Singapore PM’s brother Lee Hsien Yang selling ‘resort-style’ home for US$12 million amid demand for luxury properties
- The bungalow sits on a land size of 9,888 square feet and has six bedrooms, two living rooms, a walk-in wine cellar and an infinity pool
- Lee’s move to sell the home comes as Singapore experiences a property frenzy that led to S$32.9 billion in sales in the first half of this year alone
The two-story bungalow, a local term for the equivalent of a mansion, is on sale for S$16.8 million (US$12.4 million), according to a listing on the real estate portal PropertyGuru.
Sitting on a land size of 9,888 square feet (920 square metres), the home has six bedrooms, two living rooms, a walk-in wine cellar, a helper’s room, an infinity pool and a koi pond. Four cars can be parked inside the freehold compound. The listing described it as a “resort-style modern bungalow”.
It’s located on Caldecott Hill, an upscale area. Lee Hsien Yang declined to comment when asked why he is selling the home.
Lee Hsien Yang was in the media spotlight following a siblings’ quarrel over their father’s will and famous Oxley Road house. He and his older sister in 2017 had accused their brother, the prime minister, of manoeuvring to undermine their father’s instructions, citing the existence of a ministerial committee exploring options for the property.
Prior to last year’s general election, Lee Hsien Yang also generated headlines when he joined an opposition party, campaigning against the ruling party once led by his father and currently helmed by Lee Hsien Loong.
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A Cambridge and Stanford graduate who has held top posts at Singapore Telecommunications, Lee Hsien Yang was also the ex-chairman of food and beverage company Fraser & Neave who oversaw a bidding war for the firm, which was eventually acquired by Thai billionaire Charoen Sirivadhanabhakdi for S$13.8 billion in 2013.
His move to sell the home comes as Singapore experiences a property frenzy that led to S$32.9 billion in sales in the first half of 2021 alone, double what was recorded in Manhattan over the same six months, driven by demand from the ultra-rich flocking to the business hub.
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Sales of luxury units in prestigious neighbourhoods reached a 10-year high in the second quarter, based on a report by Singapore-based property firm OrangeTee. Prices of new luxury apartments rose 5.2 per cent in the third quarter from a year earlier, according to the report.
“With Singapore’s economy expected to rebound strongly this year, consumers’ confidence is likely to pick up further,” the report said.
“This will spur more buying of luxury homes and prices are likely to trend higher in the coming months.”
