Results 1 to 8 of 8

Thread: Leng Beng's elder son buys Jervois Rd GCB for S$18.8m

  1. #1
    Join Date
    Oct 2011
    Posts
    10,829

    Default Leng Beng's elder son buys Jervois Rd GCB for S$18.8m

    http://www.businesstimes.com.sg/prem...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


    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."

  2. #2
    Join Date
    Oct 2012
    Posts
    526

    Default

    Rich gets richer... $12xxpsf is cheap for GCB, especially in tanglin area.

  3. #3
    Join Date
    Apr 2010
    Posts
    2,067

    Default

    So capable. Age 30s can buy a GCB for $18m.

  4. #4
    Join Date
    Apr 2010
    Posts
    1,102

    Default

    Quote Originally Posted by leesg123 View Post
    So capable. Age 30s can buy a GCB for $18m.
    Of coz he can lah, not enough $$$ just ask his father to top up the difference only mah..

  5. #5
    Join Date
    Oct 2013
    Posts
    695

    Default

    Father this father that, this kind of people i got zero respect

  6. #6
    Join Date
    Mar 2012
    Posts
    7,827

    Default

    If you are Leng Beng, of course you will ask your children to buy GCB when there is a good deal that comes along. Especially at a time when sellers are desperately looking for buyers.
    The reason why rich get richer is because they know how to play the property game. So please stop throwing sour grapes at them, because its not a sin to be hardworking and wealthy
    "Never argue with an idiot, or he will drag you down to his level and beat you with experience."

  7. #7
    Join Date
    Feb 2009
    Posts
    5,837

    Default

    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.


    based on definition .... GCB has to be at least 15000 sqft of land ....

    how can this Oriole Crescent property of land about 10 220 sqft be a GCB ?

  8. #8
    Join Date
    Mar 2012
    Posts
    7,827

    Default

    Quote Originally Posted by proud owner View Post
    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.


    based on definition .... GCB has to be at least 15000 sqft of land ....

    how can this Oriole Crescent property of land about 10 220 sqft be a GCB ?

    My guess is that GCB property agents needs to create the false impression that GCB market is alive and well. So they have to throw in mini GCB to generate news.
    "Never argue with an idiot, or he will drag you down to his level and beat you with experience."

Similar Threads

  1. Lian Beng buys $46.2m Leng Kee plot
    By reporter2 in forum HDB, EC, commercial and industrial property discussion
    Replies: 0
    -: 02-05-14, 22:40
  2. Lian Beng buys $46.2m Leng Kee plot-to enter car business
    By princess_morbucks in forum Coffeeshop Talk
    Replies: 8
    -: 28-04-14, 11:47
  3. Kwek Leng Beng is my idol
    By phantom_opera in forum Coffeeshop Talk
    Replies: 0
    -: 08-10-12, 20:56
  4. So what does Mr Kwek Leng Beng thinks?
    By land118 in forum Coffeeshop Talk
    Replies: 5
    -: 14-08-11, 19:01

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •