Former Midas chairman's bungalow fetches S$30.8m in mortgagee sale
The buyer of the freehold Cluny Road property is the family of Philip Ng of Far East Organization; the Ngs own the next-door property, which they bought last year
Singapore
SOME notable bungalow deals have taken place recently in Good Class Bungalow (GCB) Areas as well as in the Sentosa Cove waterfront housing locale.
In a deal involving a mortgagee sale, a bungalow along Cluny Road owned by Chen Wei Ping, the former executive chairman of embattled Midas Holdings, is being bought by the family of Philip Ng, chief executive of property group Far East Organization, for S$30.8 million.
The property is next to a bungalow the Ng family acquired last year. The Business Times understands that both purchases are for the family's personal use and not under Far East Organization.
The price the Ngs are paying in the latest transaction reflects S$1,901 per square foot on the freehold land area of nearly 16,200 sq ft. This pricing is seen as attractive by analysts, given that the house stands on elevated grounds on a quiet cul-de-sac near the Lermit Road locale within the Cluny Park GCB Area.
The property, which is understood to be about 10 years old, is in liveable condition, although the new owners may give it a touch-up, suggest observers.
Designed by Guz Architects, the two-storey bungalow has roof gardens, a swimming pool and a basement. It was developed by the previous owners who sold the completed bungalow to Mr Chen for S$33 million or S$2,037 psf in 2011. At the time, the deal was a record psf price for a GCB Area.
Last year, the Ng family picked up the old bungalow next door for S$34.5 million or S$1,705 psf on land area of 20,238 sq ft.
Other recent transactions in GCB Areas include a property in Bishopsgate which went for S$26 million or S$1,571 psf and another along Cassia Drive (in the Raffles Park GCB Area) that fetched nearly S$18.39 million or S$1,731 psf. There was also a S$22 million or S$1,554 psf deal in Oei Tiong Ham Park.
Bungalows in the 39 gazetted GCB Areas - all on mainland Singapore - 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.
In Sentosa Cove, Regina Wong of Je Taime Jewellers fame is understood to be selling a sea-facing bungalow in a plum location along Cove Drive with views of the Southern Islands for nearly S$23.99 million or S$2,515 psf on land area of 9,539 sq ft.
The site has a 99-year leasehold tenure from late-January 2007, leaving a balance tenure of about 87 years. Spanning two levels in addition to an attic and a basement, the villa has five bedrooms, a home theatre, wine cellar and a swimming pool.
"This transaction shows that there is still demand for well-designed houses with premium views on Sentosa Cove," said Steve Tay of CBRE Realty Associates. He is understood to have represented the seller in this transaction. The buyer is understood to be a China citizen and a Singapore permanent resident (PR) who intends to relocate his family and business to the Republic.
The villa is one of only 28 sea-facing bungalows with unblocked views of the Southern Islands, out of the total pool of about 370 bungalows in Sentosa Cove, said Mr Tay.
The psf price for the Cove Drive deal is significantly higher than that of the two most recent comparable transactions involving sea-facing bungalows with unobstructed views of the Southern Islands, Mr Tay noted. "One reason for this is that the house is in very good condition, which means the buyer can move in with minimum renovation and waiting time."
In August this year, a single-storey property along Cove Grove was transacted at S$1,795 psf on the land area of 18,555 sq ft. However this property is under-built; it can be redeveloped into a two-and-a-half storey new bungalow.
Last year, another villa along Cove Grove sold for S$1,707 psf on the land area of 9,725 sq ft. "That was at the low point for the bungalow market in Sentosa Cove. Since then, interest has been picking up gradually as buyers see more value for money in terms of absolute pricing in Sentosa Cove vis-a-vis a bungalow on the mainland. Moreover, this precinct offers a unique waterfront-living lifestyle and is the only place in Singapore where a foreigner who is not a PR may buy a landed home," said Mr Tay.
