Four Bungalows of Good Class were sold for $36 mil in 48 hours
Four of the Good Class Bungalows (GCB) traded hands for $36 million in two days between June 24 and 25. Agents from the property industry who EdgeProp interviewed believe that it was just a chance.
They are owners as diverse as the GCBs as are the locations. Two GCBs were sold for the same amount of $36 million. However, there were caveats that were lodged at the exact time, June 25. One was an GCB located in Binjai Park and the other is located at Swettenham Road. The third is an GCB located at 24, Coronation Road West which had been offered for the price of $35 million back in the month of May. The property is believed to have discovered buyers for $36 million at the at the close of the month but a caveat has yet to be filed. Fourth is GCB located at 27 Olive Road, which was transferred by Ian Ang, the co-founder of the Secretlab gaming chair, who had an agreement to caveat for $36 million on June 24.
Binjai Park
Swettenham Road
The GCB located at Swettenham Road that was sold for $36 million ($1,954 per sq ft) in the last fortnight sits on a freehold property with 18,427 square feet. The GCB was previously owned by Ng Bok Eng Holdings which was established in 1969 that was primarily focused on securities and property investment. The company was established by an infamous business billionaire and social philanthropist Ng Bok Eng, who was known for being”the “king of cloves”. Ng was a resident of Singapore in 1947, and established the Bian Bee Company, an import-export firm that dealt with coffee, cloves, and pepper.