Lawrence Leow’s Crescendas Eco buys conservation bungalow at 759 Mountbatten Road for $29 mil
The freehold conservation bungalow at 759 Mountbatten Road, in prime District 15 in the East Coast was sold for $29 million to Crescendas Eco Pte Ltd, an entity linked to Lawrence Leow, chairman and CEO of Crescendas Group. The sale was finalised on June 30, according to Adrian Lim, team director of Century 21, and Stephen Tan, senior group director of Huttons Asia, who jointly brokered the deal.
The purchase price of $29 million translates to $1,391 psf. It is also 16% above the $25 million reserve price for the two-storey bungalow sitting on a freehold site of 20,847.54 sq ft. It is also 7.4% higher than the guide price of $27 million indicated when the property was put up for sale in April.
According to the marketing agents, Lim and Tan, there were about 60 property viewings over the past three months, and many offers were received. However, the three highest offers were at $29 million. “After much consideration, the 17 sellers decided on a buyer with no major terms and a short completion period,” said the duo in a statement.
The property at Mountbatten Road has been operating as the 41-room Sing Hoe Hotel for the past 75 years, since World War II.
According to Century 21’s Lim, the buyer, Crescendas, is likely to continue to operate the property as a hotel. After all, its hospitality business, Crescendas Hospitality already operates Aqueen hotels and resorts, which currently operates two hotels in Singapore, namely at Jalan Afifi in Paya Lebar and Belilios Lane in Little India. It also has a hotel in Zhuhai, China. It also owns the Canareef Resort in Maldives.