The oldest son of Sukanto Tanoto spends S$21 million on a bungalow on Fernhill Road
The oldest son of Sukanto Tanoto spends S$21 million on a bungalow on Fernhill Road
The Singapore permanent resident's payment for the freehold land area comes to S$2,549 per square foot.
November 27, 2024
CONDOsingapore.com
Tycoon Sukanto Tanoto's eldest child, who was born in Indonesia, has paid S$21 million for an old bungalow on Fernhill Road.
On the 8,238 square feet of freehold land, the cost comes to S$2,549 per square foot. Situated close to the Nassim Road Good Class Bungalow (GCB) Area, the two-story bungalow is part of a three-story mixed-landed housing zone that permits the construction of terrace, semi-detached, and bungalow homes.
Market watchers anticipate that Andre Tanoto, the buyer, will have a new bungalow constructed on the property for his personal use.
He is in his 40s and a permanent resident (PR) of Singapore. According to searches on the Handshakes portal, he is an Indonesian national who works in the fund management and private equity industries.
Of Tanoto's four children, he is the only one not on the executive management board of RGE (Royal Golden Eagle), the company his father founded. Among other ventures, the Singapore-based group is involved in energy development, pulp and paper, and palm oil.
According to the organization's website, the younger son Anderson and the older Tanoto's daughters Imelda and Belinda serve as managing directors of RGE.
The Tanoto Foundation is the family's charitable arm, and all four siblings serve on its board of trustees.
Through a joint sale in 2022, the Tanoto family's privately held property investment and development company, Pacific Eagle Real Estate, purchased the freehold Tanglin Shopping Centre for S$868 million. The Mondrian Singapore Duxton hotel was also built by it.
Foreigners, including Singapore PRs, are not allowed to buy landed homes in Singapore. Permission from the Land Dealings Approval Unit (LDAU) is required for such purchasers.
Outstanding economic contribution to Singapore
To be granted permission in mainland Singapore, applicants must meet specific requirements, such as having been a Singapore PR for at least five years and having made a noteworthy economic contribution to the nation. (The economic contribution considers elements like the applicant's employment income that is subject to Singaporean taxation.)
The property that is being purchased must not be located in a GCB Area and its land area cannot exceed 15,000 square feet. More rigors qualifying requirements, including economic contribution, will apply to applicants who want to purchase a landed residential property that is more than 15,000 square feet and/or located in a GCB Area.
For PRs purchasing a landed home on Singapore's mainland, a minimum five-year holding period is required.
The only location in Singapore where foreigners who are not Singapore PRs can purchase a landed home is Sentosa Cove, but they still need LDAU's approval.
Only one landed home, including one in Sentosa Cove, may be owned by a foreigner (including a PR), and it must be used for owner occupation.
