< ...

Bellevue Hill estate of late Singaporean tycoon Tan Sri Khoo Teck Puat on the market for $14 million

CBRE News

10 August 2018

There's plenty of history contained in the grand old mansions of Bellevue Hill, and the 1920s residence long owned by the late Singaporean tycoon Tan Sri Khoo Teck Puat that hit the market this week is no exception.

The last time the grand Cranbrook Road property, known as Ngarita, traded was in 1985 when it was purchased for $1.5 million by Khoo for his then-wife Rose Marie, just a year before he shared top billing as Australia's richest person on the BRW Rich List with the late businessman Robert Holmes a Court.

There are 10 beneficiaries - all from the Khoo family - set for a financial windfall when the grand Cranbrook Road residence goes to auction next month with price expectations of more than $14 million.

Khoo (the Tan Sri is a knighthood in Malaysia) died in 2004, aged 87, having founded Malayan Banking, owning 13.5 per cent of Standard Chartered Bank and having seen his wealth soar to prompt Forbes to rank him Singapore's richest person the year before he died.

Ngarita was built in 1924 for the chairman of Amalgamated Wireless (Australasia) Sir William Vickers, who lived in the house for about 30 years before it was sold in 1956.

The Sydney Morning Herald advertisement in 1956 described the property as an 'imposing' house with a 'Southern Mansion-style columned entrance'. It was long owned in a company name headed up by Simon and Marion Edwards until 1985 when it was sold for $850,000.

Records show the purchaser in July of 1985 was a company of which a director was jailed, serial fraudster Stephen Larkin.

Three months later the property was advertised for auction for $1 million, but secured the far more bullish $1.5 million result.

Selling agent Bart Doff, who sold it last time and is now of Laing + Simmons Double Bay, has again been enlisted to sell the double title with co-agent Robert Alfeldi, now at CBRE Residential Agency.

The Khoo family, predominantly based in Singapore, have offloaded their other Bellevue Hill investments, first in 1999 when the nearby residence Tokay sold for $6.8 million and in 2014 when their P&O-style house on Rupertswood Avenue sold for $4.5 million.

 

**Article by Lucy Macken, 10 August 2018 - Domain


SHARE: