Eu Yan Sang family members sell Bishopsgate bungalow for S$40 million

[SINGAPORE] Four members of the founding family of traditional Chinese medicine group Eu Yan Sang have sold a freehold bungalow in Bishopsgate for S$40 million.

The price works out to S$2,480.72 per square foot (psf) on the freehold land area of about 16,124 square feet (sq ft).

The new owner of the two-storey bungalow is understood to be a family member of Wee Siew Kim, director, representative executive officer and co-president of Tokyo Stock Exchange-listed Nippon Paint Holdings Co.

The Bishopsgate property is within the Chatsworth Park Good Class Bungalow Area (GCBA).

The property was sold by Richard Eu (also known as Eu Yee Ming) and his siblings David, Helena and Geoffrey.

The four inherited the property from their father, Dr Richard Eu Keng Mun, following his death in 2022.

Dr Eu – the chairman of Eu Yan Sang Holdings from 1978 to 1993 – was the son of Eu Tong Sen, a prominent businessman in Malaya, Singapore and Hong Kong, and the grandson of Eu Kong, the founder of the Eu Yan Sang business who hailed from Foshan, China.

Eu Yan Sang International is now majority owned by a Japanese consortium, with the Eu family retaining a 10 per cent stake.

The four Eu siblings’ sale of the Bishopsgate bungalow was contracted in April this year and completed in July.

Realstar Premier Group managing director Julian Yip, who was not involved with the sale, described the nearly S$2,481 psf as a fair price given the property’s small road frontage and odd-shaped site.

“Building a new house on the site may be slightly more challenging,” he added.

If the site had a more regular shape, the property would have fetched at least S$2,700 psf, Yip estimated.

The Bishopsgate bungalow sale was not captured in the URA Realis caveats database.

Knight Frank’s analysis of such data showed that so far this year, 14 transactions have taken place in GCBAs totalling S$406.2 million. The figure for the whole of last year was 31 deals amounting to slightly over S$1 billion.

Cornwall Gardens bungalow earlier sold to motoring tycoon for S$75 million

The Business Times understands that among the GCBA transactions in 2025 for which the buyers did not lodge caveats was a brand-new bungalow in Cornwall Gardens which changed hands for S$75 million. This works out to S$3,450 psf on the freehold land area of around 21,740 sq ft.

The sale was completed in October 2025.

The bungalow has two storeys, a basement and a swimming pool; the gross floor area is about 19,790 sq ft. Yip noted that the property is on a regular-shaped elevated site.

The bungalow was developed and sold by a wholly owned subsidiary of Soilbuild Group Holdings, which paid S$47 million for the site (with an old bungalow on it) in 2022.

The new owner of the property is understood to be Sudarshan Venu, the chairman and managing director of Chennai-headquartered TVS Motor Company, which manufactures two and three-wheelers.

The company, which has factories in India and Indonesia, is listed on the Bombay Stock Exchange and the National Stock Exchange of India.

Sudarshan, who is in his late 30s, is a Singapore citizen.

One generally has to be a Singapore citizen to be allowed to buy a landed property in a GCBA. Bungalows in the 39 GCBAs are the most prestigious form of landed housing in Singapore.

The Urban Redevelopment Authority has imposed strict planning conditions for GCBAs to preserve their exclusivity and low-rise character.

Among other things, a minimum plot size of 1,400 square metres (about 15,070 sq ft) is stipulated as the planning norm for newly created bungalows in GCBAs.

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