After failing to sell at an auction, a Good Class Bungalow (GCB) at 80 Belmont Road has been re-launched for sale through private treaty, with the guide price lowered to $40.8 million.
According to a report on The Business Times, the property, which was owned by The Stratech Group’s Chew family, was put up for sale via an auction on 23 July, carrying a guide price of $42 million.
A Knight Frank spokesman said last month’s auction had a $40.5 million opening price. While there were 150 attendees, no bids were placed then.
“But after the auction, a few offers have been made and are now undergoing private negotiations,” noted the spokesman.
It is a mortgagee sale, or one in which a bank forecloses a property after its owner defaults on the mortgage, and then puts the property up for sale to recover the debt.
It was previously reported that married couple David Chew and Leong Sook Ching, who used to control Stratech Group that is now in liquidation, are the bungalow’s registered owners with Deutsche Bank as the mortgagee.
The couple were declared bankrupts in October 2018 after a petition by Zana Asia Fund II.
With the bungalow boasting a freehold land area of 27,000 sq ft, the new guide price works out to about $1,511.11 per sq ft (psf).
The two-storey property has an estimated gross floor area of 15,714 sq ft and is nestled on a two-tiered land featuring a basketball court, lift, playground, swimming pool and parking space for up to 10 cars.
Nearby food establishments, retail facilities and other amenities can be found along Holland Road and Sixth Avenue.
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Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email firstname.lastname@example.org