Three freehold bungalows in Chancery area sold for $61.1 million
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The three bungalows were put on the market by Mr Peter Lee and Mr John Lee, the executors of the estate of their aunt, the late Agnes Tan.
CUSHMAN & WAKEFIELD
Chelsea Ong
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SINGAPORE – The three adjoining prime freehold bungalows put up for sale by the family of singer-songwriter Dick Lee have been sold for $61.1 million, consultancy Cushman & Wakefield said on Friday.
The buyer is a subsidiary company of Sustained Land, a property developer founded and owned by Mr Douglas Ong.
All proceeds of the sale will go to registered charities, the names of which were not disclosed.
The three bungalows, which have a total site area of about 32,148 sq ft, were put on the market on Feb 13 with an indicative price of $60 million by Mr Peter Lee and Mr John Lee, the executors of the estate of their aunt, the late Agnes Tan. They are also the brothers of Mr Dick Lee.
Ms Tan was the daughter of the late Tan Cheng Lock, who was a businessman and the founder of the Malaysian Chinese Association.
Mr Ong, the buyer, said: “We respect and admire the decision of having the proceeds going to charity, and hence we set forth on this purchase. This decision to give back to the society is a meaningful element in this sale transaction.”
In 2017, Mr Ong bought a good class bungalow along Garlick Avenue in District 10 to redevelop into his family’s new home.
Sustained Land is a regular participant in state land tenders. It was founded in 2006 and has sold properties such as One Meyer, Sky Everton and Casa Al Mare.
Mr Peter Lee said: “My brother John and I are grateful to everyone who participated in and organised this tender, and very pleased that the top bid exceeded the indicative price.
“It is fortuitous that Mr Douglas Ong is sympathetic to (our aunt’s) objectives and we are very grateful to him for his support.”
The bungalows, in Chancery Hill Road and Dyson Road, were sold through a tender exercise, which closed on March 21. The tender drew “robust bids” with more than 10 offers from developers and high-net-worth families looking to rebuild for their own use, Cushman & Wakefield said.
Mr Shaun Poh, executive director of capital markets at Cushman & Wakefield, said there was an “overwhelming response” for the sale, with nearly 100 inquiries since the tender was launched.
“It was a rare opportunity to own a sizeable freehold bungalow, and the prestigious location of Chancery Hill made it more attractive,” he said. “Hence, we are not surprised that the tender sale resulted in over 10 offers, with the eventual price exceeding our indicative price.”
The three bungalows, which are currently vacant, are located in District 11 and the sites are zoned for residential use (two-storey mixed landed) under the Urban Redevelopment Authority 2019 Master Plan. THE BUSINESS TIMES
