Category Archives: Luxury Property

Bungalow off Holland Road for sale

A good class bungalow (GCB) along East Sussex Lane off Holland Road has been put up for sale through expression of interest (EOI), revealed marketing agent Knight Frank Singapore.

Currently, a two-storey detached house (pictured) sits on the 27,181 sq ft site. Built in the 1950s, the property could be redeveloped into a luxurious bungalow.

It is located within proximity to the Holland Village and Buona Vista MRT stations, Orchard Road shopping belt and established schools.

“The guide price for the GCB is approximately $1,200 psf. This is an estate sale and the vendors are open to considering all price offers put forth by prospective purchasers during the Expression of Interest exercise,” said Mary Sai, Executive Director, Investment & Capital Markets.

Last month, a GCB at Belmont Road was moved for $44.18 million or $1,420 psf, while another bungalow at Bing Tong Park changed hands at $30 million or $1,400 psf.

According to Knight Frank, the demand for GCBs has held steady despite the slew of cooling measures imposed on the residential market.

“In May this year, a GCB at Bishopsgate was sold at a record price of $2,190 psf, surpassing the previous GCB record price of $2,110 psf set in October 2012.

“Another GCB at Ridout Road was transacted at about $91.68 million in May this year, achieving the highest transacted price for a GCB on an absolute quantum price basis. The outlook for GCBs remains positive with transactions of such properties still active and price growth only moderating,” added the consultancy.

The EOI exercise will close on 30 July 2015.

Image source: Knight Frank Singapore.

Kong Hee’s home on sale for $10m

The luxurious family home of City Harvest Church (CHC) founder Kong Hee in Sentosa Cove has been put on the market for $10 million, reported The Straits Times.

In an online advertisement, the 11th-storey unit is simply described as: “Duplex penthouse with pool/jacuzzi. Views span city, marina and sea. Full resort-style condo facilities.”

While the ad does not reveal the identity of the owner, a check with the Singapore Land Authority (SLA) shows that The Oceanfront penthouse is co-owned by Kong and Indonesian magnate Wahju Hanafi.

Kong and five others are accused of misusing $50 million of church funds and falsifying church accounts to cover it up. They allegedly funnelled millions from the church’s building fund to the Crossover Project, with the aim of boosting the music career of Ho Yeow Sun, Kong’s wife.

Purchased in 2007 for $9.33 million, the 5,242 sq ft duplex features a roof terrace with a huge infinity pool. It also offers views of fireworks during festivities, luxury yachts entering the marina and the city skyline, said a property agent.

The master bedroom and three other rooms can be found on the first level, while the living and dining areas boast works of art and giant crystal light fixtures.

It is understood the apartment is being marketed by more than one property agent. Several offers have been made for the unit, but none have matched Kong’s asking price.

The last time an Oceanfront penthouse was sold occurred in April 2010. The 4,510 sq ft unit changed hands for $7.5 million or $1,663 psf.