A high-end Good Class Bungalow (GCB) located along Lermit Road, near Cluny Road, has been relisted for sale at S$98.8 million. The freehold property, spanning approximately 29,818 square feet, is owned by the family of the late Lee Howe Yong, who was the son of Dennis Lee Kim Yew and the grand-nephew of Singapore’s founding Prime Minister, Lee Kuan Yew.
This marks the third attempt to sell the property in recent years. According to reports from The Business Times and Mothership, the bungalow was previously listed for S$137.2 million in 2023 and later for S$105 million in January 2024. The current asking price reflects a valuation of approximately S$3,313 per square foot.
Completed in 1995, the six-bedroom residence is situated in a prime location near the Singapore Botanic Gardens, Nassim Road, and Dempsey Hill. Real estate experts previously noted that the property’s earlier sales attempts coincided with a challenging economic environment characterized by high interest rates and geopolitical uncertainty, which tempered buyer appetite for ultra-luxury assets.
The sale is being closely watched by market analysts as a barometer for the resilience of Singapore’s Good Class Bungalow sector—a niche market segment reserved for the country’s most exclusive landed properties. Despite the cooling measures implemented by the government to stabilize property prices, GCBs continue to command significant interest from ultra-high-net-worth individuals due to their scarcity and status as prime real estate assets.