The 9,888 sq ft two-storey detached house is located in the Caldecott Hill GCB area.
Lee Hsien Yang, the Prime Minister’s younger brother, is selling his two-storey bungalow in Caldecott Hill for $16.8 million, reported Bloomberg.
The freehold property, which was listed on PropertyGuru, was described as a “resort-style modern bungalow”.
It occupies a 9,888 sq ft site and features two living rooms, six bedrooms, a helper’s room, a walk-in cellar, a koi pond and an infinity pool. Four cars can be parked inside the compound.
Public records show that Lee Hsien Yang and his wife are the joint owners of the property. Currently, the couple lives in an apartment within the Nassim Road neighbourhood.
A Cambridge and Stanford graduate, Lee Hsien Yang held top positions at Singapore Telecommunications and was also the ex-Chairman of F&B firm Fraser & Neave.
His move to sell the bungalow comes as Singapore witnessed a property frenzy which led to $32.9 billion in sales during the first half of 2021 alone. The figure was double the amount registered in Manhattan over the same period, said Bloomberg.
Good Class Bungalow (GCB) sales surged by more than sixfold to $1.6 billion in 1H 2020, reflecting the demand for high-end homes, as shown in data compiled by ERA Realty Network.
In Q2 2021, sales of luxury units within prestigious neighbourhoods hit a 10-year high, according to an OrangeTee report. Prices of new luxury apartments climbed 5.2% in Q3 from the previous year.
“With Singapore’s economy expected to rebound strongly this year, consumers’ confidence is likely to pick up further,” said the report as quoted by Bloomberg.
“This will spur more buying of luxury homes and prices are likely to trend higher in the coming months.”
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: firstname.lastname@example.org.