A bungalow in Cluny Park is being sold for $40 million or nearly $1,964 per sq ft based on the freehold property’s 20,369 sq ft area, reported The Business Times.

Located within the Cluny Hill Good Class Bungalow (GCB) Area, near the Singapore Botanic Gardens, the bungalow was completed over two decades ago.

The buyer, who is expected to redevelop the property, is understood to be Lobb Heng Group director Han Xiaoli. She co-owns the firm with Guan Zhishan. The two are both Singapore citizens.

Founded within the city-state in 1993 to trade base metals, the group is a leading supplier of non-ferrous metals for export to China.

The firm established a warehousing and logistics business in 2005 to capture e-commerce’s rapid growth in China.

A seasoned market watcher noted that the $1,964 psf price is a bit high for GCB development land within the area.

However, the parties may have agreed on the price in the first half of January, prior to the Covid-19 outbreak and when the sentiment was still positive.

The option to purchase was granted earlier in the month, with the buyer exercising it about two weeks later.

The two-level house comes with a basement, five bedrooms, a gym and a swimming pool.

The property is one of 12 bungalows developed in the 1990s by Straits Steamship Land (SSL), now Keppel Land.

Earlier media articles showed that SSL sold the 12 bungalows within two weeks of its 1994 private launch for between $8 million and $9.5 million.

Bungalows within Singapore’s 39 gazetted GCB Areas are considered the most prestigious form of landed housing in the city-state. These properties come with strict planning conditions by the Urban Redevelopment Authority in a bid to preserve their low-rise character and exclusivity.

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