SINGAPORE - A good class bungalow (GCB) at 80 Belmont Road owned by The Stratech Group's Chew family has been re-launched for sale by private treaty after it failed to go at auction, with a lower asking price of $40.8 million.
On Friday (Aug 2), marketing agent Knight Frank said the property is valued at $42 million.
A spokesman at the real estate consultancy told The Business Times that the auction last month had an opening price of $40.5 million and saw a turnout of 150 attendees, although no bids were placed then.
"But after the auction, a few offers have been made and are now undergoing private negotiations,” the spokesman said on Friday.
This is a mortgagee sale, in which the bank forecloses on the property after the owner defaults on the mortgage, and puts the property up for sale to recover the outstanding debt.
BT reported on July 18 that husband and wife David Chew and Leong Sook Ching who used to control mainboard-listed Stratech, now in liquidation, are the registered owners of the bungalow, while Deutsche Bank is the mortgagee.
Mr Chew and his wife Madam Leong were made bankrupts last October following a petition by Zana Asia Fund II, searches show.
The sprawling, two-storey GCB has a gross floor area of about 15,714 square feet and sits on a two-tiered land with a lift, playground, basketball court and swimming pool. It also has ample parking space that can fit up to 10 cars.
Based on the new $40.8 million guide price and 27,000 sq ft in freehold land area, this works out to a price tag of around $1,511.11 per square foot (psf).
The earlier $42 million guide price reflected a price tag of $1,556 psf.
Retail facilities, eating establishments and other amenities are located nearby on Sixth Avenue and Holland Road.