Latest news with #ClassBungalow
Business Times
27-05-2025
- Business
- Business Times
Wife of 3AC's Kyle Davies sells Singapore mansion for S$37 million -The Business Times
[SINGAPORE] A bungalow in Peirce Hill owned by the wife of failed Three Arrows Capital (3AC) co-founder Kyle Davies is in the early stage of being sold, at S$37 million. The price works out to S$2,144 per square foot (psf) on the freehold land area of 17,260 square feet (sq ft). The property, which is in the Ridout Park Good Class Bungalow (GCB) Area, was developed about 30 years ago. The intending buyer, in her early thirties, is understood to be the daughter of SC Capital Partners Group chairman and founder, Suchad Chiaranussati. His wife is the niece of Kwek Leng Beng, the executive chairman of City Developments Ltd (CDL). In November last year, CapitaLand Investment entered into a deal to buy a 40 per cent initial stake in SC Capital Partners for S$280 million, with the option to acquire the remaining 60 per cent in phases over the next five years. Davies' wife, Kelly Chen, who owns the Peirce Hill bungalow, is restricted from selling the property under a court order prohibiting the couple from disposing of their assets in Singapore. Chen bought the bungalow in 2021 for S$28.8 million. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Last week, Chen granted the option to purchase the property to Chiaranussati's daughter. Market watchers said the lawyers representing the intending buyer would have ensured that the relevant approvals have been granted or sought for the transaction to be completed. Davies founded 3AC, a cryptocurrency hedge fund, with fellow ex-Credit Suisse trader Zhu Su. The duo had built a fortune worth billions from their early investments in cryptocurrencies, but this was upended in 2022 when the crypto market crashed and Terra Luna collapsed. Zhu was arrested at Changi Airport while attempting to travel out of Singapore in September 2023, and sentenced to four months' prison under a committal order granted by the Singapore Courts, obtained by 3AC liquidator Teneo. Under a Singapore court order obtained by the liquidators in December 2023, Zhu is prohibited from disposing of his assets in Singapore, including two properties: a strata landed home in Goodwood Grand in Balmoral Road, and a GCB in Yarwood Avenue. However, there was no prohibition of sale on a Dalvey Road bungalow owned by Zhu's wife, Evelyn Tao, who sold the property last year for S$51 million. The Balmoral Road property is under Zhu's name. Zhu and Tao entered into a deal to buy the Yarwood Avenue bungalow for S$48.8 million in late 2021 as trustees for their infant child. The Peirce Hill bungalow is part of the Peirce Villas project developed by CDL. Bungalows in the 39 GCB Areas are the most prestigious form of landed housing in Singapore, with strict planning conditions to preserve their exclusivity and low-rise character. One generally has to be a Singapore citizen to be allowed to buy a landed property in a GCB Area. There are only about 2,700 bungalows in GCB Areas.
Business Times
11-05-2025
- Business
- Business Times
Koufu's Pang family buying Caldecott Hill GCB site for S$58 million
[SINGAPORE] The family of Koufu Group founders Pang Lim and Ng Hoon Tien is understood to be in the early stage of a deal to buy a large freehold site in the Caldecott Hill Estate Good Class Bungalow (GCB) Area for S$58 million. The price works out to S$1,477 per square foot (psf) on the freehold land area of 39,276 sq ft. On the regular-shaped site in Joan Road in District 11 are two bungalows. The property was bought in the 1960s by prominent diamond merchant Chan Kok Kwan and has housed three generations of the Chan family. Rebuilt around 2000, one bungalow has two storeys and a garden, and is occupied by the family. The other one has two storeys with an attic and a swimming pool, and is tenanted, based on a press release issued in early April 2024 by Cushman & Wakefield. It had marketed the property through an expression of interest exercise; the indicative price was S$62.8 million or about S$1,599 psf. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up The Business Times understands that Realstar Premier was involved with the S$58 million sale that was entered into last month. The purchase of the Joan Road property is being made by two sons of Pang and Ng, the husband-and-wife team that founded Koufu Group, which operates food courts among other food and beverage businesses. The site has a depth of about 95 m and a width of about 42 m. The two bungalows on site are separated by a low wall. The site could be redeveloped into a single large bungalow, or subdivided for redevelopment into two separate bungalows, subject to approval. Bungalows in the 39 gazetted GCB Areas are the most prestigious form of landed housing in Singapore, with strict planning conditions to preserve their exclusivity and low-rise character. Among other things, a minimum plot size of 1,400 square metres (about 15,070 sq ft) is stipulated as the planning norm for newly created bungalows in GCB Areas. There are only around 2,700 bungalows in these areas. One generally has to be a Singapore citizen to be allowed to buy a landed property in a GCB Area. The Joan Road property is about 400 m from the Caldecott MRT station. It is also near MacRitchie Reservoir, Singapore Polo Club and The Singapore Island Country Club (Bukit Location). Pang and Ng, through Dominus Capital, privatised and delisted Koufu from the mainboard of the Singapore Exchange in 2022.
