CEO of local instant beverage maker Viz Branz buys Swettenham Close for $48 million
SINGAPORE – Ben Chng, the CEO of neighborhood immediate beverage maker Viz Branz, has actually bought a Great Class Bungalow at Swettenham Close for $48 million, based on a residential or commercial property title search on INLIS. The rate of the reasonably brand-new bungalow, sitting on a freehold acreage of 16,598 sq ft, translates to $2,893 psf.
In regards to rate psf, it is the highest given that 2019, when billionaire James Dyson, the richest man in the UK, paid $50 million ($ 3,311 psf) for a brand-new GCB at Cluny Roadway created by Guz Wilkinson of Singapore- based Guz Architects.
The GCB at Swettenham Close had actually been inconspicuously put on the marketplace for $50 million a year ago.
The GCB is located at the end of a cul-de-sac on Swettenham Close “This home is possibly at the furthest point along Swettenham Roadway and also it regulates sweeping sights of the bordering GCB estate,” claims Bruce Lye, taking care of companion of SRI.
This GCB area is a short drive to the Botanic Gardens, an attribute that appeals to lots of GCB property owners and buyers, says Lye. SRI closed the sale of an additional GCB at nearby Pierce Hillside for $28.8 million ($1,668 psf) on Feb 2, 2021.
The rate achieved for the GCB at Swettenham Close is likely to have actually established a new benchmark for the estate. “It can create a higher chance in the asking rate of the GCBs that are still on the market today,” thinks Lye.
Bloomberg reported in November 2020 that Chng offered a bulk risk in Viz Branz to Bahrain-based investment firm Investcorp Holdings. The private equity and alternate asset supervisor is the largest private equity firm in the Middle East, and also the deal valued the company at up to $500 million at the time, according to the Bloomberg report.
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