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Komoco chairman's GCB sold after auction closes via private treaty
The Straits Times
|April 25, 2025
A good class bungalow (GCB) along Old Holland Road, belonging to automotive group Komoco Holdings executive chairman Teo Hock Seng, has been sold via private treaty, after being withdrawn from auction.
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The auction on April 23 drew up to 30 attendees in their 30s to 80s. Bidding opened at $36 million, but a counteroffer of $33 million was soon made and accepted by SRI Auction managing partner Mok Sze Sze.
Multiple bids pushed the price up to $35 million, but none was made at or above its $36 million reserve price, resulting in the property being withdrawn.
The bidding process lasted for over half an hour, before being taken into private treaty with two interested parties behind closed doors. It was eventually sold to one of the two at an undisclosed price, but Ms Mok said both the buyer and seller were satisfied with the sale.
Dit verhaal komt uit de April 25, 2025-editie van The Straits Times.
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