Michael Lien, grandson to the late Mr. Lien Ying Chow, who was a well known philanthropist and banker, has made the purchase of a GCB, a bungalow rated as of good class, after participating in the tender for the Chee Hoon Avenue property for Skies 39 Evia Real Estate.
Mr. Michael Lien and his spouse purchased the bungalow for a sum of $21.39 million, which equates to around $1,197 per square feet for the freehold plot that has 17,868 square footage of space, according to lodged records.
Skies 39 Evia Real Estate Condo
Michael Lien the founder of Leap Philanthropy, executive chairman for Wah Hin & Company, and a Temasek Holdings’ board of director.
The freehold bungalow, which is situated off Adam Road in a cul de sac, hit the market with a $25 million in distinguished value. Built during the 1960’s, the partly 1 story/partly 2 story detached house was renovated in 2005.
Believed to be the sale of a trustee, the built up area of Skies 39 at Toa Payoh by Evia Real Estate is close to 3,300 square feet, not including its rear terrace and car port, and offers a study room and 2 bedrooms.
Skies 39 at Toa Payoh Lorong 4 Condo
Late last month another deal took place for a Good Class Bungalow in Queen Astrid Park, which was sold for $32 million. This equates to around $1,169 per square foot of the 27,373 square feet of this freehold plot for Skies 39.
It was Liu and Lee Investment who made the purchase. The company itself is managed by Liu Shek Yuen, a property investor that tends to remain low key.
Dr. Liu, who was born in Hong Kong, is believed to have quite a bit of experience in global investments. In 2001 he led the acquisition of a Jervois Road freehold Good Class Bungalow from HSBC. The site covers 201,782 square feet.
It has been observed that a return of buyers, end users especially, to the Good Class Bungalow market is taking place, with some being new citizens to Singapore. One expert pointed out that recent deals being done are bringing the expectation of more to come.