The property was sold for $25 million, which works out to $1,493 psf based on the freehold land area of 16,750 sq ft.
Completed in late 2012, the two-storey bungalow has a built-up area of around 10,000 sq ft and comes with a swimming pool. The property is currently being tenanted.
The buyer, Absolute Kinetics Consultancy founder Fang Koh Look, is expected to occupy the property following the end of the existing lease.
Known for building luxurious condos under the SC Global Developments brand, Cheong also develops landed properties under SC Homes. He owns several GCBs on Pierce Road and is believed to be open to selling them at the right price.
Meanwhile, a wholly-owned unit of Soilbuild Group Holdings has acquired an old, two-storey bungalow along Wilkinson Road for $19.28 million. This translates to $1,203 psf based on the land area of 16,031 sq ft.
Soilbuild Executive Chairman Lim Chap Huat noted that the freehold property could easily be 40 to 50 years old.
“We are buying it from a family,” he said.Famed Developer Sells $25m Bungalow Click To Tweet
He revealed that the group plans to redevelop the site, which is zoned for two-storey bungalow use, into two new bungalows.
Set to be completed in two years, works for the new bungalows is expected to begin around the middle of this year.
One of the bungalows will be bigger, with a land area of around 11,000 sq ft and a built-up area of around 6,000 to 8,000 sq ft. It will also feature a swimming pool.
Nestled on about 5,000 sq ft of land, the smaller bungalow will have a built-up area of 5,000 sq ft as well. Both bungalows will be two storeys high with four bedrooms and an attic.
With a construction cost of almost $6 million, the two properties will be the first landed housing project by the group in over two decades.
“In the early 1990s, we developed about 40 landed homes in various locations in the Sixth Avenue vicinity. Even before that, in the early 1980s, we built 18 landed houses at Coronation Road,” said Lim.