The sale price of the bungalow at Dalvey Road is lower than the expected price of about $100 million.
The asking price of the luxurious bungalow along Dalvey Road is lesser compared to the expected price which is more or less $100 million.
The freehold competitive good class bungalow (GCB) under the legacy of Lim Kin San, the first known chairman of Housing and Development Board, remarkably changed hands as high as $93.9 million, published iCompareLoan.
Covering an area of 52,059 sq ft, right along Dalvey Road, the bungalow was bought only for $1,804 psf and this cheaper than the expected price which cost like $100 million.
It was Lim Kim San, who sold the estate. He was known as “Mr HDB” for the being great leader in Singapore’s real estate industry through different housing programs, way back 1960.
The GCB was purchased by a certain member of a Tsai family who is also a Singaporean fromTaiwan. Tsai Wan -Lin, a Tsai’s late patriarch was published by Forbes as one of Taiwan’s richest individual in 2004 when he died.
The family owned the Homax Equity, founded by a business tycoon Tsai Tseng-yu, who engaged in real estate investments after the Cathay Financial Holding shares’ being sold to his brothers.
Mr Tsai Wan-lin, Tsai’s father founded the Cathay Life Insurance, Cathay’s Financial’s predecessor.
This was not the first biggest acquisition of the family in Singapore because 2011, a company connected to Homax purchased Robinson Centre, a skyscraper of 20 -storey office block around Central Business District and cost $293 million.
It was on sale, July 13, with its tender exercise ending on 12th of September.
The property’s expensive market price is credited to the huge property area, high grounds and its distance to the beautiful tourist spot, the Singapore Botanic Garden. There was a rumor spreading that once this was the home of the film-maker and theather director, the brilliant Glent was once reported to be the home of theatre director and film-maker Glen Goei.
Apart from those, the copious site which is good enough to cater three more bungalows block or two huge good class bungalows.
Full completion was in 1967, positioned around White House Park GCB site, the most pricey properties among the 39 controversial bungalow zones.
Bungalows around GCB site are considered the most reputable form of landed developments in Singapore, with meticulous planning rules stipulated to protect low- rise character and exclusivity. There are more or less 2,500 bungalows all over the 39 GCB areas.
Tan Hong Boon, the regional director of JLL said, “Dalvey Road is the place of the who’s who in Singapura, that includes ambassadors and commissioners.