Victoria Park Close bungalow being sold for S$40m

April 28, 2017

BIG residential property deals continue to be sealed. The latest deals include a bungalow in the Victoria Park Good Class Bungalow Area that is transacting at S$40 million, an apartment at The Marq on Paterson Hill that has fetched S$21.8 million and a couple of bungalow deals in Sentosa Cove.

The Victoria Park Close bungalow that is being sold was built about 20 years ago and is on a sprawling site of 29,955 sq ft with 999-year leasehold tenure.

The price works out to S$1,335 per square foot based on the land area. On site is a two-storey house with a basement sitting on a regular-shaped elevated plot with a wide road frontage. The house is said to have five bedrooms with a swimming pool and a big koi pond.

Property agents generally describe the pricing as being in line with the market. The property is being sold by divorced doctor couple Gordon Lim and Ivon Kwee as well as Dr Kwee's mother, who have granted an option to UBS Trustees (Singapore) for the purchase of the property as trustee of The Victoria Park Settlement, according to information in the caveat.

Including this transaction, caveats have been lodged for seven deals in GCB Areas totalling S$168.25 million so far this year, according to CBRE's analysis.

At The Marq on Paterson Hill, a 24-storey freehold development, Chinese citizen and Singapore permanent resident Chan Ki has sold a mid-floor apartment in the Signature Tower. The S$21.8 million price for the unit works out to S$3,498 psf on the strata area of 6,232 sq ft.

Going by caveats information, Mr Chan made a loss from the transaction; he picked up the unit for S$26.4 million or S$4,242 psf in 2007 from the project's developer.

He has sold the apartment to a British Virgin Islands-incorporated company. The development's Signature Tower has 21 apartments, each spread over an entire floor and with a 15-metre cantilevered private lap pool. The 66-unit project received Temporary Occupation Permit in 2011. Over at Sentosa Cove, recently caveated bungalow transactions include a villa on Coral Island, which sold for S$11 million or S$1,180 psf on land area of 9,322 sq ft. Another caveat lodged was for a waterway-facing bungalow along Cove Grove; it sold for S$16.8 million or S$1,797 psf on its land area of 9,348 sq ft. The villa spans two and a half levels and comes with its own lift.

The property is being sold by a Taiwanese to a Singapore citizen who is involved in the diamond and jewellery business.

Investment sentiment in the Singapore residential property market has been boosted by the tweaks to cooling measures announced by the government last month, say agents.