In a surprising turn of events, a luxurious Good Class Bungalow (GCB) on Old Holland Road, previously owned by Teo Hock Seng, the executive chairman of automotive giant Komoco Holdings, has been sold through a private treaty after a lackluster auction.

The recent auction held on April 23 attracted around 30 eager participants spanning ages from their 30s to 80s. Excitement filled the air as bidding commenced at S$36 million. However, the initial momentum fizzled when a counteroffer of S$33 million was made, setting the stage for intense bidding that eventually reached S$35 million. Unfortunately, none of the bids matched the reserve price, leading to the auction’s abrupt withdrawal.

Despite the public auction's failure, the property quickly shifted gears into private negotiations with two interested buyers stepping into the spotlight. Though the sale price remains a mystery, Mok Sze Sze, the managing partner of SRI Auction, indicated that both the buyer and seller left the table satisfied with the outcome.

Mok emphasized the genuine interest from bidders, stating, "When the price is right, people will enter the market." This sentiment reflects a growing confidence amongst buyers eager to invest in premium properties.

While specific details of the sale are protected under a non-disclosure agreement, sources suggest the buyer intends to occupy the property personally. Typically, GCB purchasers in Singapore are citizens, further highlighting the local interest.

Prior to the auction, Mok noted a 'healthy level' of private viewings and inquiries, with many attendees impressed by the high-quality craftsmanship of the bungalow.

Situated in the prime Brizay Park GCB area of District 10, this two-storey residence boasts six en suite bedrooms, a lavish swimming pool, an outdoor patio with a pavilion, and ample parking space for up to 10 vehicles.

Teo and his wife, Chua Hwee Meng, bought the freehold property for S$11.58 million (a mere S$500 psf) back in May 2007. The spacious 12,000 sq ft bungalow was originally built in 1994 by previous owners Robert and Ruby Heng, the founders of Orchard Credit Group.

The S$36 million reserve price positions the land rate at around S$1,555 psf for the 23,148 sq ft property—substantially lower than the area's median price of S$2,183 psf for detached homes in the past year and three times Teo's original investment.

Interestingly, the landscape of the luxury property market in the area remains dynamic, as evidenced by two additional GCBs that went unsold at recent auctions—a stark reminder of the challenges facing high-value real estate.

In a market where prestige, luxury, and judicious investment converge, this sale is a significant indicator of buyer sentiment and the continuous allure of Singapore's prime property landscape.