YONGNAM Holdings boss Seow Soon Yong is selling his good class bungalow (GCB) in the Binjai Park enclave; the property has hit the market with a guide price of S$40 million, in a public tender launched on Wednesday.

The price tag, which works out to S$1,464 per square foot (sq ft) on a land area of 27,320 sq ft, "will certainly pique buyers' interest", said Sammi Lim, director of capital markets at marketing agent CBRE.

Tax records for valuation year 2019 show that 98, Binjai Park had an annual value of S$258,000, with the owners listed as Mr Seow and Chong Chiew Mei. Mr Seow has been chief executive and managing director of mainboard-listed structural steel and specialist civil engineering firm Yongnam since 1994.

When contacted, CBRE's Ms Lim told The Business Times over the phone that the family has decided to sell as the house, which was built in 2012, is "no longer big enough for their needs". The owners have also received enquiries from the market for a while, she added.

It is being sold on a vacant possession basis.

Buyers have the option of renovating or redeveloping the freehold bungalow, which now has a floor area of 13,986 sq ft spread across two floors, including seven bedrooms, two study rooms, an entertainment room, a gym and servants' quarters. The porch and garage can fit about 20 cars, according to CBRE.

Ms Lim also said that CBRE expects keen interest from both owner occupiers and GCB investors.

The tender closes on March 1 at 3pm.