Top of the market: Test of strength ahead

October 21, 2022


The bungalow at Coronation Road West that was sold for $50.128 million($2,043 psf) last month, after being purchased for $36 million over a year ago (Photo: Samuel Isaac Chua/EdgeProp Singapore)

A month ago, a Good Class Bungalow (GCB) at Coronation Road West was sold for $50.128 million ($2,043 psf). The seller, Danny Yong, chief investment officer and founding partner of private equity firm Dymon Asia Capital, had purchased the property in trust for $36 million ($1,468 psf) last year, according to a property title search. The title transfer took place in early December, according to transfer documents, but the option to purchase is believed to have been signed sometime in the middle of last year.

Yong’s capital gain before taxes and duties is 39.2% based on a holding period estimated at 15 months. Even if the deal is subjected o an 8% seller’s stamp duty (SSD), and a 4% buyer’s stamp duty is factored in, the gain is still well over 27%. That is equivalent to about $9.72 million, or the price of a detached house in Chip Bee Gardens, on Holland Road. Before May 9, those who purchased residential property in trust were not subjected to a 35% additional buyer’s stamp duty (ABSD).


The GCB at Cluny Hill was purchased by Sean Shi, chairman of Yihai International Holdings and Haidilao for $50 million ($2,739 psf) [Photo: Samuel Isaac Chua/EdgeProp Singapore]

Two other GCBs that changed hands in 3Q2022 were also transacted at around the $50 million mark. One is a GCB sitting on an 18,255 sq ft site at Cluny Hill that was sold in early September to Sean Shi, chairman of Yihai International Holdings and Haidilao hot pot restaurant chain. The purchase price of the GCB was $50 million ($2,739 psf).

The other is a 27,000 sq ft bungalow site on Belmont Road that fetched $55.5 million ($2,056 psf). The buyer was Andy Adhiwana, group CEO of Auric Pacific, according to a caveat lodged in August. It is also the highest-priced GCB transacted in the three months from July to September.

Read more at: https://www.edgeprop.sg/property-new...strength-ahead