Former minister Mah Bow Tan sells Good Class Bungalow at Holland Rise for $50 mil
By Cecilia Chow/ EdgeProp Singapore |
March 4, 2024 10:24 PM SGT
Mah Bow Tan's GCB at Holland Rise fetched $50 million in August (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Mah Bow Tan, former Minister for National Development who retired from politics in 2015, sold his Good Class Bungalow (GCB) at Holland Rise last August. The 28,376 sq ft freehold site is on a quiet street at Holland Rise with just a handful of GCBs. It is just off Holland Road in prime District 10. According to a property title search, Mah purchased the property in 1992.
In the latest transaction, Mah's GCB on Holland Rise was sold to Wang Qianqian, a Chinese-turned-Singapore citizen, who purchased it for $50 million ($1,762 psf). Based on the transfer document, the contract was signed in April 2023, with the deal completed in August last year.
Wang's address in the property title is a GCB at Leedon Park, also in prime District 10. A further property title search shows that the GCB at Leedon Park sits on a freehold site of 21,584 sq ft and was purchased by her brother, Wang Tianlong, for $37.3 million ($1,728 psf) in January 2021. The Wang siblings are said to be in their early-30s.
Read also: William Lim-designed GCB in Holland Park for sale at $56.8 mil
The 52,992 sq ft, freehold vacant plot at Holland Rise is large enough to be sub-divided into two or three smaller GCBs. The site was last on the market for sale at $106 million ($2,000 psf) in Nov 2022 (Photo: Cushman & Wakefield)
GCB values in the Holland Rise neighbourhood in prime District 10 have appreciated significantly in recent years. In January 2021, a 52,992 sq ft, freehold empty GCB plot at Holland Rise was put up for sale by Cushman & Wakefield by expression of interest at a guide price of $68 million ($1,283 psf).
Less than two years later, in November 2022, that same vacant GCB plot on Holland Rise was on the market for sale at 55.88% higher - $106 million ($2,000 psf), with Knight Frank as the marketing agent. The GCB plot is large enough to be subdivided into two or three smaller GCBs and is accessible via Holland Rise and East Sussex Lane.
According to caveats lodged, the latest transaction in the neighbourhood of East Sussex Lane and Holland Rise was for a bungalow house on Holland Road: The house was built in 1959 and sits on a freehold site of 6,768 sq ft. It changed hands for $10 million ($1,596 psf) in November 2023.
Holland Rise may be an exclusive area, but it's close to Holland Village, the new One Holland Village Mall, Holland Village MRT Station, and a seven-minute drive to Dempsey Hill.
