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Freehold good class bungalow of ‘Mr HDB’ sold for $94 million

by • October 7, 2018 • Property Market NewsComments (0)773

Mr Lim Kim San’s freehold good class bungalow (GCB) at 81 Dalvey Road, which came to the market for sale on July 31 is sold for $93.9 million. The sale price per square feet for freehold good class bungalow which sits on a 52,059 sq ft is $1,804.

The freehold good class bungalow which may be subdivided into three bungalow plots was reportedly sold to a Singaporean member of the Tsai family of Taiwan. The late patriarch of the Tsai family,  Tsai Wan-lin, bwas Taiwan’s richest person at the time of his death in 2004, according to Forbes.

The freehold good class bungalow was expected to fetch prices above $100 million. The bungalow’s proximity to Botanic Gardens and its large plot size, as well as it being situated on high grounds are all cited as reasons for the high price tag.

freehold good class bungalow

Image credit: JLL

Prominent local personalities like Glen Goei had previously occupied the freehold good class bungalow, but the house was vacant at the time it was put up for sale.

The marketing agent said that the freehold good class bungalow on sale may be subdivided into three bungalow plots. Or the land could be sub-divided into two large good class bungalows – or a buyer may just keep it entirely for his or her own use. These  prospects were expected to increase the appeal of the bungalow to developers and investors looking to develop homes in a prime area.

Savills Singapore senior director Alan Cheong noted: “It should attract a lot of interest. It is different from the other GCBs as it is on elevated ground. The nouveau riche buyers may try to find ways to get around the latest cooling measures, while old money investors probably won’t be too bothered by them.”

The tender for the freehold good class bungalow closed at 2.30 pm on Sept 12, and was sold at a price which is slightly lower than the expected price of $100 million.

Mr Lim is credited for leading the successful public housing program in Singapore, which eased the acute housing shortage problem at that time. In 1960, Lim was appointed the first Chairman of the Housing Development Board.

Due to a rapidly increasing population, more than 400,000 people were living in over-crowded conditions in ramshackle “chophouse” buildings or in squatters with substandard living conditions. At this time, Lim was appointed to the Housing Development Board. He had volunteered for the job and had not been paid for three years. Prior to this appointment, Lim helped his father run the family’s businesses in rubber, commodities, salt, sago and petrol. After the Japanese Occupation, he went into banking and the sago flour and sago pearl business.

It was in this position that Lim oversaw the massive construction of high-rise, low-cost apartments that will eventually become the main source of housing for Singaporeans.

Lim known for his organizing and planning abilities, forwent a detailed planning stage and instead chose a “rough and ready” approach to work fast using rough estimates of the housing requirement. In the first two year of this crash program, over 2000 units were built. This supply was more than what was built in the previous decade.

In the first Five Year Housing Program, HDB achieved its goal of completing 5,000 units of housing by 1965. The largest project at that time was Queenstown, a satellite town of more than 17,500 apartments capable of housing close to 22,000 people.

The new neighborhood was built as a self-contained entity, with all amenities and shops built along with the houses, so people would not need to travel to other areas for basic necessities, thereby lowering traffic congestion. This philosophy (which was ultimately extended with the concept of regional centre), is generally accredited by many to have significantly contributed to the lower rate of congestion and burden on the central business district than before.

In May 1961, after the Bukit Ho Swee Fire broke out and some 16,000 people became homeless, Lim guided the relocation and reconstruction of the lost housing was completed in just over four years. 1200 housing flats were quickly made available to those who lost their homes in the fire.

Lim was widely recognised and known as “Mr HDB” for these reasons. He quit politics in 1980 but remained active in public life well into the twilight years of his life. After a long illness, Lim died on 20 July 2006 at his home.

The marketing agent of the good class bungalow said the property built in 1967 by Mr Lim is within the White House Park GCB area and is one of the most sought-after properties among the 39 gazetted bungalow zones there.

Mr Tan Hong Boon, regional director of JLL said earlier: “Dalvey Road … is the premier address to homes of the who’s who in Singapore, including foreign high commissioners and ambassadors.” He declined to comment on why the residence was being sold.

An earlier JLL Research noted that the buyer pool for GCB was small and that new citizens who were originally from China, were prominent buyers of such exclusive property. Besides the new citizens, buyers of GCB also comprised of Singapore corporates, ultra-high-net-worth Singaporean families and Singaporean entrepreneurs in their 40s. Coveted address, prestige, exclusivity, wealth-preservation quality and measure of their financial success, were all reasons for such buyers to seek GCB.

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