Business

Pars Ram Brothers owner's house sold below asking price

THE freehold bungalow at 85, Branksome Road, vacated by the bankrupted managing director of spice and nut trader Pars Ram Brothers and his family, has found a buyer.

According to caveats obtained by The Business Times, the property was sold to a special purpose vehicle called Branksome Realty 1 for $15.08 million, below the opening price of $16 million at its first auction, where it had failed to land a successful bid.

This new sale price translates to about $1,143 psf on the land area of 13,189 sq ft.

A check with corporate intelligence portal Handshakes showed that construction and property group Chiu Teng Enterprises is a shareholder in Branksome Realty 1.

Chiu Teng last month made headlines for purchasing a row of four freehold conservation shophouses along Outram Road for $23.8 million.- THE BUSINESS TIMES

SingaporeBANKSURBAN REDEVELOPMENT AUTHORITY (URA)