Former 32 Gilstead site bought by Kheong Leong for $70m

Former 32 Gilstead

Kheong Leong Group has acquired the properties located at 32 and 34 Gilstead Bungalow for a substantial sum of $70 million. This notable acquisition has captured the attention of both industry experts and property enthusiasts alike.

The transaction, which took place in October 2022, involved the family-owned and operated real estate business, Kheong Leong, led by Wee Cho Yaw, a highly experienced banker and the chairman emeritus of UOB. The sale was facilitated by the reputable brokerage firm, Edmund Tie & Company, although they have opted to remain tight-lipped regarding specific details, such as the unit land pricing for the purchase.

A rough estimate suggests that the purchase price equates to approximately S$1,643 per square foot per plot ratio (psf ppr), factoring in the development costs. It’s worth noting that this acquisition is part of a broader trend, with property owners in the area looking to divest their holdings.

The potential for these properties is evident, as highlighted by a statement made by Edmund Tie in September 2021 when they initially listed 32 and 34 Gilstead Bungalow site for sale through a tender exercise. The land holds the promise of being transformed into a condominium complex, potentially featuring up to 56 units, contingent upon securing the necessary planning approvals.

Situated in close proximity to areas designated as landed dwelling zones, these properties offer a prime location. Additionally, esteemed educational institutions like Anglo-Chinese School Junior, Anglo-Chinese School Primary, and St. Joseph’s Institution Junior are all within a kilometer’s radius.