Fragrance's James Koh bags Lornie Road GCB for S$981 psf

Price seems a steal but seen as fair given age of house, location next to highway

Kalpana Rashiwala

Published Thu, Jan 13, 2022 · 05:50 AM

Good class bungalow

Singapore

PROPERTY tycoon James Koh is buying an old bungalow along Lornie Road for S$24.8 million or S$981 per square foot on the freehold land area of 25,271 sq ft.

The psf price being paid by the Fragrance Group boss for the property in the Caldecott Hill Good Class Bungalow (GCB) Area seems like a steal.

However, SRI co-founder Bruce Lye, who brokered the deal, while declining to comment on the identities of the buyer or sellers, said it is a "fair price" given the condition of the house and its location next to the highway and main road. "The house on site is from the 1950s and for redevelopment."

Veteran GCB agent KH Tan of Newsman Realty too said that S$981 psf would be a fair price as the site is in a noisy area and the deal was entered into 4 months ago. "At that time, a good redevelopment plot - flat land with …