SINGAPORE— Three adjacent prime freehold bungalows belonging to the late Agnes Tan, the aunt of singer-songwriter Dick Lee, have been sold for S$61.1 million.
The Business Times reported that the buyer is a subsidiary company of Sustained Land, a property developer founded and owned by Mr Douglas Ong.
The three bungalows were are located at 10/10A and 12 Chancery Hill Road, and 14/14A Dyson Road.
They are sold through a tender exercise which closed on 21 Mar. The sale proceeds will be donated to registered charities, the names of which were not disclosed.
The properties have been put up for sale in February this year by Mr Peter Lee and Mr John Lee, the executors of the estate of their aunt, the late Agnes Tan.
Peter and John Lee are brothers of singer-songwriter Dick Lee.
“Aunty Agnes was a first cousin of our late father Lee Kip Lee. She had no children and in her lifetime was a great benefactor, so it is not surprising that the beneficiaries of her estate are all registered charities,” Mr Peter Lee said.
The late Agnes Tan Kim Lwi, the aunt of the Lee brothers and daughter of businessman and founder of the Malaysian Chinese Association, Tan Cheng Lock, owned the bungalows.
The bungalows have a total site area of about 32,148 sq ft and zoned for residential use (two-storey mixed landed) under the Urban Redevelopment Authority 2019 Master Plan.
Located in District 11, the properties are near shopping malls in Novena and Orchard Road, healthcare facilities in Novena and Newton, and the Singapore Botanic Gardens.
Douglas Ong’s company expressed respect and admiration for the decision to donate the sale proceeds to charity, stating that giving back to society was a significant part of the transaction.
Cushman & Wakefield, the marketing agent reported that the tender exercise for the bungalows, which are located in Chancery Hill Road and Dyson Road, received “robust bids” from more than ten developers and high-net-worth families looking to rebuild for their own use.
According to Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, they received an “overwhelming response”, with nearly 100 inquiries since the tender launched.
“It was a rare opportunity to own a sizeable freehold bungalow, and the prestigious location of Chancery Hill, made it more attractive,” he said.