reporter2
07-08-14, 18:00
http://www.businesstimes.com.sg/premium/top-stories/leng-bengs-elder-son-buys-jervois-rd-gcb-s188m-20140807
Published August 07, 2014
Leng Beng's elder son buys Jervois Rd GCB for S$18.8m
This works out to about S$1,247 psf for 15,073 sq ft of freehold land
By Kalpana Rashiwala
[email protected] @KalpanaBT
http://i.imgur.com/WaQW53C.jpg
Prime property: The bungalow at the confluence of Jervois Road and Tanglin Road is said to have six en suite bedrooms and a small swimming pool. The total built-up area is around 7,600 sq ft. Mr Sherman Kwek is said to be buying the property from a couple
[SINGAPORE] Sherman Kwek, chief investment officer of City Developments, has picked up a Good Class Bungalow for S$18.8 million. This works out to about S$1,247 per square foot on freehold land area of about 15,073 square feet.
Sitting on an elevated, triangular-shaped site near the confluence of Jervois Road and Tanglin Road, the two-storey bungalow is said to have six en suite bedrooms and a small swimming pool. The total built-up area is around 7,600 sq ft.
Mr Kwek, who is in his late 30s, is said to be buying the property from a couple. He exercised the option for the purchase last month.
Based on caveats information, this would be the fourth time the property is changing hands in the past 11 years. It was previously transacted in 2003, 2006 and 2007.
Mr Kwek is the elder son of City Developments and Singapore Hong Leong Group executive chairman Kwek Leng Beng. He is also a council member of the Singapore Chinese Chamber of Commerce and Industry.
In another GCB deal, motoring tycoon Peter Kwee is believed to have exercised an option last month for the purchase of a house in Gallop Park for S$25.2 million, translating into S$1,574 psf on land area of about 16,010 sq ft.
Mr Kwee is understood to be buying the property as trustee for another party. Under a complex deal, the seller - who is understood to be formerly from China, have completed his university education here and to be now a Singaporean - is said to have granted an option in the fourth quarter of last year.
The two-storey Gallop Park bungalow has about 7,000 sq ft built-up area; it has six bedrooms and a swimming pool. The property is believed to have been renovated a few years ago. The latest deal would mark the fifth time the property is changing hands in the past eight years; the earlier transactions were at about S$7.5 million in March 2006, S$12.3 million in July 2007, S$13.1 million in September 2008 and S$21 million in December 2010.
Other recent GCB transactions are said to include an option granted recently for an Oriole Crescent property for around S$15.7 million. It has land area of about 10,220 sq ft and built-up area of some 7,000 sq ft.
A property at Dalvey Road is also said to be selling at S$30-plus million. It is said to have five bedrooms in addition to a granny room and a guest room. The bungalow is on nearly 18,490 sq ft of land.
GCBs are the most prestigious type of landed housing in Singapore because of the planning constraints imposed by the Urban Redevelopment Authority, which has designated 39 locations on mainland Singapore as Good Class Bungalow Areas (GCBAs).
Typically, GCBs have a minimum land area of 1,400 square metres (15,069 sq ft). However, when GCBAs were gazetted in 1980, they included some slightly smaller existing sites. Nonetheless, these are still considered GCBs as they would be bound by the other GCB planning rules if they were to be redeveloped.
For instance, such plots cannot be further sub-divided and they cannot be built more than two storeys high (plus an attic and a basement).
Based on CBRE's analysis of caveats data, 15 deals in GCBAs have been done in the first half of this year totalling slightly over S$344 million, an improvement from just eight deals of S$233 million in the second half of last year.
RealStar Premier Group managing director William Wong notes that prices of GCBs as well as transactions have dropped since the onset of the total debt servicing ratio framework in June last year, as well as the fact that Singapore permanent residents are no longer allowed to buy landed homes in GCBAs.
The latter rule-change is thought to have been introduced sometime in the second half of 2012. "This means the pool of GCB buyers today comprises only Singaporeans," he added.
Even in prime GCBAs such as Chatsworth and Bishopsgate in the Tanglin vicinity, said Mr Wong, prices are now hovering around S$1,600-S$1,800 psf on land area, compared with S$1,800-S$2,000 psf about 18 months ago.
"On a more positive note, following a slow second quarter this year, we are now seeing an increase in viewing activity. There are more potential buyers looking out for good deals; however, not many owners are adjusting prices just yet. I foresee the price-gap will narrow, most likely in the fourth quarter of this year, which is when we will start to see more transactions."
Published August 07, 2014
Leng Beng's elder son buys Jervois Rd GCB for S$18.8m
This works out to about S$1,247 psf for 15,073 sq ft of freehold land
By Kalpana Rashiwala
[email protected] @KalpanaBT
http://i.imgur.com/WaQW53C.jpg
Prime property: The bungalow at the confluence of Jervois Road and Tanglin Road is said to have six en suite bedrooms and a small swimming pool. The total built-up area is around 7,600 sq ft. Mr Sherman Kwek is said to be buying the property from a couple
[SINGAPORE] Sherman Kwek, chief investment officer of City Developments, has picked up a Good Class Bungalow for S$18.8 million. This works out to about S$1,247 per square foot on freehold land area of about 15,073 square feet.
Sitting on an elevated, triangular-shaped site near the confluence of Jervois Road and Tanglin Road, the two-storey bungalow is said to have six en suite bedrooms and a small swimming pool. The total built-up area is around 7,600 sq ft.
Mr Kwek, who is in his late 30s, is said to be buying the property from a couple. He exercised the option for the purchase last month.
Based on caveats information, this would be the fourth time the property is changing hands in the past 11 years. It was previously transacted in 2003, 2006 and 2007.
Mr Kwek is the elder son of City Developments and Singapore Hong Leong Group executive chairman Kwek Leng Beng. He is also a council member of the Singapore Chinese Chamber of Commerce and Industry.
In another GCB deal, motoring tycoon Peter Kwee is believed to have exercised an option last month for the purchase of a house in Gallop Park for S$25.2 million, translating into S$1,574 psf on land area of about 16,010 sq ft.
Mr Kwee is understood to be buying the property as trustee for another party. Under a complex deal, the seller - who is understood to be formerly from China, have completed his university education here and to be now a Singaporean - is said to have granted an option in the fourth quarter of last year.
The two-storey Gallop Park bungalow has about 7,000 sq ft built-up area; it has six bedrooms and a swimming pool. The property is believed to have been renovated a few years ago. The latest deal would mark the fifth time the property is changing hands in the past eight years; the earlier transactions were at about S$7.5 million in March 2006, S$12.3 million in July 2007, S$13.1 million in September 2008 and S$21 million in December 2010.
Other recent GCB transactions are said to include an option granted recently for an Oriole Crescent property for around S$15.7 million. It has land area of about 10,220 sq ft and built-up area of some 7,000 sq ft.
A property at Dalvey Road is also said to be selling at S$30-plus million. It is said to have five bedrooms in addition to a granny room and a guest room. The bungalow is on nearly 18,490 sq ft of land.
GCBs are the most prestigious type of landed housing in Singapore because of the planning constraints imposed by the Urban Redevelopment Authority, which has designated 39 locations on mainland Singapore as Good Class Bungalow Areas (GCBAs).
Typically, GCBs have a minimum land area of 1,400 square metres (15,069 sq ft). However, when GCBAs were gazetted in 1980, they included some slightly smaller existing sites. Nonetheless, these are still considered GCBs as they would be bound by the other GCB planning rules if they were to be redeveloped.
For instance, such plots cannot be further sub-divided and they cannot be built more than two storeys high (plus an attic and a basement).
Based on CBRE's analysis of caveats data, 15 deals in GCBAs have been done in the first half of this year totalling slightly over S$344 million, an improvement from just eight deals of S$233 million in the second half of last year.
RealStar Premier Group managing director William Wong notes that prices of GCBs as well as transactions have dropped since the onset of the total debt servicing ratio framework in June last year, as well as the fact that Singapore permanent residents are no longer allowed to buy landed homes in GCBAs.
The latter rule-change is thought to have been introduced sometime in the second half of 2012. "This means the pool of GCB buyers today comprises only Singaporeans," he added.
Even in prime GCBAs such as Chatsworth and Bishopsgate in the Tanglin vicinity, said Mr Wong, prices are now hovering around S$1,600-S$1,800 psf on land area, compared with S$1,800-S$2,000 psf about 18 months ago.
"On a more positive note, following a slow second quarter this year, we are now seeing an increase in viewing activity. There are more potential buyers looking out for good deals; however, not many owners are adjusting prices just yet. I foresee the price-gap will narrow, most likely in the fourth quarter of this year, which is when we will start to see more transactions."