THE family of Lim Bee Huat of Kopitiam King fame is buying a fairly new bungalow along Lornie Road for S$26.8 million.
The price of S$2,545 per square foot, albeit on a relatively small freehold land area of 10,529 sq ft, is seen as being on the high side for the Caldecott Hill Estate Good Class Bungalow (GCB) Area.
“This is even after adjusting for the fact that the house is quite new. Moreover, the property is quite near the road/highway,” said a property investor.
“Working backwards, the land price would be about S$1,600 psf,” he added.
In comparison, Secretlab co-founder Ian Ang paid S$1,537 psf (amounting to S$36 million) for a bungalow in Olive Road, within the same GCB Area, in June this year. He plans to tear down the existing bungalow and redevelop the 23,424 sq ft plot into a new house, based on earlier media reports.
source: The Business Times