Belmont Road GCB up for sale again with lower S$40.8m guide price

A GOOD Class Bungalow (GCB) on 80 Belmont Road owned by The Stratech Group's Chew family has been re-launched for sale by private treaty after it failed to sell at auction, with a lower asking price of S$40.8 million.

The freehold property was first put up for sale via an auction held on July 23 at Amara Singapore hotel, with a S$42 million guide price.

On Friday, marketing agent Knight Frank said the property is valued at S$42 million.

A spokesman at the real estate consultancy told The Business Times that the auction last month had an opening price of S$40.5 million and saw a turnout of 150 attendees, although no bids were placed then.

"But after the auction, a few offers have been made and are now undergoing private negotiations," the spokesman said on Friday.

This is a mortgagee sale, in which the bank forecloses on the property after the owner defaults on the mortgage, and puts the property up for sale to recover the outstanding debt.

The Business Times reported on July 18 that the husband-and-wife team of David Chew and Leong Sook Ching that used to control mainboard-listed Stratech, now in liquidation, are the registered owners of the bungalow, while Deutsche Bank is the mortgagee.

Mr Chew and his wife Madam Leong were made bankrupts last October following a petition by Zana Asia Fund II, searches show.

The sprawling, two-storey GCB has a gross floor area of about 15,714 square feet (sq ft) and sits on a two-tiered land with a lift, playground, basketball court and swimming pool. It also has ample parking space that can fit up to 10 cars.

Based on the new S$40.8 million guide price and 27,000 sq ft in freehold land area, this works out to a price tag of around S$1,511.11 per square foot (psf).

The earlier S$42 million guide price reflected S$1,556 psf.

Retail facilities, eating establishments and other amenities are available nearby along Sixth Avenue and Holland Road.