A Good-Class Bungalow (GCB) along Old Holland Road in prime District 10 is set to go under the hammer on April 23. SRI will conduct the auction. The starting price has been set at $36 million, which translates to $1,555 psf based on its land area of 23,148 sq ft.
It is a 46% markdown from the $66.7 million price tag a year ago when it was last put on the market for sale by private treaty. The price was based on an indicative valuation then, notes Bruce Lye, managing partner and co-founder of SRI.
“The owner is a serious seller,” says Lye. “We’ve set the price at $36 million to spark bidding interest at the upcoming auction. The aim is to achieve the highest price the market is willing to pay and to do so transparently — which is why the owner opted for the auction route.”
This is the first time the property has been offered for sale via auction. As the owner has since moved out, the GCB will be sold with vacant possession.
The GCB on the April 23 auction sits on a regular-shaped freehold plot with a 45.5m frontage and nearly 60m depth (Photo: Samuel Isaac Chua / EdgeProp Singapore)
Neo-classical style
The house was designed in 1994 in a neo-classical style by its former owner, Robert Heng — founder of Orchard Credit Group — and his wife, Ruby Heng. Orchard Credit began as a pioneering auto finance dealer before expanding into real estate, food and beverage, fine wine retail and storage.
The residence features a gabled entrance and a spacious car porch that can park up to 10 vehicles. Spanning 12,000 sq ft across two storeys, the home comprises six ensuite bedrooms, a grand formal living room with a soaring 8.2m ceiling, a $100,000 Swarovski crystal chandelier and two imposing marble-clad pillars.
The residence features a gabled entrance and a spacious car porch that can park up to 10 vehicles (Photo: Samuel Isaac Chua / EdgeProp Singapore)
The opulence continues into the formal dining room, which is crowned by a stained glass ceiling. Marble flooring extends throughout the living and dining areas, kitchen, and all bathrooms.
The master suite features a balcony overlooking the swimming pool and a private staircase that leads to a lower-level den. Its luxurious, marble-clad bathroom includes a jacuzzi bathtub beneath a skylight, separate bidet and shower areas and a double-sink vanity. The taps and bidet have a gold finish.
A home lift, installed several years ago, serves all floors. Additional features include a swimming pool, a sauna and an outdoor patio with a pavilion for around 30 guests. For those who love to entertain, the entire property can accommodate up to 700 guests.
‘Only additions and alterations needed’
Lye believes the GCB’s distinctive character, charm, and architectural design will appeal to a broad pool of buyers.
“Most buyers will see value in the house’s existing structure,” says Lye. “As such, the new owner would likely only need to carry out additions and alterations.”
The two-storey house comprises a palatial living room with an 8.2m ceiling height and a $100,000 hanging Swarovski crystal chandelier (Photo: Samuel Isaac Chua / EdgeProp Singapore)
According to URA caveats, the property was last purchased in May 2007 for $11.58 million ($500 psf). The current owners are 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.
As of April 14, URA caveats show that the most recent GCB transaction along Old Holland Road took place in May 2021, when a 25,810 sq ft property was sold for $32.5 million, or $1,259 psf. Two other GCBs in the area were also transacted that year — a 16,569 sq ft GCB sold for $23.2 million ($1,400 psf) in April and a 20,345 sq ft freehold plot fetched $26 million ($1,376 psf) in February.
Recent transactions of GCBs along Old Holland Road as of April 16 (Source: URA, EdgeProp Singapore)
Old Holland Road is located in the Brizay Park GCB area of prime District 10. It is easily accessible via Bukit Timah Road and Holland Road and is close to several top schools, including Hwa Chong Institution, Hwa Chong International School, Methodist Girls’ School, and National Junior College — all of which enhance the property’s appeal.
In addition to its prime location, the GCB on the April 23 auction sits on a regular-shaped freehold plot with a 45.5m frontage and nearly 60m depth. “The Versace-inspired bungalow is a steal at $36 million,” says SRI’s Lye. “We expect strong interest, and the true market value will be reflected at the auction on April 23.”
