This may be S'pore's most expensive home

This used to be the very first seafront bungalow even before Sentosa Cove. -TNP

Thu, May 26, 2011
The New Paper

By Desmond Ng

THIS used to be a seafront bungalow.

It had a small enclosure in front leading out to the sea, allowing the residents to take a dip.

The S$110 million home Click on thumbnail to view

Built in 1898, this single-storey conservation property is arguably Singapore's first waterfront private property, long before Sentosa Cove was developed.

But with all the land reclamation that went on at Marine Parade in the 1970s, this property lost its access to the sea. Instead of a sea view, it now faces Parkway Parade.

And it's now on sale for a cool $100 million to $110 million, making it one of Singapore's most expensive landed homes if it finds a buyer.

Located at 37, Marine Parade Road, it is being marketed by Credo Real Estate.

The bungalow - once occupied by Japanese officers during World War II - and an adjoining site are owned by the family of businessman Choa Kim Keat.

It occupies 47,400 sq ft, about half the size of a football field.

Influential

The late Mr Choa had been an influential tin salesman employed by the Straits Trading Company in the 1880s.

He had also had several other businesses.

Kim Keat Road in Balestier is named after him.

He also owned homes in Neil Road and Pasir Panjang.

After the war in 1946, his family moved back into the bungalow, which was known then as Sea Breeze Lodge, and lived there until last year.

His great-grandson, Mr Victor Choa, 69, told The New Paper on Sunday that the house was once just 5m from the sea.

He spent his childhood in the area.

He said: "We used to swim by the sea and go fishing there. It was all great fun. We would row our boats to Bedok and we even did an all-island trip once. There weren't so many big ships then."

There were only huge houses along the coast then, he said, a far cry from the urban hustle and bustle of Marine Parade today.

Beyond the houses were Malay kampungs and coconut plantations.

The area used to be a popular "pak tor" (Cantonese term for dating) spot for couples, as East Coast Park is today.

He said: "It was a popular place for dating, strolling couples and also families during the weekend.

They'd buy food from hawkers there, go for a picnic and watch the sunset.

"It was a quiet area, not like today. It wasn't densely populated."

The family has been approached to redevelop the bungalow many times, but they rejected the offers due to the desire of Mr Eric Choa - Mr Choa Kim Keat's grandson - to live in his home until his death, reported The Straits Times earlier this week.

He died in 2009 at the age of 93. His wife, Madam Hoo Yan Meng, died last year, also at the age of 93.

Mr Victor Choa said that his great-grandfather built a three-storey block of six apartments behind the bungalow to rent out to senior officers of the British air force after the war for about 10 years.

He said the family decided to sell the plot of land now partly because the property market is good.

"It's also too big and it's time for someone to redevelop it. The good thing is that the house will be conserved. I'd like to see it next time when it has been conserved."

Conservation property

Credo's managing director, Mr Karamjit Singh, said: "The 113-year-old single-storey bungalow was identified for conservation by URA in 2009 much to the delight of the descendants of Mr Choa."

The site may potentially accommodate about 100 residential units of an average size of 1,000 sq ft each, depending on layout and configuration.

In 2003, a good-class bungalow (GCB) at Bishopsgate, opposite Tanglin Mall, was sold for $69.8 million.

The freehold bungalow plot, at 276,112 sq ft, was about the size of 250 five-room HDB flats. It was then owned by the Hong Kong and Shanghai Banking Corporation. The plot was later carved out into 16 freehold land parcels.

The sprawling site used to house three bungalows, two built in the early 1960s and one in 1984.

Mr Colin Tan, the research and consultancy director at Chesterton Suntec International, said the Marine Parade house could possibly be one of Singapore's most expensive estates sold by a single owner if it goes for $110 million.

He added: "But the value of this property rests on its high-rise component. People are paying for the redevelopment potential, where you can redevelop the other parts of the land into a condo.

"That's why there's this high value. Otherwise, it would never be that expensive."

There are only about 2,400 GCBs in Singapore, mostly in Districts 9, 10 and 11.

GCB owners are allowed to build up to only two storeys.

The most expensive GCBs are in the Nassim and Ladyhill area, followed by those in Tanglin and in the Tanglin-Holland vicinity, such as Swettenham and Peirce roads.

In 2009, the highest priced GCB was sold for $38.67 million. It is on Victoria Park Road and has a land area of 32,077 sq ft.

Mr Tan said the buyer of the Marine Parade plot is unlikely to be an individual.

"It'll definitely be developers who will buy it for redevelopment. It ($110 million) is not a small sum of money.

"I suppose there may be an eccentric person who may buy it, but this property is not located in a particularly prestigious address, like in town. So, it'll likely attract developers."

This article was first published in The New Paper.

Late Choa Kim Keat’s villa sold

⋅ June 8, 2011

The historical beachside villa of the late Choa Kim Keat has been sold to Far East Organization for S$103.8 million.

In a statement, marketing agent Credo Real Estate said the deal was undertaken by Orchard Mall, a member of the Far East Organization.

The single-storey conservation house built in 1898 was put up for sale last month and received five submissions during the tender exercise which closed Monday.

Credo Real Estate managing director Karamjit Singh said: “The market for such sites with unique attributes is strong.

“Aside from its historical background, it is in a convenient location with a shopping centre across the street.

“The purchase price reflects a land rate in the region of S$1,195 psf ppr (per square foot per plot ratio), based on an allowable GPR of 2.166, including the bonus GFA from the conservation house.

“This sale sets a new benchmark for the area”.

Amber Towers, which is also in the vicinity, was transacted at a land rate of S$1,118 psf ppr in April.

The property, which fronts Marine Parade and East Coast Road, consists of two adjoining land parcels which together measure 47,400 sq ft of land area. That’s roughly half of a football field, Credo said.

The property has been zoned for residential development and has an allowable Gross Plot Ratio (GPR) of up to 2.1 and a height control of up to 24 storeys.

Credo said the developer should be able to build a total GFA in the region of 109,494 sq ft, including bonus GFA for balconies.

Depending on the layout and configuration, the site can potentially accommodate up to 100 residential units with an average size of 1,000 sq ft, it added.

The property was put up for sale by the estate of the late Eric Choa, the grandson of Choa Kim Keat.

Source : Channel NewsAsia – 8 Jun 2011