Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting to read:%0A%0A {0} %0A%0A {1}

Three Adjoining Freehold Bungalows at Chancery Hill Road, Dyson Road Sold for $61.08 million

Nandhini Rad • 31/03/2023

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.”


Insights • Commentary

Cushman & Wakefield Comments on JTC Quarterly Market Report 2023Q1

Despite a weaker economic outlook, both overall industrial prices and rents continued to climb upwards for the 10th consecutive quarter, rising by 1.5% qoq and 2.8% qoq respectively.
Brenda Ong • 02/05/2023
Cushman & Wakefield's comments on URA 1Q2021 statistics
Insights • Residential

Policy Watch Singapore: Pre-emptive Measures to Cool the Residential Market

To pre-emptively cool off residential property demand amidst renewed interest from local and foreign investors, the Government has raised ABSD for foreigners, 2nd /3rd timer Singaporeans and Permanent Residents.
Xian Yang Wong • 27/04/2023
The Appeal of Co-Living in Singapore
Insights • Residential

The Appeal of Co-Living in Singapore

The demand for co-living has heated up in recent times, fueled by a confluence of surging residential rents and prices as well as construction delays of new homes
Research • Data Center

APAC Data Centre Update

As the largest data centre markets in the region face challenges when it came to site and power availability, operators have sought both new submarkets in major markets to grow as well as aggressive expansion into secondary and emerging markets across the region.

Singapore Market Outlook 2023

Singapore’s economy is poised to grow by 3.7% y-o-y in 2022, as economic indicators remain healthy given a return to pre-pandemic normalcy.
Policy Watch Singapore Residential Market: New Cooling Measures September 2022
Insights • Investment / Capital Markets

Policy Watch Singapore Residential Market: New Cooling Measures September 2022

On 30 September 2022, the Government implemented an additional set of cooling measures in the property market to ensure prudent borrowing and cool demand amidst rising interest rates.
Xian Yang Wong • 03/10/2022
Insights • Investment / Capital Markets

Policy Watch Singapore: Budget 2022

Over the last two years, the Singapore Government dedicated a total of close to S$100 billion to combat the impact of Covid-19. 
Xian Yang Wong • 21/02/2022
Policy Watch Singapore Budget 2021
Insights • Commentary

Policy Watch Singapore: Budget 2021

As the country climbs back from the steep recession, the latest budget is calibrated towards the safe reopening of the economy and those who lagged behind, including the hardest-hit sectors and vulnerable social segments as well as initiatives that aim to generate the most bang for the buck in the long term.
Xian Yang Wong • 16/02/2021
With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Privacy & Cookies.
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All