Astrid Park bungalow sold for S$46 million to Hin Leong family

The price translates to S$1,548 psf on the land area of 29,709 sq ft; transactions in GCB Area cross S$400m year-to-date

June 24, 2017

KALPANA RASHIWALA


THE family that controls oil trading group Hin Leong is understood to have bought a bungalow in Queen Astrid Park for S$46 million - the biggest purchase in a Good Class Bungalow (GCB) Area to be caveated so far this year.

The price reflects S$1,548 per square foot based on the land area of 29,709 sq ft. On the sprawling site with a wide road frontage is a bungalow that was built a decade ago and spans two storeys. It has five bedrooms, a large hall, a pool and other facilities.

A semi-retired businessman involved in the diamonds trade is selling the property. The sale is understood to have been brokered by Newsman Realty.

Hin Leong Group was set up in the 1960s by Lim Oon Kuin, who is also known as O K Lim. The publicity-shy tycoon was born in Fujian, China.

Based on caveats lodged by buyers of properties in GCB Areas, the value of deals so far this year has crossed S$400 million. For the whole of last year, the tally was S$788.5 million.

That said, observers noted that some of the transactions caveated this year were initiated last year. In the Queen Astrid Park bungalow deal, for instance, the option to purchase was granted nearly a year ago but exercised only this month.

Bungalows in GCB Areas are the most prestigious form of landed housing in Singapore, with planning conditions to preserve their exclusivity and low-rise character. Only Singapore citizens are allowed to buy landed residential properties in GCB Areas under a policy change that took effect in the second half of 2012.

KH Tan, managing director of Newsman Realty, observes a strong presence in the GCB market from new Singapore citizens, particularly those from China, looking for a large house to live in with their families.

He also observed that many of his clients, whether relatively new or established Singapore citizens, who had stopped looking at the GCB market in the past three years or so because of the various property cooling measures here, have begun to house-hunt here in the past couple of months.

"This is partly due to the sentiment improvement after the maiden tweaks to the cooling measures announced in March. Another reason is that some of these property investors who were focused on overseas markets like London, Hongkong, Japan and Australia in the past few years are now returning to Singapore because of curbs against foreign buyers in some of these markets. And with the softening property prices here in the past four years, some of these investors feel it is is time to pick up a GCB here."

GCB prices continued to soften in the first half of this year, but "there's a good chance that prices may start to stabilise in the second half", said Mr Tan. He estimates that on average, GCB prices have retreated about 20 per cent since their peak in 2013.

Some agents lament that while they have on hand a pool of ready buyers, there is a lack of new, nice stock of GCB properties on the market at the moment.

That said, one property that may whet the appetite of potential buyers is on sale at Ewart Park.

Designed by Guz Architects, it spans two storeys and a basement. It comes with five ensuite bedrooms and a pool as well as an open courtyard, garden landscaping and water features that create a resort feel.

The firm's principal Guz Wilkinson has dubbed the property the "Rikki Tikki House" as in Rudyard Kipling's The Jungle Book.

According to information on Guz Architects' website, "the living spaces and circulation were designed around a central landscaped courtyard at verandahs and roof gardens with wonderful views of the jungle beyond". "We aimed at keeping the plan and spaces as open as possible to integrate the built spaces with nature."

Despite this being a charming home, its owners, who have lived in the villa ever since it was completed in 2006, now wish to part with it as their children are grown up and have their own families. The couple who own the property are former British citizens who became Singaporeans many years ago. They recently moved to a prime district penthouse and plan to travel more, according to Steve Tay of CBRE Realty Associates, the sole marketing agent for the property.

"The house has become too large for them," he explained.

The bungalow is built with high-quality wood and natural stones. "Even the swimming pool tiles are natural stones instead of ceramic," said Mr Tay.

The asking price is S$23 million, which works out to around S$1,515 psf on land area of 15,190 sq ft. The built-up area is about 10,000 sq ft.