AN OLD house on a sprawling freehold site of about 25,680 sq ft along Wilkinson Road in District 15 is being sold for S$55.5 million. The price works out to S$2,161 per square foot on the land area, which agents say is the highest land rate fetched in District 15 for a landed housing plot of such a large size.
Such big plots are rare. The Wilkinson, Branksome and Goodman roads locale is one of the most sought-after areas for landed residential properties in District 15. “This is the Nassim Road of the east,” quipped Jack Tok of Knight Frank Property Network, who was not involved with the Wilkinson Road transaction.
Word on the street is that Realstar co-brokered the deal. When contacted, the boutique property agency’s founder William Wong declined to comment on his firm’s role but said: “A pricing of S$2,161 psf would be on par with that of bungalow sites in prime districts 10 and 11 (excluding Good Class Bungalow Areas)”.
The Wilkinson Road property is within an area designated for two-storey bungalows.
Its buyer is understood to be Pang Sze Khai, chairman of Singapore-based Octava Foundation, a philanthropic organisation that seeks to empower children and youth. He is a member of the Asia Philanthropy Circle.
Pang is also executive director and one of the three shareholders of Octava Pte Ltd, a single-family office based in Singapore with investments across diverse industries, focusing mainly on property investment and development, financial technology and lifestyle concepts.
Octava Pte Ltd has teamed up with Qingjian Realty to clinch a few sites at Government Land Sale tenders. These include a plot along Tampines Street 62 that is now being developed into the Tenet executive condominium project.
The Wilkinson Road property is large enough for subdivision into three smaller bungalow plots of good size, say agents. However, observers suggest Pang may redevelop the property for his and his family’s own occupation.
The sellers are understood to be two members of a Koh family involved in the civil engineering and construction-related businesses. The Business Times understands two other family members own the next-door bungalow, which is also on the market; it has a freehold land area of about 11,230 sq ft.
Tok noted that traditionally, after the prime districts 9, 10 and 11, Singaporeans would find District 15 the next most attractive location to live in, with its proximity to East Coast Park with its beach and recreational attractions. The area is also famous for its gastronomic attractions.
“I am currently serving several business owners and CEOs of listed companies who are house hunting in the area,” added Tok.
source: The Business Times