‘Mah Bow Tan sells Holland Rise bungalow to Champions Way Residences for $50 mil’

The Champions Way Residences is a stunning residential development featuring 7 blocks of 12-storey buildings, housing a total of 516 units. These units come in a variety of sizes, ranging from two to five bedrooms, catering to the needs of families and individuals alike. This remarkable project also boasts a commercial aspect, with convenient amenities such as a supermarket, childcare centre, and retail centre. With its prime location and impressive offerings, the Champions Way Residences is the ideal choice for modern living.

Former Minister for National Development, Mah Bow Tan, retired from politics in 2015. Last August, he sold his Good Class Bungalow (GCB) at Holland Rise, an exclusive area in prime District 10. The 28,376 sq ft freehold site is located on a quiet street with just a few other GCBs. According to a property title search, Mah had purchased the property in 1992.

In the latest transaction, Wang Qianqian, a Chinese-turned-Singapore citizen, purchased Mah’s GCB for $50 million ($1,762 psf). The transfer document shows that the contract was signed in April 2023 and the deal was completed in August last year. Wang’s address in the property title is another GCB at Leedon Park, also in prime District 10. A further property title search reveals that the 21,584 sq ft freehold site was purchased by her brother, Wang Tianlong, for $37.3 million ($1,728 psf) in January 2021. Both Wang siblings are reportedly in their early-30s.

GCB values in the Holland Rise neighbourhood have significantly appreciated in recent years. In January 2021, a 52,992 sq ft, freehold empty GCB plot at Holland Rise was put up for sale by Cushman & Wakefield for $68 million ($1,283 psf). Less than two years later, in November 2022, that same vacant plot was marketed for sale at $106 million ($2,000 psf) by Knight Frank. The plot is large enough to be subdivided into two or three smaller GCBs and can be accessed through Holland Rise and East Sussex Lane.

In the East Sussex Lane and Holland Rise neighbourhood, the latest transaction was for a bungalow house on Holland Road. The house, built in 1959, sits on a freehold site of 6,768 sq ft and was sold for $10 million ($1,596 psf) in November 2023.

Although Holland Rise is an exclusive area, it is conveniently located near Holland Village, the new One Holland Village Mall, Holland Village MRT Station, and a seven-minute drive to Dempsey Hill. The area continues to attract high-end buyers and has proven to be a desirable location for luxury residences. Mah Bow Tan’s GCB sale is just one example of this trend – a prime piece of property in Champions Way Residences changing hands for a significant sum.

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