Eu Yan Sang family sells freehold GCB on Bishopsgate for S$40m

Richard Eu Yee Ming and his three siblings have sold a freehold Good Class Bungalow at Bishopsgate for S$40 million, or S$2,480.72 psf. The buyer is a family member of Nippon Paint Holdings co-president Wee Siew Kim.

Richard Eu Yee Ming and his siblings David, Helena and Geoffrey have sold a freehold Good Class Bungalow (GCB) at Bishopsgate for S$40 million, The Business Times reported. The two-storey property sits on about 16,124 sq ft of freehold land within the Chatsworth Park GCB Area and changed hands at S$2,480.72 psf.

The new owner is reportedly a family member of Wee Siew Kim, representative executive officer and co-president of Nippon Paint Holdings, one of the world's largest paint manufacturers.

The four Eu siblings inherited the bungalow after their father, former Eu Yan Sang chairman Richard Eu Keng Mun, died in 2022 at age 99. Eu Keng Mun's grandfather, Eu Kong, founded the Singapore-headquartered traditional medicine group after leaving Foshan in Guangdong province for Malaya and opening his first shop in Perak in 1879, according to The Straits Times.

Bungalows in Singapore's 39 GCB areas are among the city-state's most coveted landed homes. They are subject to strict planning rules including a minimum land size of 1,400 sq m and a height limit of two storeys, according to the Urban Redevelopment Authority.

The transaction comes as the GCB market has seen more subdued activity. Knight Frank's analysis showed that eight GCBs changed hands in the first half of the year for a combined S$474.6 million, down from 16 properties sold for S$764.3 million in the second half of 2025, as cited by EdgeProp Singapore. Knight Frank attributed the drop to buyers in the landed market becoming more selective, leading to longer negotiations and differences in price expectations between buyers and sellers.