SINGAPORE (THE BUSINESS TIMES) - In what is the biggest transaction in a Good Class Bungalow Area in nearly a year, a house along Kingsmead Road where the late Raffles Institution principal Philip Liau used to reside is being sold for S$29 million.
The price works out to S$1,065 per square foot based on the freehold land area of 27,228 sq ft.
The buyer is understood to be Darwin Indigo, a nephew of Wilmar executive deputy chairman Martua Sitorus. Mr Indigo, who is in his mid-30s, is deputy country head (Indonesia) at Wilmar International. He also sits on the board of Kencana Agri Ltd, an associate company of Wilmar.
Market watchers expect Mr Indigo to redevelop the property.
On site are two buildings. The older structure is said to have four bedrooms and a hall, while the newer building is where the master bedroom, a spacious living room, dining area and kitchen are located. There is no swimming pool though interestingly, there is a well on the site.
The squarish plot has a frontage of about 50 metres along Kingsmead Road. It is next to the former residence of the late pioneer artist Chen Wen Hsi in addition to being a stone's throw from the popular Nanyang Primary School.
Realstar Premier Group managing director William Wong estimates that it might cost around S$7-8 million to redevelop the site into a new bungalow. Depending on the specifications, the cost may be higher, say, S$10 million. "While the site is part of the Victoria Park GCB Area, Kingsmead Road is not a commonly sought after GCB locale - unlike, say, Belmont Road or Leedon Park nearby - as it comprises properties of various plot sizes, some less than 10,000 sq ft.
"That said, Kingsmead Road is an attractive location for people looking to buy a bungalow. It is a more serene, private locale compared to some of the roads in the immediate neighbourhood such as Coronation and Duchess roads. Moreover, "Kingsmead" is a nice-sounding name in an address. And it is so near Nanyang Primary."
The S$29 million transaction is the biggest deal in a GCB Area since a S$32 million sale along Queen Astrid Park in July last year. That worked out to S$1,169 psf on land.
The Kingsmead Road property is being being sold by the estate of the late Evelyn Liau, wife of the former RI principal. Mr Liau passed away earlier, in 1993.