Sustained Land acquires 3 neighbouring homes at Chancery Hill Road, Dyson Road for $61.08M
In a deal for $61.08 million, the freehold bungalows at 10/10A Chancery Hill Road, 12 Chancery Hill Road, and 14/14A Dyson Road were sold together. The properties were first listed for sale via tender in mid-February, with a recommended price of $60 million.
A subsidiary of Sustained Land, a real estate development company owned and financed by Douglas Ong, is making the acquisitions. Sky Everton, The Conituums and its Price, a 262-unit development on Everton Road by Sustained Land, as well as the premium freehold condominiums One Meyer on Meyer Place and 3 Cuscaden on Cuscaden Walk, are all available for purchase.
According to Cushman & Wakefield, who mediated the sale, the estate received over ten bids. Developers and wealthy families that wanted to build something new on the land submitted bids. According to Shaun Poh, executive director of capital markets at Cushman & Wakefield, “We received an overwhelming response, with close to 100 inquiries since we launched the tender.”
The ground on which the three empty homes sit is roughly 32,148 square feet. The property is designated for mixed-landed use on two levels. Peter Lee and his brother John Lee, as co-executors of their aunt Agnes Tan’s estate, have listed the residences for sale. Beneficiaries of the estate in the form of registered charity will get the selling proceeds.
Peter adds, “Our aunt Agnes was always an active and visionary philanthropist, and we think this is a fitting outcome for someone who had not only been extremely generous in her life but who had bequeathed everything she owned towards charitable causes.”
He goes on to say that the money raised from the sales of the houses would be donated in honor of Agnes Tan’s late father, Tan Cheng Lock, a major person in both Singapore and Malaysia who is best known for establishing the Malaysian Chinese Association. Agnes is also the aunt of Dick Lee, a famous singer, and composer from Singapore.
“We respect and admire the decision of having the proceeds going to charity, and thus we set forth on this purchase,” adds Sustained Land’s Ong. Making a conscious effort to give back to the community is a significant part of this business deal. To be a part of it is an honor and a pleasure for us.
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