Lee Hsien Yang and wife sell Caldecott bungalow for S$13m; list another for S$16.8m

[SINGAPORE]  Lee Hsien Yang and his wife, Lee Suet Fern, have sold a two-storey bungalow in the Caldecott Hill good class bungalow (GCB) area for S$13 million, and put another nearby bungalow on the market for S$16.8 million. 

The adjoining freehold properties are located in Caldecott Close, near the old premises of Mediacorp. 

A search on the Singapore Land Authority website shows that Mr Lee, the younger brother of Prime Minister Lee Hsien Loong, and Mrs Lee are joint owners of both properties.

An option to buy one of the bungalows, which sits on a 921.6 sq m or 9,920 sq ft site, has been granted to a Singaporean businessman for S$13 million, or under S$1,400 per sq ft (psf), sources told The Straits Times.

The S$16.8 million asking price for the other bungalow translates to around $1,700 psf, based on its land area of 918.5 sq m or 9,888 sq ft.

The house has six bedrooms, two living rooms, a walk-in wine cellar, a helper's room, an infinity pool and a koi pond. Four cars can be parked inside the freehold compound. The listing described it as a "resort-style modern bungalow".

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Lee Hsien Yang declined to comment when asked why he's selling the home.

A Cambridge and Stanford graduate who's held top posts at Singapore Telecommunications, Lee Hsien Yang was also the ex-chairman of food and beverage company Fraser & Neave who oversaw a bidding war for the firm, which was eventually acquired by Thai billionaire Charoen Sirivadhanabhakdi for S$13.8 billion in 2013.

His move to sell the home comes as Singapore experiences a property frenzy that led to S$32.9 billion in sales in the first half alone, double what was recorded in Manhattan over the same six months, driven by demand from the ultra-rich flocking to the business hub.

Reflecting the appetite for high-end homes, sales of good class bungalows - considered the finest residences in Singapore - jumped more than sixfold to S$1.6 billion in the first half from a year earlier, according to data compiled by ERA Realty Network.

Sales of luxury units in prestigious neighbourhoods reached a 10-year high in the second quarter, based on a report by Singapore-based property firm OrangeTee. Prices of new luxury apartments rose 5.2 per cent in the third quarter from a year earlier, according to the report.

"With Singapore's economy expected to rebound strongly this year, consumers' confidence is likely to pick up further," the report said. "This will spur more buying of luxury homes and prices are likely to trend higher in the coming months."

BLOOMBERG, THE STRAITS TIMES

READ MORE:

• Bungalow buy and sell: 2021's high profile transactions so far

• Lee Suet Fern suspended from practising law for 15 months

• Lee Hsien Yang plans to leave Singapore