[SINGAPORE] A two-storey bungalow in Lornie Road with seven bedrooms, which once belonged to the late property developer Chng Gim Huat, is on the market.
The guide price of S$82 million works out to S$1,586 per square foot on the freehold land area of 51,700 sq ft.
The site is part of an area designated for two-storey semi-detached housing under the Urban Redevelopment Authority’s master plan. This allows for the site to be redeveloped into a mix of semi-detached and bungalow housing.
One possibility would be for a developer to build up to six small bungalows on the site. Another potential scheme would be to develop three bigger bungalows, each with a plot size of about 15,000 sq ft.
The property may also appeal to an owner-occupier buyer who could redevelop the entire site into a brand-new large bungalow, or refurbish the existing bungalow and perhaps build on part of the garden area behind, said Alex Chng, one of the five sons of the late Chng Gim Huat, who died in August last year at the age of 90. He is also survived by two daughters.
The house is on flat land at road level but the garden land behind it slopes downward.
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According to Alex Chng, the house was built in 1937 and bought in the early 1970s by his father, who lived in it till he passed away.
The property is situated in District 11, in a landed housing estate. “The sizeable plot has a regular shape, allowing various configuration possibilities for redevelopment,” noted Knight Frank, one of the property consultants marketing the property.
The bungalow is in proximity of the Singapore Island Country Club (Bukit Location) and Keppel Club; it is also near MacRitchie Reservoir and the Singapore Botanic Gardens.
The property is being offered for sale by private treaty.
Chng Gim Huat started off in the construction business in the 1960s, building HDB flats in areas such as Toa Payoh and Ang Mo Kio. In the 1980s, he became a property developer.
Among the properties the family’s CGH Group of companies developed over the years and which are still around is Paya Ubi Industrial Park, a ramp-up strata factory development. Most of the property’s 302 strata units have been sold, with the family retaining 20-odd units.
CGH Group also developed the 10-storey CGH Building in Killiney Road, which has a FairPrice supermarket and a cafe on the street level and the Orchard Grand Court serviced apartments above.
The family also developed Orchid Hotel in Tanjong Pagar.
Among the private residential projects it developed for sale are Chapel Lodge in Lorong Stangee and Esta Ruby (which has retail units on the ground floor) in Guillemard Road.
