The tender sale exercise drew robust bids with more than 10 offers
Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm has today announced the sale of three adjoining freehold bungalows at 10/10A Chancery Hill Road, 12 Chancery Hill Road and 14/14A Dyson Road for $61,080,008 that were part of a deceased’s estate. All the beneficiaries of the estate are registered charities. The buyer is a subsidiary company of Sustained Land, a property developer founded and owned by Mr Douglas Ong.
The property was launched for sale with an indicative price of $60 million more than a month ago. Cushman & Wakefield was appointed as the exclusive advisor by Mr Peter Lee and Mr John Lee, the executors of the estate of their late aunt, Agnes Tan (1920-2021). The tender sale exercise closed on March 21, 2023, and drew robust bids with more than 10 offers from developers and high-net worth-families, looking to rebuild for their own use.
The three adjoining bungalows, with a total site area of approx. 2,986.7 sqm (32,148 sq ft), are currently vacant. The properties are situated in the prestigious and tranquil enclave of Chancery Hill Road/Lane in District 11. They are within a few minutes’ drive from the shopping (Velocity at Novena Square, Square 2 and United Square) and healthcare (Health City Novena) facilities in Novena/Newton, Orchard Road shopping malls and nature parks such as the Singapore Botanic Gardens (UNESCO World Heritage Site).
Under the 2019 Master Plan, the three sites are zoned as “Residential” with a “2-storey Mixed Landed” development control.
According to Mr Shaun Poh, Executive Director, Capital Markets at Cushman & Wakefield, “We received an overwhelming response. Close to 100 enquiries since we launched the tender. It was a rare opportunity to own a sizable freehold bungalow, and the prestigious location of Chancery Hill, made it more attractive. Hence, we are not surprised that the tender sale resulted in over 10 offers with the eventual price exceeding our indicative price.”
According to Mr Peter Lee, the co-executor of the estate, “My brother John and I are grateful to everyone who participated in and organized this tender, and very pleased that the top bid exceeded the indicative price. Our aunt Agnes was always an active and visionary philanthropist and we think this is a fitting outcome for someone who had not only been extremely generous in her lifetime, but who had bequeathed everything she owned towards charitable causes. It is fortuitous that Mr Douglas Ong is sympathetic to her objectives and we are very grateful to him for his support. We are currently not at liberty to reveal the names of the institutions she chose as beneficiaries. Her donations are to be made in memory of her father Tun Tan Cheng Lock (1883-1960), who was an important public figure in Malaysia and Singapore.”
According to Mr Douglas Ong, the founder of property developer Sustained Land, “We respect and admire the decision of having the proceeds going to charity, and hence we set forth on this purchase. This decision to give back to the society is a meaningful element in this sale transaction. We feel both privileged and honoured to be part of it.”