Han Seng Juan, the former star stockbroker, is believed to be the seller of a good class bungalow (GCB) located in Astrid Hill that was sold in November for $25.75 million. The price translates to around $970 per sq ft on land area of more than 26,000 sq ft.
The price is almost twice of what Mr. Han is thought to have paid for the property. In 2006, the bungalow changed hands for $13.65 million, or a little over $500 psf on land area.
Mr. Han and David Loh, his cousin, left the stockbroking business earlier this year to focus on their boutique private equity investment business.
The duo, known simply as ‘David and Han’ or the A-Team within the industry, are presently focusing their resources on expanding a boutique Asian private equity company, the Centurion Investment Management, which they helped to organize in 2004 with other partners to invest in small to medium-sized companies, particularly in the Greater China region.
They also control the Centurion Properties group, which has a majority share in the firm that is developing Kovan Residences.
Like several well-heeled Singaporeans, Mr. Han is believed to own several bungalows, including one at Cluny Hill.
To date, caveats have been lodged in November for only six GCB transactions.
However, according to market observers, other transactions had been closed in November as well as this month for which caveats have yet to be lodged.
According to William Wong, RealStar Premier Property Consultant’s managing director, his firm brokered the sale of four GCBs a few weeks ago, totaling to about $57 million that have yet to be caveated.
The four properties are situated at Holland Road, Swettenham Green, Rebecca Road and Garlick Avenue.