{"id":99340,"date":"2018-10-08T11:45:45","date_gmt":"2018-10-08T04:45:45","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/gcb-of-former-hdb-chairman-sold-for-nearly-94m\/"},"modified":"2018-10-08T12:03:04","modified_gmt":"2018-10-08T05:03:04","slug":"gcb-of-former-hdb-chairman-sold-for-nearly-94m","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gcb-of-former-hdb-chairman-sold-for-nearly-94m\/","title":{"rendered":"GCB of former HDB chairman sold for nearly $94m"},"content":{"rendered":"


\nThe sale price of the bungalow at Dalvey Road is lower than the expected price of about $100 million. (Photo: JLL)
\nThe freehold good class bungalow (GCB) of Lim Kim San, the Housing and Development\u2019s Board\u2019s (HDB) first chairman, has changed hands for $93.9 million, reported iCompareLoan.
\nLocated on a 52,059 sq ft site at 81 Dalvey Road, the property was purchased for $1,804 psf, but it was lower than the expected price of about $100 million.
\nMore:\u00a010 Facts About Good Class Bungalows
\nIt was sold by the estate of Lim Kim San, who is affectionately remembered as \u201cMr HDB\u201d for successfully leading Singapore\u2019s public housing programme in the 1960s and help alleviated the acute shortage of homes back then.
\nThe GCB was sold to a Singaporean member of the Tsai family from Taiwan. The Tsai family\u2019s late patriarch, Tsai Wan-lin, was deemed by Forbes as Taiwan\u2019s wealthiest individual during the time of his death in 2004.
\nIt was put up for sale on 31 July, with the tender exercise closing on 12 September.
\nThe property\u2019s high price tag is attributed to its large land area, elevated grounds and proximity to the Singapore Botanic Garden.
\nAside from that, marketing agent JLL revealed that the site is spacious enough to be subdivided into three bungalow plots or two for big good class bungalows.
\nCompleted in 1967, the property is situated within the White House Park GCB area and is one of the most prized houses among the 39 gazetted bungalow zones there.
\n\u201cDalvey Road is the premier address to homes of the who\u2019s who in Singapore, including foreign high commissioners and ambassadors,\u201d said JLL regional director Tan Hong Boon.
\nFind\u00a0landed houses for sale\u00a0or read our\u00a0buying guides. Can you afford a landed house? Check your\u00a0affordability\u00a0now.\u00a0
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…GCB of former HDB chairman sold for nearly m<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The sale price of the bungalow at Dalvey Road is lower than the expected price...<\/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-99340","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-pQg","jetpack-related-posts":[{"id":95165,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dalvey-road-gcb-up-for-sale-offers-expected-at-over-100m\/","url_meta":{"origin":99340,"position":0},"title":"Dalvey Road GCB up for sale, offers expected at over $100m","date":"August 1, 2018","format":false,"excerpt":"\r \u00a0 A 51,058 sq ft Good Class Bungalow (GCB) at Dalvey Road has been put up for sale, with expectations that it could attract offers in excess of $100 million, revealed marketing agent JLL. Located within White House Park GCB Area, the two-storey bungalow sits on elevated grounds at\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104115,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/good-class-bungalows-fetch-record-prices-amid-market-slowdown\/","url_meta":{"origin":99340,"position":1},"title":"Good class bungalows fetch record prices amid market slowdown","date":"February 18, 2019","format":false,"excerpt":"\r The bungalow of HDB\u2019s former chairman was sold last year for nearly $94 million. (Photo: JLL) Despite a slowdown in the property market, prices of Singapore\u2019s good class bungalows (GCBs) continue to soar to record heights even though foreigners are not allowed to acquire this type of asset, reported\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23341,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/30m-gcb-put-up-for-auction\/","url_meta":{"origin":99340,"position":2},"title":"$30m GCB put up for auction","date":"August 19, 2016","format":false,"excerpt":"\r The 15,211 sq ft property in Dalvey Estate is currently being rented out at $26,000 per month. (Photo: Edmund Tie & Company) A freehold good class bungalow (GCB) in the exclusive Dalvey Estate GCB area will be put up for auction by owner\u2019s sale at the end of this\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":122695,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ok-lims-gcb-at-second-avenue-sold-for-33-39mil\/","url_meta":{"origin":99340,"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. 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Meanwhile,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/05\/singapore-river-merlion-cbd.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":99340,"position":5},"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. 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