Business Times - 08 Jun 2011
Choa Kim Keat's villa sold for S$103.8m
By TEO SI JIA
The beachside villa built by the late Choa Kim Keat at 37 Marine Parade was sold for S$103.8 million yesterday to Orchard Mall, a member of Far East Organization, after it was opened for tender last month.
This translates to S$1,195 psf ppr, higher than the previous transaction record of S$1,118 psf ppr in the vicinity, set by the sale of Amber Towers.
The single-storey conservation house built in 1898 fronts both Marine Parade and East Coast Road and has a combined land area of 47,400 sq ft, the size of half a football field.
The property is zoned for residential development with an allowable gross plot ratio of 2.1 and a maximum height of 24 storeys.
The bungalow has a gross floor area of 3,100 sq ft. However, according to URA guidelines, 'the developer would be allowed to build a bonus GFA equivalent to the conserved bungalow GFA, over and above the GPR 2.1 stated under the Master Plan,' said Karamjit Singh, managing director of Credo Real Estate, the property consultants engaged to market the property.
The estate was put up for sale by Eric Choa, the grandson of the late Mr Choa, the husband of the grand-daughter of 19th century philanthropist Tan Tock Seng.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.