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Rebuilt house in Bin Tong Park sold for S$48m

Rebuilt house in Bin Tong Park sold for S$48m.

Price translates to S$2,063 psf based on the 23,269 sq ft freehold land area

A PLUSH house in the Bin Tong Park Good Class Bungalow (GCB) Area completed just a few years ago has changed hands for S$48 million, translating to S$2,063 per square foot on the freehold land area of 23,269 sq ft.

Designed by Ong & Ong, the bungalow has a built-up area of about 15,600 sq ft spanning two levels and a basement.

The living and dining areas on the ground level lead into the garden and swimming pool. The second floor has a family area flanked by bedrooms on either side. A glass-covered balcony spanning the entire length of the floor offers views of a mature raintree.

The basement includes a wine cellar, home threatre and an entertainment area.

The bungalow is being sold by a Singaporean couple who paid S$15 million in 2007 for the old house that used to be on the site. They are understood to have invested a further sum of about S$10 million redeveloping the site into what it is today.

The property is being bought by the family of the late Lim Kee Ming, who once served as president of the Ngee Ann Kongsi, a wealthy philanthropic foundation of the Teochew community. Mr Lim, who died in 2015, was also a former president of the Singapore Chinese Chamber of Commerce and Industry. The family resides in another bungalow in Bin Tong Park.

Another recent GCB deal is that of a two-storey house in Binjai Park perched on an elevated site amid greenery, with a long driveway. The bungalow, which is currently vacant, comes with seven large bedrooms and a swimming pool. Though the house is believed to be more than 30 years old, it is well maintained. It is being sold for S$20.5 million or S$1,040 psf on the land area of around 19,700 sq ft.

The Business Times understands that the property is being sold by a retired teacher and philanthropist to an individual who is a director of several privately held property companies.

The value of deals in GCB Areas in the first quarter of this year has reached S$250 million going by caveats lodged so far - more than double the S$115 million in the same period last year. The final Q1 number may be even higher. For the whole of last year, the figure was S$888 million - surpassing 2016's tally of S$789 million.

Bungalows in the 39 gazetted GCB Areas are the most prestigious form of landed housing in Singapore, with strict planning conditions stipulated by the Urban Redevelopment Authority to preserve their exclusivity and low-rise character.

Only Singapore citizens are allowed to buy landed residential properties within GCB Areas, under a policy change that took effect in the second half of 2012.

Adapted from: The Business Times, 7 Apr 2018