Published February 9, 2007

Lornie strata bungalows going for $5-5.5m each

CLYDESBUILT Group is offering 18 freehold strata bungalows at Lornie Rd for about $5 million to $5.5 million each.

The 25-year-old group, founded by Victor Ow, expects to make a net profit of about $20-30 million 'or even more' from the development, Mr Ow told journalists yesterday. Marketing agent Knight Frank is expected to soft launch the project after Chinese New Year.

The two-storey bungalows will have a basement and an attic, with total strata areas ranging from 4,392 sq ft to 4,930 sq ft. Each house will have a personal lift and has provision for a wine cellar.

The project will come up on a 45,670 sq ft site that the group bought in April last year for $15 million. The cluster housing development in District 11 will have 36 basement carparks and a swimming pool.

The group's earlier property projects include Clydes Residence apartments at Mergui Rd, Clydesview apartments in Jervois Rd and Clydesdale, a townhouse development at Jalan Loyang Besar.

Clydesbuilt Group's other key businesses are project management and civil and structural engineering consultancy (mainly for heavy engineering works, refineries and petrochemical plants), construction and investments.

The group's annual turnover is about $10-15 million a year. Mr Ow owns Clydesbuilt Group with his wife, Wong Pui Yee.