{"id":122598,"date":"2021-10-15T03:30:23","date_gmt":"2021-10-14T20:30:23","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lim-bee-huats-daughter-acquires-lornie-road-bungalow-for-26-8mil\/"},"modified":"2021-10-15T12:06:40","modified_gmt":"2021-10-15T05:06:40","slug":"lim-bee-huats-daughter-acquires-lornie-road-bungalow-for-26-8mil","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lim-bee-huats-daughter-acquires-lornie-road-bungalow-for-26-8mil\/","title":{"rendered":"Lim Bee Huat\u2019s daughter acquires Lornie Road bungalow for $26.8mil"},"content":{"rendered":"


\nLim 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
\nA fairly new bungalow at Lornie Road is being acquired by the daughter of Lim Bee Huat of Kopitiam King fame for $26.8 million, reported The Business Times (BT).
\nThis works out to $2,545 per sq ft (psf), which is considered to be on the high side for the 10,529 sq ft freehold site within the Caldecott Hill Estate Good Class Bungalow (GCB) Area.
\n\u201cThis is even after adjusting for the fact that the house is quite new. Moreover, the property is quite near the road\/highway,\u201d a property investor told BT.
\n\u201cWorking backwards, the land price would be about S$1,600 psf.\u201d
\nIn comparison, Ian Ang acquired a bungalow in Olive Road in the same GCB area, for $1,537 psf or $36 million in June. The Secretlab co-founder reportedly intends to tear down the existing bungalow and redevelop the 23,424 sq ft site into a new home.
\nRelataed article:\u00a0Who Are Buying Good Class Bungalows (GCBs) in Singapore? (2021)
\nPutting things in perspective, however, the investor pointed that the Lornie Road bungalow is a completed property that is nicely decked out.
\nThe bungalow, which is nestled on a slightly elevated site, is a reconstruction that kept a small part of an existing structure.
\nBT noted that a pair of siblings is selling the property.\u00a0
\nRealstar Premier, which acted for them, revealed that the bungalow \u201creceived a Temporary Occupation Permit (TOP) in 2017 with a further TOP issued in 2019 following the completion of additional works\u201d, said BT.
\nThe two-storey bungalow also has a basement and two attics, one of which was part of the former property and the other newly built.
\nThe basement has a wine cellar, powder room and a theatre room. All four bedrooms on the second floor are en suite, and have walk-in wardrobes.
\nWith a built-in area of around 16,500 sq ft, the bungalow also has an entertainment room, two dining areas, dry and wet kitchens as well as a water feature. The property does not come with a swimming pool.
\n\u201cThe high psf also reflects the \u2018bite-sized\u2019 absolute price,\u201d said the investor as quoted by BT.
\nLim Bee Huat, the father of the buyer, worked as a part-time coffee boy when he was only nine years old before eventually building the Kopitiam empire.
\nNTUC Enterprise announced in 2018 that it is acquiring all of Kopitiam Investment and its subsidiaries, which include 80 outlets consisting of 56 food courts, three hawker centres, 21 coffee shops and two central kitchens. These also included the Lau Pa Sat Festival Market within the Central Business District that Kopitiam acquired in 1995.
\nA search on the Handshakes portal showed that Kopitiam Investment is currently owned by Fairprice Group Food Services, said BT.
\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…Lim Bee Huat\u2019s daughter acquires Lornie Road bungalow for .8mil<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Lim Bee Huat\u2019s daughter is purchasing the 10,529 sq ft freehold property along Lornie Road...<\/p>\n","protected":false},"author":1,"featured_media":122599,"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-122598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/10\/lee-bee-huat.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vTo","jetpack-related-posts":[{"id":109518,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/is-this-the-most-expensive-property-transaction-in-singapore-ever\/","url_meta":{"origin":122598,"position":0},"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. 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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":122598,"position":2},"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":90738,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/freehold-bungalow-plot-off-meyer-road-up-for-sale\/","url_meta":{"origin":122598,"position":3},"title":"Freehold bungalow plot off Meyer Road up for sale","date":"June 7, 2018","format":false,"excerpt":"\r The 16,160 sq ft site near the upcoming Katong Park MRT station has an asking price of between $22 million and $24 million. (Photo: JLL) A prime bungalow site off Meyer Road in District 15 has been put up for sale by expression of interest (EOI) with an asking\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":122598,"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":93023,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/freehold-bungalow-at-sixth-avenue-up-for-sale-at-16m\/","url_meta":{"origin":122598,"position":5},"title":"Freehold bungalow at Sixth Avenue up for sale at $16m","date":"July 3, 2018","format":false,"excerpt":"\r The old single-storey bungalow near Sixth Avenue MRT station was built around the 1980s. (Photo: JLL) A freehold bungalow at 45 Sixth Avenue has been put up for sale carrying an asking price of $16 million or about $1,274 psf, revealed marketing agent JLL on Monday (2 July). 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