SINGAPORE - A good class bungalow at 80 Belmont Road, owned by The Stratech Group's Chew family, will be relaunched for auction next week with a lower guide price of $39 million, marketing agent Knight Frank Singapore said on Thursday .The new guide price works out to $1,444 per square foot based on 27,000 square feet in land area.
Sharon Lee, director and head of auction at Knight Frank Singapore, told The Business Times on Thursday:"Potential buyers have indicated their interest as it is a unique property with character, so now it is a matter of pricing." This is a mortgagee sale, in which the bank forecloses on the property after the owner defaults on the mortgage, and puts the property up for sale to recover the outstanding debt.
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