Belmont Rd GCB fetches S$33.8m or S$2,243 psf

A newly completed bungalow in Belmont Road developed by Melvin Poh and Victor Soh is being sold for S$33.8 million, or S$2,243 per square foot on the freehold land area of 15,069.46 sq ft.

The property is in the Belmont Park Good Class Bungalow (GCB) Area.

The Business Times understands that the buyer is a former model, actress and VJ with MTV Taiwan Kady Leyau. The Singaporean is understood to be married to New Zealand-born, Singapore permanent resident, and billionaire Richard Chandler.

He relocated to Singapore in 2006, where he runs his personal investment fund Clermont Group. Its portfolio includes interests in healthcare, financial services, and energy, according to information on the Forbes website, which estimates Mr. Chandler’s net worth at US$3.2 billion.

Mr. Chandler previously co-founded investment firm Sovereign Global with his brother, Christopher, who now runs his own Legatum Group in Dubai.

Ms. Leyau and her siblings set up FIL Skin & Body Intelligence beauty and spa centers. The family has since sold FIL to Global Wellness group,

Ms. Leyau, who was FIL’s brand director, acted in several Taiwanese drama serials and modeled for TV commercials and fashion magazines.

The two-story bungalow that Ms. Leyau is buying has a built-up area of nearly 22,000 sq ft and comes with an attic/roof garden and a basement with a big car park. The house has six bedrooms and a 25 by 5 meter pool.

The seller is a company ultimately controlled by Messrs Poh and Soh, who control Fission Group and Pinnacle Assets respectively. Separately, in the waterfront housing district of Sentosa Cove, a single-story bungalow along Cove Grove with views of the Southern Islands is in the early stage of being transacted at S$33.3 million – the highest price quantum for a Sentosa Cove bungalow since 2013.

The price works out to S$1,795 psf on the land area of 18,555 sq ft: there is balance leasehold tenure of about 87.5 years on the site. The plot size is substantially larger than the majority of bungalow plots in Sentosa Cove which range from 6,500 sq ft 10,000 sq ft.

The Cove Grove house can be rebuilt into a two-and-a-half storey new bungalow.

BT understands that the China citizen and Singapore PR in the early 20s purchasing the property is a relative of Gordon and Celine Tang. The couple – who have a controlling stake in Singapore-listed property firm SingHaiyi Group – own and reside in the next-door bungalow.

The seller is Kuok Yit Li, sister of Wilmar International chairman and chief executive Kuok Khoon Hong.

Adapted from: The Business Times, 24 August 2018

2018-08-27T01:32:34+00:00August 27th, 2018|Property News|
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