The property, completed in 1995, comprises a two-story bungalow with a swimming pool and basement parking. It spans 2,770 square meters and is located near the Singapore Botanic Gardens and Napier MRT station, according to The Business Times.
Lermit Road, Singapore. Photo via Google Maps |
The latest asking price is below the SGD105 million sought when the property was marketed through an expression of interest exercise by JLL in January 2024.
Before that, the property was offered for sale by private treaty at an indicative price of nearly SGD137.2 million in August 2023 through a joint marketing effort by Realstar and PropNex.
The bungalow is being sold by the family of Lee Howe Yong, who died in November 2023. He was the son of the late Dennis Lee, also known as Lee Kim Yew, the younger brother of Singapore’s founding Prime Minister Lee Kuan Yew.
Dennis co-founded law firm Lee & Lee with Lee Kuan Yew and his wife, Kwa Geok Choo, in September 1955. After Lee Kuan Yew became prime minister in 1959, Dennis and Kwa took over the firm’s management.
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Singapore’s first Prime Minister Lee Kuan Yew seen in 2011. Photo by AFP |
Currently vacant, the Lermit Road property is considered suitable for redevelopment due to its age and the potential to maximize the value of the site.
The property features a relatively long and wide driveway of about 186 square meters and sits on sloping terrain. The site could potentially be redeveloped with a natural basement at its lowest point and a first floor elevated above road level. Views of the Singapore Botanic Gardens’ treetops could be enjoyed from the second and attic levels.
Lermit Road is part of one of Singapore’s 39 Good Class Bungalow Areas, which are exclusive landed residential zones with strict planning controls that preserve low-density development and large plots.
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