Song family acquires Holland Park GCB for $30 million

Muneerah November 26, 2014

The Song family, which controls Nanshan Group Singapore, has purchased a new Good Class Bungalow (GCB) in Holland Park from Frasers Centrepoint for $30 million, according to media reports.

This translates to approximately $1,991 psf based on the property’s land area of 15,070 sq ft. The two-storey GCB also comes with a lift, swimming pool, five bedrooms and a maid’s room.

The acquisition was reportedly made by Sui Yongqing, wife of Song Jianbo, who is the oldest son of Nanshan Group’s founder Song Zuowen.

It was believed that Nanshan completed its $270 million purchase of the former Midlink Plaza site along Middle Road on a turnkey basis last week. With a balance lease term of around 65 years, the property is being redeveloped into a boutique hotel with 396 rooms and some strata retail space. The company also bought 122 Middle Investment Pte Ltd, which owns the project.

In October, Nanshan Group ventured in Singapore’s private housing market for the first time when it bought a 99-year leasehold site in Lorong Puntong off Sin Ming Avenue for $173.57 million or $731 psf ppr.

Furthermore, it reportedly sealed a deal to buy the Irving Industrial Building near the Tai Seng MRT station via a collective sale for a lower reserve price of $160 million or $930 psf ppr, inclusive of development charges.

Headquartered at Shandong in China, Nanshan Group is involved in various businesses such as wines, education, aluminium, real estate and golf courses.

 

Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg

 

Malaysia Property Show in Singapore, December 2014

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