Singapore medicine group Eu Yan Sang's founding family sells bungalow for $31M
Members of the Eu family that founded Chinese medicine group Eu Yan Sang have sold a bungalow in central Singapore for S$40 million (US$31.5 million).
The Eu Yan Sang medicine group's founding family has sold their prized bungalow for $31 million, according to The Business Times. Richard Eu Yee Ming and his siblings David, Helena, and Geoffrey struck the deal, selling the two-story property for S$2,480.72 per square foot (US$21,045 per square meter). The 16,124 square foot (1,498 square meter) home sits on freehold land in Bishopsgate's Chatsworth Park Good Class Bungalow (GCB) Area, one of Singapore's most sought-after residential districts.
GCB properties must adhere to stringent planning regulations, including a minimum land size of 1,400 square meters and a two-story height limit. The new owner is believed to be a member of Wee Siew Kim's family, co-president and representative executive officer of Nippon Paint Holdings, a global paint manufacturer. Eu Yan Sang, the Singapore-based company, traces its roots back to Eu Keng Mun, who established the business in 1879 after his grandfather, Eu Kong, emigrated from Foshan, China to Malaya.
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