The late Lim Kim San's home in Dalvey Road. Its large plot size of 51,058 sq ft, high ground and proximity to the Botanic Gardens will attract big interest. TNP PHOTO: KELVIN CHNG

A rare freehold good class bungalow (GCB) near the Botanic Gardens that was owned by one of Singapore's founding fathers hit the market yesterday with expectations that it could sell for more than $100 million.

The two-storey bungalow, which sits on elevated ground in 81 Dalvey Road, is owned by the estate of Mr Lim Kim San, the first Housing Board chairman and a former executive chairman of Singapore Press Holdings.

Its large plot size of 51,058 sq ft, high ground and proximity to the Botanic Gardens will attract big offers, said Mr Tan Hong Boon, JLL regional director, who is marketing the property.

The home, which was built in 1967 by Mr Lim, is within the White House Park GCB area, one of the most sought-after among the 39 gazetted bungalow zones here.

"Dalvey Road ... is the premier address to homes of the who's who in Singapore, including foreign high commissioners and ambassadors," Mr Tan added.

Last month, a new freehold good class bungalow at Jervois Hill was sold for $41.2 million, or about $2,730 per sq ft (psf), on a land area of 15,094 sq ft.

That was a record price in terms of psf on land for a transaction in a GCB area.

Mr Lim, a former minister who handled several portfolios, is best remembered as "Mr HDB", the man who solved Singapore's housing problems in the 1960s.

He died in 2006.

The house, which is now vacant, at one time counted theatre director and film-maker Glen Goei as its resident, according to an earlier media report.

Mr Tan declined to comment yesterday on why the property is being sold now.

PROSPECTS

The property may be subdivided into three bungalow plots, a prospect that may appeal to developers and investors looking to develop homes in a prime area.

Or two separate families could subdivide the land into two large GCBs, or a buyer may just keep it entirely for his own use.

Savills Singapore senior director Alan Cheong noted: "It should attract a lot of interest. It is different from the other GCBs as it is on elevated ground. The nouveau riche buyers may try to find ways to get around the latest cooling measures, while old money investors probably won't be too bothered by them."

Bungalows in the 39 gazetted GCB areas are the most prestigious form of landed housing here, with strict planning conditions to preserve their exclusivity and low-rise character.

Only citizens can buy these properties, following a policy change that took effect in 2012.

Bungalow prices stayed relatively stable throughout the global financial crisis and the introduction of property cooling measures in 2011, although the number of transactions declined.

The tender for the property closes at 2.30pm on Sept 12.