Fragrance Group boss James Koh has bought a bungalow in the Caldecott Hill Good Class Bungalow (GCB) area for S$24.8 million. Located along Lornie Road, the freehold land area spans 25,271 sq ft. This translates to a price psf of S$981.
The Business Times quoted SRI co-founder Bruce Lye, who brokered the deal, that it was a “fair price” due to the condition of the house and its location next to the highway and main road. According to him, the bungalow was built in the 1950s and is ripe for redevelopment.
The article also reported that it was understood that the sellers of the house are four members of a Lim family.
While Koh exercised the option to purchase (OTP) on 4 January, it was granted in September last year. This means he would be paying a lower rate for the Additional Buyer’s Stamp Duty (ABSD).
Last year, Koh reportedly sold a sea-facing bungalow along Cove Grove in Sentosa for S$21.89 million, or S$2,247 psf. In the same year, he had offered 13.8 cents per share to take Fragrance Group private.
Looking at our Researcher data, the average price psf of landed houses along Lornie Road has been fluctuating over the past five years. In general, prices have decreased by 26.93%.
Any guesses on what the bungalow is going to be redeveloped into? Let us know in the comments section below or on our Facebook post.
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