A Good Class Bungalow (GCB) in Jervois Hill has been sold for a handsome profit to the grandson of an Indonesian billionaire. The 15,094 sq ft property in the Chatsworth Park GCB area was transacted at $58 million in February, and the title was transferred in May, reported The Business Times (BT). Eileen Chong, the seller of the bungalow, had...
The nearly 15,100 sq ft GCB located at Jervois Hill was sold for $58 million in February this year, garnering a profit of $17 million.A Good Class Bungalow in Jervois Hill has been sold for a handsome profit to the grandson of an Indonesian billionaire.
Chong is the daughter of Alan Chong, founder of local materials and electrical provider Wah Loon Engineering. The property's new owner, Fuganto Widjaja, is the grandson of the late Indonesian business magnate Eka Tjipta Widjaja.Fuganto is also the executive chairman of Indonesian coal producer Golden Energy and Resources, which was delisted from the Singapore Exchange last September following an exit offer from the Widjaja family, reported BT.GCBs are the most prestigious form of landed housing in Singapore and have strict planning conditions to preserve their exclusivity.
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