A two-story villa on Lornie Road is being listed for sale. The property has seven bedrooms and was once owned by the late real estate developer Zhuang Jinfa.
According to the planning of the Urban Reconstruction Bureau (URA), the above-mentioned areas have been designated as double-storey semi-detached residential areas. This means that the area can be redeveloped into a hybrid semi-detached residential and bungalow project.
According to the Business Times, the guide price of the above-mentioned real estate is RMB 82 million, which is about RMB 1,586 per square foot based on the 51,700 square feet of freehold land area.
Zhuang Jinfa devoted himself to the construction industry in the 1960s and initially undertakes the HDHK Development Bureau's HDB project in Toa Payoh and Ang Mo Kio. By the 1980s, he transformed into a real estate developer.
The CGH Group founded by Zhuang Jinfa, the development projects include the Paya Ubi Industrial Park, the Orchid Hotel in Tanjong Pagar, and the CGH Building on Killiney Road.
The above-mentioned house was completed in 1937. Zhuang Jinfa bought the house in the early 1970s and lived in it until his death in August last year.