Bungalow at King Albert Park for sale at $10.8 mil
to have changed hands too, with the option just exercised on Sept 11, according to sources. It is believed to be a private treaty deal struck between the Thye Hong family and the buyer. The price is believed to be in the range of $90 million to $95 million.
Parties interested in the GCB before it was sold included developers, as the site is said to be large enough to be sub-divided into five smaller GCBs. However, the value is in keeping the land intact, says Samuel Eyo, managing director of Lighthouse Property Consultants, a specialist in marketing bungalows.
“Such large sites, of more than 100,000 sq ft, are hard to come by. But you must have deep pockets to keep the land whole,” he adds. “The site is big enough for a few bungalows, so three generations can live together on the same land plot, but yet have their own private residences. It’s good for building family bonds.” Hence, he believes it is more likely to appeal to the ultra high-net-worth families. The property can also be held in a trust, he says.
The existing bungalow at Garlick Avenue is set back from the main road and protected by high, ivy-covered walls, tall trees and double gates. After all, it was near the family home that their father Lee Gee Chong, chairman of Thye Hong Biscuit Factory, who was just 49 years old then, was kidnapped and murdered in 1960. Five years later in 1965, their brother, Boon Leong, was also ambushed and almost kidnapped while he was driving alone.
Lee Gee Chong was the son of banker Lee Choon Seng, former chairman of Oversea-Chinese Banking Corp and president of Singapore Chinese Chamber of Commerce.
While the buyer of the GCB at Garlick Avenue remains elusive, renewal is likely to take place at Thye Hong Centre under its new owner SLB Development.
Matthew Ong, the scion of another storied family, hails from Lian Beng Group. It was founded in 1973 by his grandfather, Ong Sek Chong, who started as a subcontractor. Under Matthew’s father, Ong Pang Aik, the present chairman and managing director, the listed construction company is one of the biggest in Singapore today.
Affinity for biscuit factories?
Coincidentally, Thye Hong Centre is not the first building that Matthew has purchased which had its origins as a biscuit factory. In 2016, while still at Lian Beng, Matthew had purchased Khong Guan Industrial Building for $31 million. It had been the site of the former Khong Guan Biscuit Factory for 64 years under the Chew family.
After purchasing Khong Guan Industrial Building, Matthew, who started SLB Development as a separate listed property development and investment company in 2017, redeveloped the site into the new Mactaggart Foodlink, a freehold industrial building with just 28 units, catering for central kitchens, food processing or cold room storage. The units, which range in size from 2,467 to 2,673 sq ft, are substantially sold to date.
Indeed, Singapore’s new generation of tycoons are set to build on the legacy of the past.
EAtwo-storey bungalow sitting on a cul-de-sac land plot in the King Albert Park Good Class Bungalow (GCB) area in District 21 is up for sale with an indicative price of $10.8 million. The bungalow has four bedrooms — one of them en suite — and has a total gross floor area of around 3,000 sq ft. The freehold land it sits on measures 7,945 sq ft. The site coverage of the house is around 2,000 sq ft and the surrounding garden measures close to 6,000 sq ft.
Bruce Lye, managing partner of SRI, says that the bungalow presents a rare opportunity to buy freehold land in a GCB area at the entry price of $10.8 million ($1,359 psf), as there are only three plots of similar size. The two others have been redeveloped. Most of the plots in the King Albert Park GCB area above 14,000 sq ft. To be considered a GCB under URA guidelines, the site area has to be at least 15,070 sq ft.
The property served as the family home of the owner for a few decades. It is now tenanted by an expatriate family, says Lye. The existing tenancy ends this November. However, there is a clause in the lease agreement for early termination should the property be sold before that and the buyer decide to move in immediately.
The house was built in 1960. Renovations were done to the kitchen and the three bathrooms in the house five years ago. It is therefore in move-in condition, says Lye.
The proximity to good schools makes the house ideal for young families with school-going children, adds Lye. Schools within the 1km radius include Pei Hwa Presbyterian Primary School, Methodist Girls’ School and tertiary institution Ngee Ann Polytechnic.
The bungalow is a two-minute drive to the KAP mall, which has a mix of enrichment centres and eateries as well as the independent cinema operator Eagle Wings. A new mixed-use project completed in 2016, KAP is a redevelopment of the former McDonald’s Place that used to sit at the corner of Clementi and Bukit Timah Roads.
Other nearby malls within a short drive include Bukit Timah Plaza, Sime Darby Centre and Beauty World Shopping Centre. In the future, the Beauty World integrated transport hub, which will have a mix of commercial and retail spaces, will be a three-minute drive away, adding greater convenience for the residents at King Albert Park.
Another attraction of the King Albert Park neighbourhood is its proximity to the Bukit Timah Nature Reserve and the Rail Corridor, which will form part of the 36km coast-to-coast trail.
There has not been any recorded bungalow transaction at King Albert Park since 2017. In February 2017, a GCB sitting on a land area of 39,225 sq ft changed hands for $43.8 million, based on a caveat lodged with URA Realis then.
Many of the bungalow owners at King Albert Park have lived there for many years. Hence, the bungalow that is currently on the market is a good opportunity for a homeowner who wants to be in the Bukit Timah area of District 21, near top schools, amenities and the nature reserve and parks, says Lye.
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