28 Mar '11, 8am

Bungalow developer confident of robust demand: In Singapore, a Good Class Bungalow (GCBs) is uncommon but even l...

In Singapore, a Good Class Bungalow (GCBs) is uncommon but even less ordinary is the story of Mr. George Lim, who has become a prime developer of these high-class homes. Since 2006, Mr. Lim, 59, has redeveloped and sold seven bungalows , worth a total of S$145 million. Recently, he made the headlines after paying S$61.4 million for a 41,852 sq ft site in Leedon Park . Following his typical strategy, he will demolish the bungalow and redevelop the area with two GCBs. Mr. Lim maintains that his venture into property was not planned but "happened along the way", after he sold his engineering firm for approximately S$12 million, which helped him purchase an S$18 million bungalow in Belmont Road. He stayed there for three years before subdividing the 48,000 sq ft plot and building three houses — which were sold for a total of S$33 million in 2006. Mr. Lim noted that his confide...

Full article: http://sg.news.yahoo.com/bungalow-developer-confident-rob...

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