A bungalow at Cluny Park has been marketed for about $40 million or almost $1,964 per sq feet dependent on the freehold land’s 20,369 sq feet region, reported The Business Times.
The purchaser, who’s expected to redevelop the land, is known to be Lobb Heng Group manager Han Xiaoli. She co-owns the company together with Guan Zhishan. Both are equally Singapore taxpayers.
Founded inside the city-state in 1993 to exchange base metals, the team is a major provider of non-ferrous metals for export to China.
The company established a warehousing and logistics firm in 2005 to catch e-commerce’s rapid expansion in China.
A veteran market watcher noted the 1,964 psf cost is somewhat high for GCB growth land within the region.
On the other hand, the parties might have agreed on the cost from the first half of January, ahead of this Covid-19 epidemic and as soon as the opinion was positive.
The choice to buy was allowed earlier in the month, together with the purchaser exercising it about a couple of weeks afterwards.
The two-level home includes a cellar, five bedrooms, a health club and a swimming pool.
Formerly media posts showed that SSL marketed the 12 bungalows in just fourteen days of its own 1994 private launching for between $8 million and $9.5 million.
Bungalows in Singapore’s 39 gazetted GCB Places are regarded as the most prestigious type of landed home from the city-state. These properties include strict planning requirements by the Urban Redevelopment Authority in an attempt to maintain their low-rise personality and exclusivity.