin Sheares, and her brothers stand to get millions.

The Ridout Road property was put up for tender by DTZ in March and the tender closed last month with nearly 10 bids, the highest at about $85 million. A re-tender late last month could have resulted in an even higher bid.

The site of the two-storey bungalow, with two single-storey outhouses, is large enough to be divided into four plots of good-class bungalow land, DTZ said.

Ridout Road Site GCB gets nearly 10 bids

The tender for 73,277 sqft freehold Good-Class Bungalow )GCB) site at 35 Ridout Road closed on Wednesday and is said to have attracted close to 10 bids. The highest bid could be around $85M. The land area is large enough to be sub-divided into four smaller GCB plots. The property is a trustee sale due to a court order arising from the the resolution of a dispute in the family of late property tycoon Chow Cho Poon,

$25m home off Adam Road for sale

A freehold Good Class Bungalow (GCB) in Chee Hoon Avenue has been put up for sale via a tender exercise that closes on May 20.

The indicative value of the property is $25 million, which translates to $1,399 per square foot (psf) based on a land area of 17,868 sq ft.

“With its frontage of about 39m and an average depth of about 42m, it is suitable for additions and alterations or redevelopment to optimise the potential of this land,” CBRE said in a news release yesterday.

CBRE is the sole marketing agent for the tender exercise.

The property is located in Chee Hoon Avenue, in a cul-de-sac, off Adam Road.

It comprises a part one/part two-storey detached house, which was originally built in the 1960s and renovated in 2005.

The property’s built-up area is about 3,300 sq ft (excluding car porch and rear terrace of about 1,000 sq ft) with two bedrooms and a study.

– See more at: http://business.asiaone.com/property/news/25m-home-adam-road-sale#sthash.s3jHvSLx.dpuf

Bukit TImah – Novena

The Bukit Timah area is a particularly prominent location with a high land value. The area of Bukit Timah has an extensive flora and fauna compared to other parts of Singapore, and contains Bukit Timah Nature Reserve, which is partially responsible for its high land value. The nature reserve was established in 1883.

The Bukit Timah Race Course, a thoroughbred horse racing facility, was opened in 1933 and operated until 1999.

The area includes educational institutions such as Anglo-Chinese School (Barker Road), Singapore Chinese Girls’ School, Methodist Girls’ School, Hwa Chong Institution, National Junior College, Raffles Girls’ Primary School, Nanyang Primary School, Nanyang Girls’ High School, Pei Hwa Presbyterian Primary School, Saint Joseph’s Institution and Ngee Ann Polytechnic amongst others.

The nearby area hosts many bungalows, typically expensive in land-scarce Singapore, as well as high rise condominiums. Many expatriates and well-heeled Singaporeans live in this region.

This region was later extended and Upper Bukit Timah (District 21) was formed. The Keretapi Tanah Melayu from Malaysia has a passing loop station here along its rail network from Johor Bahru to Tanjong Pagar.

 

Novena and its roads (Jalan Novena Barat and Novena Terrace), buildings (Novena Ville and Novena Gardens), as well as the MRT station in this area are named after the popular Saturday Novena devotion sessions held at the Church of Saint Alphonsus (Novena Church) at 300 Thomson Road. It is so popularly known as the Novena Church that many people, especially non-Catholics, are unaware that the actual name of the church is The Church of Saint Alphonsus.

The current premises of the Novena Church were owned by a wealthy Chinese businessman, Wee Kah Kiat. The premises were bought over by the Redemptorist priests in 1948 where a small church dedicated to Our Mother of Perpetual Help named the Church of Saint Alphonsus was built in May 1950. As accorded to tradition, the novenas to Our Lady of Perpetual Help began in January 1949 and were heavily publicised and instantaneously became widespread in 1951 as intended by Pope Pius XI. Unlike the traditional Wednesdays, the town of Novena celebrates their Novena prayer celebrations and services on a Saturday.

Housing in Novena tends very expensive because of its prime location and facilities. Novena has no HDB flats, but is made up of condominiums and private housing. There are many condominiums in Novena such as Birmingham Mansions, Thomson Euro-Asia and Lion Towers. Newer condominiums include Strata, Novena Suites, Novellis, Soleil at Sinaran (2010) and coming soon (2010) a 5-star serviced hotel across the street from Tan Tock Seng Hospital. These condominiums generally surround the main schools in the area, which are, Saint Joseph’s Institution Junior, formerly known as St Michael’s School at Essex Rd and San Yu Adventist School, on the corner between Thomson Road and Chancery Lane with Balestier Hill Secondary School at Novena Rise.

Serangoon Gardens

Serangoon Gardens Estate is a private residential estate in Singapore. The occupants are mostly Singaporean families and a small number of expatriates in the area.

Serangoon Gardens is one of the oldest estates on the island, and was built in the 1950s. The estate was built to house the British officers based in Singapore. The roads have British road names.

The estate was upgraded in 2001 as part of the Singapore Government’s plan to improve the older private housing estates in Singapore. Open roadside drains were covered up. It has new streetlights and road signs, and the estate’s parks were also upgraded.

Serangoon Garden Circus was used as one of the locations for the country-wide millennium celebrations.