The properties were part of the estate of the late Agnes Tan, the daughter of Tan Cheng Lock and aunt to Singapore singer-songwriter Dick Lee (Picture: Cushman & Wakefield)
SINGAPORE (EDGPROP) - Three adjoining freehold bungalows at 10/10A Chancery Hill Road, 12 Chancery Hill Road and 14/14A Dyson Road have been sold for $61.08 million. The price is $1.08 million higher than the guide price of $60 million set for the properties when they were launched for sale by tender in mid-February.
Read also: Freehold bungalows at Chancery Hill up for estate sale at $60 mil
The properties are being purchased by a subsidiary of Sustained Land, a property developer owned and funded by Douglas Ong. Projects by Sustained Land include the 262-unit Sky Everton at Everton Road and luxury freehold condos One Meyer at Meyer Place and 3 Cuscaden at Cuscaden Walk.
The deal was brokered by Cushman & Wakefield, who says the estate sale drew more than 10 offers. Bids came from developers and high-net-worth families looking to redevelop the site for their use. “We received an overwhelming response, with close to 100 enquiries since we launched the tender,” adds Shaun Poh, executive director of capital markets at Cushman & Wakefield.
Map of 12 Chancery Hill Road (Source: EdgeProp LandLens)
The three bungalows are currently vacant and occupy a land area of about 32,148 sq ft. The land is zoned for residential, two-storey mixed-landed use. The homes were put up for sale by Peter and John Lee, brothers who are co-executors for the estate of their late aunt, Agnes Tan. Proceeds from the sale will go to registered charities named estate beneficiaries.
“Our aunt Agnes was always an active and visionary philanthropist, and we think this is a fitting outcome for someone who had not only been extremely generous in her life but who had bequeathed everything she owned towards charitable causes,” says Peter.
He adds that the donations from selling the properties to the chosen beneficiaries will be made in memory of Agnes Tan's father, Tan Cheng Lock, a prominent figure in Singapore and Malaysia, the latter being where he founded the Malaysian Chinese Association. Agnes is also the aunt of Singapore singer-songwriter Dick Lee.
Sustained Land’s Ong says: “We respect and admire the decision of having the proceeds going to charity, and hence we set forth on this purchase. This decision to give back to society is a meaningful element in this sale transaction. We feel both privileged and honoured to be part of it.”
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