Komoco chief’s Old Holland Road Good Class Bungalow draws bids; sells privately after auction falls short

A Good Class Bungalow (GCB) along Old Holland Road took centre stage at SRI’s property auction on April 23, drawing more than 20 attendees.

The auction began in the afternoon with an opening price of $36 million ($1,555 psf). A counteroffer of $33 million ($1,426 psf) was quickly made and accepted by SRI’s managing partner of auction, Mok Sze Sze.

Bidding gained momentum, rising to $34 million, then $34.5 million, eventually reaching $35 million. However, as the final bid fell short of the owner’s reserve price, the GCB was withdrawn from the auction.

The GCB was withdrawn from the auction as the final bid fell short of the owner’s reserve price. (Photo: Samuel Isaac Chua / EdgeProp Singapore) 

Following the withdrawal, two interested parties expressed their desire to negotiate a private treaty. 

Behind closed doors, discussions lasted just over an hour. One party emerged as the buyer of the GCB. However, the final price was not disclosed. 

The seller of the GCB is Teo Hock Seng, executive chairman of Komoco Holdings — the automotive group that distributes Hyundai, Jeep, Ferrari, Maserati, and Alfa Romeo — and his wife, Chua Hwee Meng.

The GCB sits on a sprawling 23,148 sq ft freehold plot with a 45.5m frontage along Old Holland Road, in the Brizay Park GCB Area in prime District 10.

Assuming the sale price was the starting price of $36 million, it represents a 46% markdown from the $66.7 million asking price when the property was first put on the market a year ago. 

Even at a sale price of $36 million, it works out to over 3.1 times Teo’s original purchase price of $11.58 million ($500 psf) in May 2007 — eighteen years ago.

“Ultimately, the outcome was a happy buyer and a happy seller,” says Bruce Lye, co-founder and managing partner of SRI, who declined to comment on the final price due to a non-disclosure agreement.

According to Lye, while many GCB buyers and sellers appreciate the transparency of auctions, they often prefer private treaty sales for the confidentiality and flexibility they offer. “It allows for adjustments in terms, such as adding a nominee or extending the option period, which is not possible in a traditional auction,” he explains.