Auric Pacific CEO granted option to buy Belmont Road bungalow for S$55.5 million
The freehold property is owned by a member of the Tay family behind the OG Department Stores group, who paid S$34.5 million for it in late 2019
A FREEHOLD bungalow in the Belmont Park Good Class Bungalow (GCB) Area is in the early stage of being sold for S$55.5 million or about S$2,055 per square foot (psf) on its land area of 27,000 sq ft.
On the rectangular plot is a 2-storey house with a swimming pool. The property is said to have been developed in the early 2000s by David Chew, who used to control The Stratech Group. With Stratech subsequently going into liquidation, the house – owned by Chew and his wife, Leong Sook Ching – was sold via a mortgagee sale by Deutsche Bank in October 2019 for S$34.5 million or S$1,278 psf to Woo Tsung Chwen, a member of the Tay family behind the OG Department Stores group.
This week, Woo is understood to have granted an option to purchase to Andy Adhiwana, chief executive officer of Auric Pacific Group, at S$55.5 million. If the deal is completed, Woo stands to make a gain of about 60 per cent or S$21 million (selling price less his purchase price, without factoring in stamp duties, legal fees and other expenses). Woo is understood to have spruced up the property. Market watchers note that the house is in a liveable condition, but Dr Adhiwana may, nonetheless, redevelop the property in the medium term. He is son-in-law of Stephen Riady, executive chairman of mainboard-listed property, healthcare and consumer group OUE.
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