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Dick Lee family's freehold townhouses sold for $61.1 million to charity
Apr 11, 2023
Dick Lee family's freehold townhouses sold for $61.1 million to charity Singapore
By   shicheng news
  • City News
  • Freehold townhouses
  • freehold houses
  • villas
Abstract: Cushman & Wakefield has announced that three freehold houses sold by the Dick Lee family have been sold for S$61.08 million.

This top bid far exceeded the expected price, with the market price at S$60 million.


The buyer is a subsidiary of Sustained Land, a property developer founded and owned by Douglas Ong.


All proceeds from the sale will be donated to a registered charity, which has not been publicly named.


The three villas, which account for a total land area of 32,148 square feet, are the estate of the late Agnes Tan, the aunt of singer-songwriter Dick Lee.


They were put on the market on February 13 by the estate's executors Peter Lee and John Lee, Dick's brother.


Peter described his late aunt as an active and visionary philanthropist who was very generous throughout her life and donated everything she owned to charity.


Tan was also a founding benefactor of the NUS Baba House in Singapore, a museum showcasing Peranakan history, architecture and heritage.


Peter said her donation was in memory of her late father, Tun Tan Cheng Lock, who was also the founder of the Malaysian Chinese Association.


All proceeds will be donated to the charity she has designated.


Ong, the purchaser, said: He respects and admires the decision. This decision (to donate) is also a meaningful element of the deal and we feel very privileged to be part of it. Peter shared.


Peter shared: "He and his brother John also thanked all those who participated and organised the bidding process and were very pleased that the final price was well above the expected list price.


The freehold houses, located at Chancery Hill Road and Dyson Road, were sold through a tender process that ended on March 21.


Cushman & Wakefield noted that the tender attracted a number of "strong bidders", with more than 10 offers from developers and high net worth families.


Shaun Poh, executive director of capital markets at Cushman & Wakefield, said that they had received almost 100 enquiries since the tender was launched.

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Dick Lee family's freehold townhouses sold for $61.1 million to charity