The three adjoining freehold bungalows put up for sale by the family of Dick Lee have been sold for S$61,080,008, consultancy Cushman & Wakefield announced on Friday.
This top bid exceeded the indicative price of S$60 million that the properties had been put on the market for.
The buyer is a subsidiary company of Sustained Land, a property developer founded and owned by Douglas Ong.
All proceeds of the sale will go to registered charities, the names of which were not disclosed.
Background
The three bungalows, which occupy a combined land area of 32,148 sq ft, are the estate of the late Agnes Tan, the aunt of singer-songwriter Dick Lee.
They were put on the market on Feb. 13 by the executors of the estate, Peter Lee and John Lee, who are Dick’s brothers.
Peter described his late aunt as an active and visionary philanthropist who had been extremely generous in her lifetime, and bequeathed everything she owned towards charitable causes.
Tan was also the founding donor for the NUS Baba House in Singapore, a museum that showcases Peranakan history, architecture and heritage.
Peter stated that her donations are to be made in memory of her late father, Tun Tan Cheng Lock, who was the founder of the Malaysian Chinese Association.
All proceeds will go to charity
Ong, the buyer, expressed that he respected and admired the decision of having the proceeds going to charity.
“This decision to give back to the society is a meaningful element in this sale transaction, [and] we feel both privileged and honoured to be part of it,” he said.
Peter shared that he and his brother John are grateful to everyone who participated in and organised this tender, and that they are very pleased that the top bid exceeded the indicative price.
“It is fortuitous that Mr Douglas Ong is sympathetic to (our aunt’s) objectives and we are very grateful to him for his support,” Lee added.
Prime bungalows had attracted an “overwhelming” number of enquiries
The bungalows, located at Chancery Hill Road and Dyson Road, were sold through a tender exercise which closed on Mar. 21.
The tender drew “robust bids” with more than 10 offers from developers and high-net-worth families looking to rebuild for their own use, Cushman & Wakefield noted.
Shaun Poh, the executive director of capital markets at Cushman & Wakefield, shared that they had received an “overwhelming response” with close to 100 enquiries since the tender launched.
“It was a rare opportunity to own a sizeable freehold bungalow, and the prestigious location of Chancery Hill, made it more attractive,” he explained.
The three vacant bungalows are located in District 11, which is the Newton and Novena area.
Under the 2019 Master Plan, the three sites are zoned as “residential” with a “two-storey mixed landed” development control.
Top image via Cushman & Wakefield.
