Bungalow at Oei Tiong Ham Park fetched $14 mil profit

By Esther Hoon / The Edge Property | June 17, 2016 7:13 PM SGT
A former executive director of Kim Eng Holdings could be the seller of a detached house in Good-Class Bungalow (GCB) area Oei Tiong Ham Park, which fetched a profit of $14 million recently. The deal was among the new caveats uploaded by the URA on June 10 and 14.
The bungalow, which sits on a 11,722 sq ft site, was first purchased in June 2006 at $4.9 million ($418 psf on a land area) and resold for $19 million ($1,621 psf) on June 6 this year. This translates to an annualised gain of 14%. The buyer is understood to be a partner of a renowned law firm Allen & Gledhill. This marked the second most profitable deal in 2016. In February, a bungalow on Peirce Road, was sold for a $14.5 million profit.
A bungalow at Oei Tiong Ham Park was recently sold for a profit of $14 million