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.

Normanton Park amenities

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

The GCB located at Binjai Park sits on a corner plot of freehold with 27,320 sq ft of land and is surrounded by an impressive frontage. The property has been changed hands four times over the course of 26 years. It is among the largest plots of land on Binjai Park, hence the purchase price of $36 million is the highest value on the GCB estate up to this point. It is the land price of $1,318 per square foot.
The property was held by Seow Soon Yong, CEO of the Singapore-listed construction company and engineer Yongnam Holdings for over a decade. Seow bought the property in the year 2010 for the sum of $27 million ($988 per square foot) and built an additional house on the property. It is completed in the year. The property was listed for sale in the past two years with a price of $40 million ($1,464 per square foot) price cost.
Based on a title search, one of the owners of the GCB located at Binjai Park is Ng Siew Moi, who is the director for Inter-Continental Oils & Fats (ICOF) which is a retailer as well as a distributor for sustainable palm oils and derivative products, as well as Lim Jing Yi Clara, Karim.

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.

Ng Bok Eng Holdings purchased the GCB located at Swettenham Road for $6.5 million ($353 per square foot) in the month of November 2003. There is an existing home built in 2000. The price for the sale in the range of $36 million greater than 5.5 times the purchase price of 18 years ago.
The person who purchased the GCB located at Swettenham Road, based on an investigation of the title to the property the buyer can be identified as Gregory Alva Ng Yong He. Based on his biography in an article from New Naratif published in Aug 2019, Ng is a writer and researcher from Singapore. He graduated with an B.A. with a major in Ethnicity, Race & Migration from Yale University, and at the time, was taking part as a student in the Performance Studies M.A. programme at New York University. Ng is believed to be among the children of Philip Ng, CEO of one of Singapore’s biggest property firms, Far East Organization. The deal was mediated by Michael Lam of Asset Property.

Coronation Road West

The GCB located at 24 Coronation Road West has been reported to have changed hands two weeks back for $36 million. The GCB is situated on a freehold land area that covers 24,000 square feet it was put on marketplace for $37 million only 2 months back. A caveat, however, has not yet been filed. The property is held by one family within the umbrella which is Namazie Realty Pte Ltd, according to the title search. Steve Tay, senior associate vice president of List Sotheby’s International Realty, who was the broker did not comment on the transaction.
In an EdgeProp report that appeared in EdgeProp on May 14, the direction of the property located at 24 Coronation Road West can be altered. It will be facing Jalan Sampurna, and will be an integral part in the Oei Tiong Ham GCB estate. The buyer will have the option to buy the parcel of land owned by the state of 8000 sq ft that is located adjacent to the property on Coronation Road West. However, approval from the Singapore Land Authority is needed for the amalgamation of the current GCB site in order to create an additional land parcel.

Olive Road

The GCB located at 27 Olive Road was bought by Ian Ang, co-founder of Secretlab gaming chairs for $36 million, as per an agreement signed on June 24. The report was first reported by EdgeProp Singapore on June 29.
The property was held by Danny Yong Ming Chong who was the founder as well as CIO for hedge funds Dymon Asia Capital, who bought the property for $26.1 million ($1,114 per square foot) in October 2012. “When the owner purchased the site back then, the plan was to build a new home and move in eventually,” says Tay of List Sotheby’s, who represented the seller in the transaction.
The original bungalow on Olive Road was built in 1940. Yong revamped the house and then rented it for an expatriate family that desired a huge space for their four beloved Silkie chickens could roam free. The family is pleased with the proximity of MacRitchie Nature Trail as well as Reservoir Park as well as the convenience of the amenities available in the close Thomson Road and Toa Payoh precincts, says Tay. They’ve been there for the past five years.
The GCB located at 27 Olive Road, which sits on an elevated lot that covers 23,424 square feet, was put on the auction for $38.9 million just a few months ago. The price was $36 million ($1,537 per square foot) this is the highest price ever recorded in absolute value as well as the price per square foot for that particular Caldecott Hill Estate. “There hasn’t been a GCB in the Caldecott Hill Estate sold for above $30 million in the last 15 years,” Tay explains. Tay.
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