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OSIM founder Ron Sim is looking to sell his Bin Tong Park home for $117 million and, if successful, he could set a new record price on a per square foot (psf) basis for a property in a Good Class Bungalow (GCB) area, BT has learnt.
Mr Sim's asking price works out to about $2,500 psf of the land area - which is made up of two plots of freehold land that together measure 46,842 sq ft.
The record price for a property in a GCB area currently stands at $2,110 psf, and was set last October, when bungalow investor George Lim sold one in Leedon Park that he completed in 2011 for $33 million. Standing on the 15,640 sq ft site is a bungalow with six bedrooms and a pool.
BT understands the built-up area of Mr Sim's home is about 22,000 sq ft.
The property sits on a hillside slope and comes with a 25-metre swimming pool, tennis court, spa, home theatre, basement garage for 15 cars, private lift and a wine cellar.
The pool is located at the main entrance of the house, and is flanked by the main residential building and an entertainment pavilion. Jones Lang LaSalle is the marketing agent for the property.
Mr Sim is the latest of prominent Singapore businessmen to have put their homes in GCB areas up for sale.
Just recently, Simon Cheong, head of high-end developer SC Global, sold his home in Cornwall Gardens - a few minutes' drive from Mr Sim's home - for $42.5 million, or $2,051 psf based on the land area of 20,719 sq ft.
And in April, a privately held investment vehicle controlled by Wing Tai chairman Cheng Wai Keung and his wife Helen put its Nassim Road bungalow, which sits on a 84,839 sq ft freehold site, on the market.
Mr Cheng and his wife were looking to sell the property in the region of $250-300 million. This would work out to $2,947-3,536 psf of the land area.
The GCB market started off this year on a quieter note compared to last year with fewer transactions. Things started picking up slightly in the second quarter with a number of transactions sealed, although market players have said that they expect to see fewer deals this year than in 2012, given the additional cooling measures introduced at the beginning of the year and the rolling out of the total debt servicing ratio (TDSR) framework in late June.
Apart from Mr Cheong's home, other transactions from Q2 onwards include a freehold property in Holland Park that sold for $28.8 million, which works out to $1,893 psf based on a land area of 15,210 sq ft.
A newly built house on Second Avenue was sold for $37 million - $1,851 psf based on a freehold land area of 19,987 sq ft.
Another recent deal involves the sale of a 21,388 sq ft freehold vacant site in Leedon Park by a seasoned bungalow trader for $36.88 million or $1,724 psf.
Then there were the two adjoining freehold properties on Jalan Asuhan in the Chee Hoon Avenue GCB area that sold for a total of $54.186 million, or $1,200 psf of land area. They are understood to have been bought by the children of "Popiah King" Sam Goi.
