Simon Cheong pays $7m for bungalow: sources

Simon Cheong pays $7m for bungalow: sources

By KALPANA RASHIWALA

SC Global Developments boss Simon Cheong yesterday bought a freehold bungalow at Garlick Avenue for $7 million at auction, BT understands.
The price for 70 Garlick Avenue works out to $769 psf, based on the 9,100 sq ft of land. Bidding opened at $6.8 million and the property drew three would-be buyers.

The property is within an area zoned for Good Class Bungalow (GCB) use although its plot size is significantly shy of the minimum 1,400 sq metres (about 15,069 sq ft) required for a GCB.

There is a renovated, single-storey detached house in fairly good condition on the site, which was put up for auction by its mortgagee bank. The auction was conducted at Amara Hotel yesterday by DTZ Debenham Tie Leung.

Three other properties also changed hands at the auction. One was a three-bedroom apartment on the sixth storey of the freehold Avalon development at Anderson Road, which was sold by its owner for $2.7 million or $1,707 psf based on its strata area of 1,582 sq ft. A freehold maisonette at 104A Owen Road, near Farrer Park MRT Station, sold for $811,000 or $457 psf based on its strata area of 1,776 sq ft.

A single-storey, freehold terrace house at 27 Casuarina Road off Upper Thomson Road fetched $700,000 or $467 psf based on its land area of 1,500 sq ft. The Owen Road and Casuarina Road properties were mortgagee sales.

A three-bedroom apartment at the freehold Eunos Mansion at Jalan Eunos which had been put up for auction by its mortgagee bank was withdrawn from sale yesterday morning on speculation that a collective sale could be in the works at the estate, which could result in the unit fetching a higher price, BT understands.

Source: The Business Times, 27 June 2007

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