{"id":113823,"date":"2020-01-23T11:36:24","date_gmt":"2020-01-23T04:36:24","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/sino-group-chairmans-son-acquires-gcb-for-37m\/"},"modified":"2020-01-23T12:22:29","modified_gmt":"2020-01-23T05:22:29","slug":"sino-group-chairmans-son-acquires-gcb-for-37m","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sino-group-chairmans-son-acquires-gcb-for-37m\/","title":{"rendered":"Sino Group chairman\u2019s son acquires GCB for $37m"},"content":{"rendered":"


\nThe East Sussex Lane GCB is acquired by Alexander Ng \u2013 the son of Hong Kong-based Sino Group chairman Robert Ng. Image:\u00a0ntfcf.org.hk
\nThe sale of two good class bungalows (GCB) in District 10 for over $30 million last month boosted the total tally of GCB deals for 2019, reported The Business Times.
\nThe property along Cluny Hill is transacted for $30.8 million or around $2,025 per square foot (psf) on 15,208 sq ft land, while the other one in East Sussex Lane changed hands at a little over $36.88 million or $1,000 psf based on a land area of 36,883 sq ft.
\nA part of the Holland Rise GCB Area, the East Sussex Lane property is acquired by Alexander Ng \u2013 the son of Hong Kong-based Sino Group chairman Robert Ng. The site comes with an old house that is suitable for redevelopment.
\nThe Cluny Hill bungalow, on the other, is located near the Singapore Botanic Gardens. Completed in 2003, the well-maintained property has two storeys and a basement.
\nSingaporean Mike Scott, who paid $28 million for the bungalow in 2010, sold the property to a Singaporean businessman who was previously from North Asia.
\nIncluding the two deals, a total of 40 GCB transactions amounting to $782 million were registered last year, showed List Sotheby\u2019s International Realty\u2019s (List SIR) analysis of URA Realis data.
\nThis is lower compared to the 42 transactions worth $1.03 billion posted in 2018. But once other deals learned by The Business Times but were not reflected in the URA Realis data were taken into account, the total value of GCB deals for last year would be around $1.25 billion, which is slightly lower than 2018\u2019s $1.37 billion.
\nThe deals not captured by the URA Realis system include those not caveated and sales of vacant land within GCB Areas.
\nBuyers would typically lodge a caveat or a claim of interest in a property, following the exercise of the option to purchase. However, the lodging of caveat is not compulsory.
\nA Nassim Road bungalow\u2019s $230 million sale by Wing Tai chairman Cheng Wai Keung to an entity linked to Facebook co-founder Eduardo Saverin was an example of a known transaction last year that was not caveated.
\nSingapore\u2019s most prestigious form of landed housing, bungalows within the 39 gazetted GCB Areas come with strict planning conditions from the Urban Redevelopment Authority (URA) to preserve their low-rise character and exclusivity.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Sino Group chairman\u2019s son acquires GCB for m<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The East Sussex Lane GCB is acquired by Alexander Ng \u2013 the son of Hong...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-113823","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-tBR","jetpack-related-posts":[{"id":115288,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cluny-park-gcb-sold-for-40mil\/","url_meta":{"origin":113823,"position":0},"title":"Cluny Park GCB sold for $40mil","date":"March 31, 2020","format":false,"excerpt":"\r \u00a0 A bungalow in Cluny Park is being sold for $40 million or nearly $1,964 per sq ft based on the freehold property\u2019s 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112284,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/former-xiaomi-director-buys-tanglin-hill-gcb-for-31-5m\/","url_meta":{"origin":113823,"position":1},"title":"Former Xiaomi director buys Tanglin Hill GCB for $31.5m","date":"November 11, 2019","format":false,"excerpt":"\r Located within the Ridley Park GCB area, the freehold bungalow is more than 30 years old and is nestled on a 16,446 sq ft site. Hong Kong-listed Xiaomi Corporation\u2019s former board member, Koh Tuck Lye, has acquired an old good class bungalow (GCB) along Tanglin Hill for $31.5 million\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":120527,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/grab-ceos-wife-acquires-gcb-in-bin-tong-park-for-40mil\/","url_meta":{"origin":113823,"position":2},"title":"Grab CEO\u2019s wife acquires GCB in Bin Tong Park for $40mil","date":"July 12, 2021","format":false,"excerpt":"\r The 21,6327 sq ft Bin Tong Park property, bought for $40 million, is expected to be redeveloped by the couple. Source: Google Maps The wife of Grab Co-founder and CEO Anthony Tan has acquired a property within the Bin Tong Park Good Class Bungalow (GCB) area for $40 million,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/GOOD-CLASS-BUNGALOW.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":122695,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ok-lims-gcb-at-second-avenue-sold-for-33-39mil\/","url_meta":{"origin":113823,"position":3},"title":"OK Lim\u2019s GCB at Second Avenue sold for $33.39mil","date":"October 20, 2021","format":false,"excerpt":"\r The $33.39 million price tag for the 19,984 sq ft\u00a0Good Class Bungalow translates to $1,671 per sq ft for the freehold property. Source: Google Maps The Good Class Bungalow (GCB) at Second Avenue owned by the founder of collapsed firm Hin Leong, Lim Oon Kuin and his wife Tan\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/10\/OK-LIM-HIN-LEONG-GCB.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":111658,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nassim-road-gcb-for-sale-for-175m\/","url_meta":{"origin":113823,"position":4},"title":"Nassim Road GCB for sale for $175m","date":"October 17, 2019","format":false,"excerpt":"\r The two-storey bungalow has a total floor area of about 13,839 sq ft and\u00a0is a mere five-minute walk to the Botanic Gardens, and is a 10 minutes\u2019 drive to the CBD. Image source: CBRE A two-storey conservation good class bungalow (GCB) at 40 Nassim Road has been put up\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":109518,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/is-this-the-most-expensive-property-transaction-in-singapore-ever\/","url_meta":{"origin":113823,"position":5},"title":"Is this the most expensive property transaction in Singapore ever?","date":"July 31, 2019","format":false,"excerpt":"\r A sprawling Good Class Bungalow (GCB) at 33 Nassim Road has been sold for $230 million, marking a new record in absolute price terms, reported The Business Times. A privately-owned firm controlled by Cheng Wai Keung, chairman of Wing Tai Holdings, and his wife, Helen, sold the 84,543 sq\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/113823"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=113823"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/113823\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=113823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=113823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=113823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}