News: GCB of former HDB chairman sold for nearly $94m

Oct 8, 2018

The sale price of the bungalow at Dalvey Road is lower than the expected price of about $100 million. (Photo: JLL)

The freehold good class bungalow (GCB) of Lim Kim San, the Housing and Development’s Board’s (HDB) first chairman, has changed hands for $93.9 million, reported iCompareLoan.

Located on a 52,059 sq ft site at 81 Dalvey Road, the property was purchased for $1,804 psf, but it was lower than the expected price of about $100 million.

More: 10 Facts About Good Class Bungalows

It was sold by the estate of Lim Kim San, who is affectionately remembered as “Mr HDB” for successfully leading Singapore’s public housing programme in the 1960s and help alleviated the acute shortage of homes back then.

The GCB was sold to a Singaporean member of the Tsai family from Taiwan. The Tsai family’s late patriarch, Tsai Wan-lin, was deemed by Forbes as Taiwan’s wealthiest individual during the time of his death in 2004.

It was put up for sale on 31 July, with the tender exercise closing on 12 September.

The property’s high price tag is attributed to its large land area, elevated grounds and proximity to the Singapore Botanic Garden.

Aside from that, marketing agent JLL revealed that the site is spacious enough to be subdivided into three bungalow plots or two for big good class bungalows.

Completed in 1967, the property is situated within the White House Park GCB area and is one of the most prized houses among the 39 gazetted bungalow zones there.

“Dalvey Road is the premier address to homes of the who’s who in Singapore, including foreign high commissioners and ambassadors,” said JLL regional director Tan Hong Boon.

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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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