Carlisle Lodge

Carlisle Lodge en bloc sale to net $20m

Reported in The Straits Times: Thursday, 23 January, 2003

Phang&Co acted for the en bloc owners.

Mr. Hong Boon Kwee paid $33,000 about 30 years ago for an apartment that his growing brood of six would call home.

Now, his son Geok Hua, a 45-year-old Temasek Polytechnic lecturer, stands to reap a whopping $790,000 when it is sold en bloc - 75 per cent more than the $450,000 it would fetch if he were to sell it on his own.

The younger Mr Hong is among the 25 owners of Carlisle Lodge - located in the Novena area - who will reap a windfall reminiscent of the collective-sale fever of the 1990s.

"It's good to see at last that we were able to pool everybody together, he said."