After an auction that fell short of expectations, the Good Class Bungalow (GCB) on Old Holland Road, owned by Komoco Holdings’ executive chairman Teo Hock Seng, has been sold privately. Initially listed at a staggering $66.7 million, the property attracted bids during the auction on April 23, 2025, but ultimately fell short of the owner’s reserve price, with the highest bid reaching just $35 million. This outcome led to the decision for a private treaty sale, allowing for a more confidential and flexible negotiation process.
The GCB, located in the prestigious District 10 Brizay Park GCB Area, boasts an expansive freehold plot of 23,148 square feet, complemented by an impressive 45.5-meter frontage. This prime location is renowned for its exclusivity and desirability, making it a coveted asset in Singapore’s luxury real estate market. Despite the initial high asking price, the eventual sale price of the property remains undisclosed. However, it is reported that this final amount represented a significant markdown of 46% from the original listing.
Teo Hock Seng’s decision to sell the GCB privately reflects a strategic choice to prioritize confidentiality over the competitive atmosphere of a public auction. With over 20 attendees present at the auction, the interest was palpable, yet the seller determined that the benefits of a private sale outweighed the potential bids from the auction. The private treaty option allowed for nuanced discussions, potentially yielding a more favorable outcome for the seller.
The bungalow’s history adds another layer of intrigue to the transaction. Teo Hock Seng acquired the property in May 2007 for $11.58 million, translating to approximately $500 per square foot. This acquisition is particularly noteworthy, as it indicates a remarkable appreciation of over 3.1 times its original value by the time it was sold. Such growth highlights the robust nature of the luxury real estate market in Singapore, especially within the sought-after GCB segment.
As the luxury market continues to evolve, the sale of this GCB serves as a testament to both its enduring appeal and the shifting dynamics of property transactions in the region. Bungalows in prime locations like Old Holland Road are often viewed as long-term investments, and the significant appreciation in value over the years underscores this perspective.
While the specific terms of the private sale remain under wraps, the outcome of this transaction is likely to impact perceptions of value within the GCB market. This sale not only marks a pivotal moment for Teo Hock Seng and Komoco Holdings but also reflects broader trends in Singapore’s high-end real estate landscape, where privacy and discretion can often take precedence over the traditional auction process.
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News Source: Edgeprop
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