BT : Han Seng Juan reaps handsome profit from GCB sale

Published December 17, 2009

Han Seng Juan reaps handsome profit from GCB sale
Stockbroker said to have sold Astrid Hill bungalow for $25.75m or $970 psf
By KALPANA RASHIWALA

(SINGAPORE) Former star stockbroker Han Seng Juan is believed to be the seller of a good class bungalow (GCB) in Astrid Hill that changed hands last month for $25.75 million. The price reflects about $970 per square foot on land area of over 26,000 sq ft.

The price is almost double what Mr Han is believed to have paid for the property. The bungalow previously changed hands in 2006 for $13.65 million or slightly over $500 psf on land area.

Earlier this year, Mr Han and his cousin David Loh left the stockbroking business to focus on their boutique private equity investment business.

Known as the A-Team within the industry or simply 'David and Han', the two men are now focusing their resources on growing Centurion Investment Management, a boutique Asian private equity company which they helped set up in 2004 with other partners to invest in small to medium-sized companies, especially in the Greater China region.

The duo also control Centurion Properties group, which has a majority stake in the company developing Kovan Residences.

Although no longer directly involved in the stockbroking industry as dealers at UOB-Kay Hian, it is believed that their associates are still operating in the same firm.

Mr Han, like many well-heeled Singaporeans, is said to own several bungalows, including one at Cluny Hill.

So far, caveats have been lodged for just six GCB transactions in November.

However, market watchers say there are other transactions that took place last month as well as in December for which caveats have yet to be lodged.

William Wong, managing director of RealStar Premier Property Consultant, says his firm has brokered the sale of four GCBs over the past few weeks for a total of about $57 million that have yet to be caveated.

The four properties are located at Swettenham Green, Holland Road, Garlick Avenue and Rebecca Road. Market watchers also point to the transaction of No 3 Leedon Park for close to $40 million or around $950 psf of land area, which has yet to surface in caveats.

GCBs are an exclusive housing form governed by stringent planning criteria.