3 of 5 Chansville site houses sold

Property
Published September 21, 2006

3 of 5 Chansville site houses sold
Freehold bungalows went for $5.6m to $6.3m in recent weeks


By KALPANA RASHIWALA


SIMON Cheong has sold three of the five bungalows he is developing on the 55,259 sq ft Chansville site in Mountbatten Road, which he bought from the family of the late champion swim trainer Chan Ah Kow in mid-2004.


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Legendary: "5 Legends of Mountbatten' were designed by award-winning architect Mok Wei Wei of W Architect


Aelington Pte Ltd, a privately held vehicle controlled by Mr Cheong, sold the three freehold bungalows over the past few weeks at prices ranging from $5.6 million to $6.3 million each. The fourth house is still for sale at $5.6 million while Chansville itself, which is being conserved and extended at the rear with two new wings, is priced at $13.8 million.

The five bungalows, dubbed '5 Legends of Mountbatten', were designed by award-winning architect Mok Wei Wei of W Architect.

Mr Cheong bought the freehold site for just $11.05 million. A property consultant says that assuming he is spending a similar amount on construction costs, professional fees, finishes and fittings, he could reap a profit of $15 million from the venture.

His listed property arm SC Global Developments, known for developing premium homes, is handling project management and marketing for the development. One bungalow, which serves as the showhouse, has received a Temporary Occupation Permit (TOP). Three others are slated to be completed in Q1 next year and Chansville, at No 745 Mountbatten Road, is expected to receive a TOP in Q3 next year.

The prices fetched so far reflect more than $1,000 per sq ft (psf) based on built-up area and up to $900 psf-plus based on land area. Mr Cheong has hailed these as new benchmarks for bungalows in the east and comparable to those in prime districts 9, 10 and 11.

'With the record psf prices achieved, SC Global has made its first and successful foray into the bungalow market,' said Mr Cheong, who is SC Global's chairman and CEO.

All five bungalows are two storeys high and have roof terraces. Four come with a lap pool of between 13 and 22 metres at ground level, while Chansville will have a 30-metre swimming pool. Lush landscapes will create a feeling of uninterrupted space and privacy between the five houses.

The bungalows have four to five bedrooms each except for Chansville, which will have six bedrooms.