Overview

A stunning Good Class Bungalow (GCB) once home to the family of former Singaporean President Ong Teng Cheong has recently been listed for sale at a staggering price of $60 million. This property, situated in the highly coveted Dalvey Road area, boasts proximity to Singapore's lush Botanic Gardens, the vibrant Dempsey neighborhood, and the upscale shopping haven of Orchard Road.

Property Details

Spanning a generous 21,882 sq ft, this freehold property is priced at approximately $2,742 per square foot, according to reports from The Business Times. The GCB is one of two parcels owned by Ong Teng Cheong's eldest son, Ong Tze Guan, and his former sister-in-law, Wang Yi Yi, who share tenancy of the property through common shares—with Wang's shares kept in a trust.

Historical Context

Interestingly, not included in this sale is a second, two-storey Art Deco bungalow that was previously the private residence of Ong Teng Cheong himself. This particular bungalow had garnered attention last year when a lawsuit was filed against Wang by Ong over ownership disputes, which has since been quietly resolved.

Market Insights

According to Shaun Poh, executive director of capital markets at Cushman & Wakefield, the property’s exclusivity makes it an ideal opportunity for ultra-high-net-worth individuals looking for multi-generational living spaces or for developers seeking to reimagine the property into a new GCB. With the expression of interest for this prime estate closing on February 11, aspiring buyers are urged to act swiftly to secure a piece of Singapore's luxury real estate market.

Recent Market Trends

The Dalvey area has recently gained notoriety in the real estate sector, particularly after the sale of another GCB in 2024 that belonged to the wife of Zhu Su, co-founder of the defunct cryptocurrency fund Three Arrows Capital, which fetched an impressive $51 million. The GCB market is experiencing a notable revival; reports indicate that in 2024 alone, there were 35 transactions totaling about $1.32 billion, surpassing the all-time low record of $432.5 million in 2023, as noted by Edge Property.

Conclusion

Given the stirring activity in high-value real estate, this GCB presents not just a home, but an opportunity for significant investment in one of Singapore's most prestigious districts. Will this opulent property find a buyer willing to preserve its rich legacy? Stay tuned as we follow this high-stakes real estate saga!