Bungalows Owned By Family Of Singer-Songwriter Dick Lee Sold For S$61.1 Million
Last month, the brothers of local singer-songwriter Dick Lee were reported to have put up a trio of adjoining freehold bungalows for sale.
Dick Lee’s Family Puts 3 Bungalows Up For Sale At S$60M, Proceeds Go To Charities
The houses, which are close to shopping malls in Orchard and Novena, were listed at an indicative price of S$60 million.
On Friday (31 Mar), marketing agency Cushman & Wakefield (C&W) announced the sale of all three properties for a total of S$61.1 million.
Per earlier reports, all proceeds will go to charity.
Brothers of Dick Lee sell bungalows for S$61.1 million
In a LinkedIn post today (31 Mar), C&W shared about the sale of the three adjoining freehold bungalows at the following addresses:
- 10/10A Chancery Hill Road
- 12 Chancery Hill Road
- 14/14A Dyson Road
Source: Cushman & Wakefield on LinkedIn
According to The Business Times (BT), a subsidiary company of property developer Sustained Land bought the homes for S$61.1 million.
Proceeds from the sale will go to registered charities, whose names appear to be confidential.
Quoting Douglas Ong, founder and owner of Sustained Land, BT reported that the developer decided to make the purchase as they “respect and admire the decision of having the proceeds going to charity”.
This decision to give back to the society is a meaningful element in this sale transaction.
Dick Lee’s brothers happy with bid
In a statement to the press, Peter Lee apparently shared that he and his brother John are “grateful to everyone who participated in and organised this tender”.
The pair, who are Dick Lee’s younger brothers, also expressed pleasure that “the top bid exceeded the indicative price”.
Source: The RICE Company Limited via ICON Singapore
They had put the houses, which cover a total site area of about 32,148 sq ft, on the market at S$60 million on 13 Feb.
Peter Lee added that it’s “fortuitous” that Mr Ong was sympathetic to his late aunt Agnes Tan’s objectives. He then thanked Mr Ong for his support.
Together with John Lee, the Lee brothers are the executors of Madam Tan’s estate.
Properties received more than 10 offers
According to C&W, the bungalows drew more than 10 offers from high-net-worth families and developers. They also received almost 100 enquiries after the tender launched.
A tender exercise on 21 Mar eventually led to the sale of the properties. They are apparently vacant at present, noted BT.
Shaun Poh, executive director of capital markets at C&W, purportedly noted that it’s a “rare opportunity to own a sizeable freehold bungalow” within such a “prestigious location”.
Hence, the company was not surprised at the overwhelming response, or at the fact that the eventual price exceeded the indicative one.
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Featured image adapted from Dick Lee on Facebook and Cushman & Wakefield via EdgeProp.
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