Landed homes: a dying breed with well supported values

Singapore may be a young nation, but there are families here who have passed down huge fortunes through the generations.

Recently, the descendants of property magnate and hotelier Wee Thiam Siew, who passed away in 1972, sold freehold land plots that housed 5 bungalows and 10 pairs of semi-detached houses along Thiam Siew Avenue in the Katong area for S$815 million. An estimated development charge of S$284 million is payable for the 2.45 hectare site, which has a plot ratio of 2.8.

The buyer of the houses, which is a joint venture between Hoi Hup Realty and Sunway Developments, plans to build high rise condominiums with more than 800 units.