SINGAPORE: A freehold property that belongs to the family of Ong Teng Cheong, Singapore’s fifth president, has been put up for sale for $60 million. The Good Class Bungalow (GCB) is located in the District 10 area and is considered highly desirable to the ultra-wealthy.
According to a report in The Business Times last week, the property is being marketed at about $2,742 per square foot and occupies 21,882 square feet. It is on Dalvey Estate, near the Botanic Gardens and Orchard Road.
Cushman & Wakefield, the property’s exclusive marketing agent, described the GCB’s location as “Singapore’s most prestigious address” in District 10 and noted that it is just a few minutes’ drive not only from shopping enclave Dempsey Hill but also from premier healthcare facility Gleneagles Hospital.
A number of renowned schools are nearby as well, including the Singapore Chinese Girls’ School, Anglo-Chinese School (Primary), Nanyang Primary School, St Joseph’s Institution, and Hwa Chong Institution.
Those who are interested in acquiring the property may submit their bids to Cushman & Wakefield until 3:00 pm on Feb 11.
Shaun Poh, the Executive Director of Capital Markets at Cushman & Wakefield, noted that the neighbourhood where the former President’s GCB is located is “extremely sought after by ultra-high net worth individuals, and this is evident from the recent transactions at Nassim Road and Tanglin Hill where we see record-breaking land rates of $4,500 psf and $6,200 psf respectively.”
He also characterized it as “perfect” for individuals who desire to build a multigenerational home from the ground up or developers wishing to “redevelop the plot into a luxurious, state-of-the-art GCB.”
Mr Ong was the President of the city-state from 1993 to 1999. He passed away in 2002.
There are two land lots owned by the former President’s family and held by his son Ong Tze Guan and his former sister-in-law, Wang Yi Yi, who are both tenants of the GCB with common shares, according to an AsiaOne report.
The GCB on sale is on one of the land lots, while the other, where Mr Ong’s private residence is located, is not for sale.
There are only around 2,800 GCBs in Singapore. Two factors mark GCBs, which are size and location. GCBs are said to have a land size of more than 1,400 sqm and can only be found in the 39 designated enclaves in prime residential areas near Singapore’s city centre. /TISG
Featured image from Cushman & Wakefield
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