Cornwall Garden bungalow sold for $11m at auction
Two other GCBs were withdrawn from auction
A GOOD Class Bungalow (GCB) at 27 Cornwall Garden which once belonged to one-time Alfa Romeo’s Singapore franchisee Kenneth Chow was sold for $11 million at an auction by Knight Frank yesterday.
The buyers are believed to be a prominent doctor couple who live in the same estate. The buyer, or buyers, bid through a nominee.
Knight Frank declined to confirm the identity of the buyer, or buyers.
Bidding for the freehold property began at $10 million. The $11 million sale price works out to nearly $396 psf of land area.
The property was sold by its mortgagee bank, which BT earlier reported to be Standard Chartered.
The mortgagor, Mr Chow, also goes by the name Wira Tjakrawinata. He ran foul of the Malaysian Securities Commission a few years ago in connection with a reverse takeover bid for Omega Holdings.
Two other GCBs - 15 Ford Avenue and 29-C Ridout Road - were withdrawn at yesterday’s auction. No 15 Ford Avenue, once occupied by a British couple until they died, was withdrawn at $9.4 million. Bidding for the property began at $8 million.
The third GCB, 29-C Ridout Road, was put up for sale by its owner, listed Fraser & Neave group.
Bidding started at $7.5 million and the property was withdrawn at $7.7 million. All three bungalows are freehold.
Knight Frank, however, was more successful with two other properties at the auction.
It sold a 334 sq ft shop unit at Orchard Plaza for $300,000 and a JTC workshop with office at 20 Sungei Kadut Avenue for $770,000.
Source : Business Times - 21 Jul 2006
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