{"id":120527,"date":"2021-07-12T01:06:11","date_gmt":"2021-07-11T18:06:11","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/grab-ceos-wife-acquires-gcb-in-bin-tong-park-for-40mil\/"},"modified":"2021-07-18T17:02:56","modified_gmt":"2021-07-18T10:02:56","slug":"grab-ceos-wife-acquires-gcb-in-bin-tong-park-for-40mil","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/grab-ceos-wife-acquires-gcb-in-bin-tong-park-for-40mil\/","title":{"rendered":"Grab CEO\u2019s wife acquires GCB in Bin Tong Park for $40mil"},"content":{"rendered":"


\nThe 21,6327 sq ft Bin Tong Park property, bought for $40 million, is expected to be redeveloped by the couple. Source: Google Maps
\nThe 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, reported The Business Times (BT).
\nChloe Tong\u2014the daughter of The Edge Media Group owner Tong Kooi Ong\u2014purchased the freehold property from a doctor. The $40 million price works out to $1,849 per sq ft (psf) based on the 21,637 sq ft site area.
\nBT noted that the property, which features a bungalow built in the 1990s, is expected to be redeveloped.
\nAnd with the deal entered into a few months ago, market watchers considered the $1,850 psf paid for the property as a \u201cfair price\u201d.
\n\u201cIf the property were to be sold today, the price would be higher, maybe $2,000 psf,\u201d stated a veteran bungalow market watcher as quoted by BT.
\nIn March, an old house located at Nassim Road was sold for $4,005 psf, a record price for bungalow redevelopment land within a GCB area. The sale was considered \u201cthe catalyst that emboldened sellers to be firm about their asking prices\u201d, said BT. Wealthy Singapore citizens looking to acquire a home within GCB areas have also been willing to pay higher asking prices.
\nThe price hike has rippled from ultra-prime locations like Nassim Road and Cluny Road, situated near the Singapore Botanic Gardens to further away areas.
\nURA Realis caveats data showed that there had been 53 transactions in GCB areas worth nearly $1.5 billion during the first half of 2021, exceeding the 46 deals worth $1.1 billion registered last year.
\nConsidered Singapore\u2019s most prestigious form of landed housing, bungalows located within the 39 gazetted GCB areas come with strict planning conditions to preserve their low-rise character and exclusivity.
\nGenerally, one has to be a Singapore citizen to be able to acquire a landed property within a GCB area.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:\u00a0cheryl@propertyguru.com.sg\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Grab CEO\u2019s wife acquires GCB in Bin Tong Park for mil<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The 21,6327 sq ft Bin Tong Park property, bought for $40 million, is expected to...<\/p>\n","protected":false},"author":1,"featured_media":120528,"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-120527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/GOOD-CLASS-BUNGALOW.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vlZ","jetpack-related-posts":[{"id":108264,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-good-class-bungalows-up-for-sale\/","url_meta":{"origin":120527,"position":0},"title":"Two Good Class Bungalows up for sale","date":"June 19, 2019","format":false,"excerpt":"\r Good Class Bungalows (GCBs) are the most prestigious type of landed housing in Singapore that only Singaporeans can buy. Shown is a\u00a0two-storey bungalow at 22A King Albert Park. Two good class bungalows (GCB) within District 10\u2019s Bin Tong Park and District 21\u2019s King Albert Park GCB areas have been\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2019\/06\/5-Bin-Tong-Park.jpg?fit=810%2C540&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":122598,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lim-bee-huats-daughter-acquires-lornie-road-bungalow-for-26-8mil\/","url_meta":{"origin":120527,"position":1},"title":"Lim Bee Huat\u2019s daughter acquires Lornie Road bungalow for $26.8mil","date":"October 15, 2021","format":false,"excerpt":"\r Lim Bee Huat\u2019s daughter is purchasing the 10,529 sq ft freehold property along Lornie Road for $26.9 million. Lee Bee Huat is the\u00a0founder of the Kopitiam Group. Source: Google Maps A fairly new bungalow at Lornie Road is being acquired by the daughter of Lim Bee Huat of Kopitiam\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/10\/lee-bee-huat.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":25909,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/leedon-park-gcb-could-fetch-over-70-million\/","url_meta":{"origin":120527,"position":2},"title":"Leedon Park GCB could fetch over $70 million","date":"September 13, 2016","format":false,"excerpt":"\r The 46,879 sq ft plot located on high ground can be subdivided into 3 GCBs, said JLL. A sprawling good class bungalow (GCB) located on one of the highest points of the Leedon Park GCB area has been launched for sale, revealed sole marketing agent JLL. Built in the\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":120527,"position":3},"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":[]},{"id":111658,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nassim-road-gcb-for-sale-for-175m\/","url_meta":{"origin":120527,"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":109079,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/belmont-road-gcb-to-go-under-the-hammer\/","url_meta":{"origin":120527,"position":5},"title":"Belmont Road GCB to go under the hammer","date":"July 17, 2019","format":false,"excerpt":"\r A Good Class Bungalow (GCB) at 80 Belmont Road is set to be auctioned on 23 July (Tuesday), carrying a guide price of $42 million or around $1,557 per sq ft (psf), reported The Straits Times citing Knight Frank Singapore. 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