Aon Apac exec chairman Sandeep Malik pays $25.25 mil for bungalow at Jalan Bahasa

SINGAPORE (EDGEPROP) - At Jalan Bahasa, a quiet road located just off University Road and Chee Hoon Avenue, a three-storey, six-bedroom bungalow changed hands for $25.25 million, according to a caveat lodged with URA Realis on March 17. The transacted price works out to $2,364 psf, which is the highest psf price achieved to date in the private landed housing enclave that includes Chee Hoon Avenue, Jalan Asuhan and University Road-University Walk. This quiet residential enclave is located just off Dunearn Road-Bukit Timah Road in prime District 11.

According to a property title search, the buyer of the bungalow at Jalan Bahasa is Sandeep Malik, Asia Pacific executive chairman for British-American insurance brokers and risk managers Aon. He previously served as CEO of the firm's Commercial Risk, Health, and Affinity businesses in Asia Pacific from September 2018 to July 2021. He had joined Aon in 2010 as CEO Asia for Aon Risk Solutions. Before joining Aon, Malik was based in Hong Kong, where he was CFO Asia for Prudential Corporation Asia.

Stephen Ho, vice-president of residential services at CBRE Singapore, the exclusive marketing agent for the property, represented the sellers in the deal. He declined to comment on the identity of the buyer.

The bungalow at Jalan Bahasa was placed on the market for sale last November at an asking price of $27 million. The transacted price is therefore just 6.48% below the asking price. “Personally, I think it’s a fair price,” says Ho. “There currently isn’t any property on the market of such a calibre in terms of design, finishing and location.”

Read more: Bungalow at Jalan Bahasa on the market for $27 mil

The bungalow at Jalan Bahasa has a built-up area of 8,531 sq ft and sits on an elevated freehold site of 10,682 sq ft, the result of the amalgamation of two smaller plots. The house was designed by award-winning Singapore-based architectural firm K2LD and completed in 2014. Besides a spacious living and dining area, the house comes with an entertainment and recreational area in the basement which has a courtyard garden. The swimming pool is on the first level, accessible directly from the living room.

There is a private wing of the house with rooms that can be turned into a library, study or home office on the first level and four en suite bedrooms, including the master bedroom on the second level.

According to Ho, the buyer is unlikely to redevelop or undertake extensive additions and alterations to the property as it has been well-maintained by the sellers. “From my understanding, the new owners are going to keep the house untouched as it is what they have been looking for,” he says.