The property was sold at S$2,480.72 per square foot (US$21,045 per square meter) by Richard Eu Yee Ming and his siblings David, Helena and Geoffrey, The Business Times reported.
The two-story property occupies about 16,124 square feet (1,498 square meters) of freehold land on Bishopsgate within the Chatsworth Park Good Class Bungalow (GCB) Area.
Bungalows located in the 39 such areas across Singapore are among the city-state’s most coveted landed homes. GCBs are subject to strict planning rules, including a minimum land size of 1,400 square meters and a height limit of two stories, according to the Urban Redevelopment Authority.
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Properties along Bishopsgate in Singapore. Photo from Google Maps |
The new owner is reportedly a family member of Wee Siew Kim, representative executive officer and co-president of Nippon Paint Holdings, one of the world’s largest paint manufacturers.
The bungalow was inherited by the four Eu siblings after their father and former Eu Yan Sang chairman, Richard Eu Keng Mun, passed away in 2022 at age 99.
The Singapore-headquartered group was founded by Eu Keng Mun’s grandfather, Eu Kong, who left his hometown of Foshan in southern China’s Guangdong province for Malaya and opened his first shop in Perak in 1879, according to The Straits Times.
The transaction comes as the GCB market has seen more subdued activity. Property consultancy Knight Frank’s analysis showed that eight GCBs changed hands in the first half of the year for a combined S$474.6 million, down from 16 properties sold for S$764.3 million in the second half of 2025, as cited by EdgeProp Singapore.
Knight Frank attributed the drop to buyers in the landed market becoming more selective, leading to longer negotiations, and differences in price expectations between buyers and sellers.