After failing to sell in an auction, a fantastic Class Bungalow (GCB) in 80 Belmont Road was re-launched available through private treaty, using all the manual price reduced to $40.8 million.
A Knight Frank spokesman stated a month’s market had a $40.5 million opening cost.
“But following the voucher, a few offers are created and are currently undergoing personal discussions,” mentioned the spokesman.
It’s a mortgagee sale, or one where a lender forecloses a home following its owner defaults on the mortgage, then places up the property for sale to recoup the debt.
It had been previously reported that wed couple David Chew and Leong Sook Ching, that utilized to restrain Stratech Group that’s currently in liquidation, would be the bungalow’s registered owners together with Deutsche Bank as the mortgagee.
The few were announced bankrupts at October 2018 following a request by Zana Asia Fund II.
Together with the bungalow boasting a freehold land area of 27,000 sq feet, the new manual cost works out to approximately $1,511.11 each sq ft (psf).
The two-storey property has an estimated gross floor space of 15,714 sq feet and is nestled on a two-tiered property with a basketball court, elevator, playground, swimming pool and parking area for up to ten cars.
Local food institutions, retail centers and other amenities are located across Holland Road and Sixth Avenue.