A new record land price could be set if the guide price of $175 million for a bungalow on Nassim Road is met.
Nassim Road Good Class Bungalow asking $2,977 psf
On Nassim Road, where the Royal Embassy of Saudi Arabia was once located, a 2-storey conservation Good Class Bungalow (GCB) is being sold by tender with a guide price of $175 million.
Good Class Bungalows on Nassim Road are hard to come by, and the fact that a rare one is up for sale, analysts are expecting the buyer to be an ultra-high-net-worth new Singapore citizen who does not yet own private landed properties in Singapore. Singapore property is often seen as a trophy asset for these new citizens and it will not be surprising if this site is picked up by such an individual.
Analysts expect the buyer to be new ultra-high-net-worth Singapore citizen
Good Class Bungalows along the exclusive enclaves of Nassim Road and Cluny Road have been making waves in the market recently. The largest deal to date of a GCB in the area was $230 million for an 85,543 sq ft plot, or at $2,721 psf to Facebook co-founder Eduardo Saverin. Another 15,099 sq ft GCB on Cluny Road was sold for $50 million.
There are only 39 clusters of GCBs in Singapore, with about 2,800 plots in total. The rarity and exclusivity of these plots make them much-desired assets. As this current plot is considerably massive and considering the fact that the value of this asset class rarely falls drastically, investors and owner-occupiers alike could be vying for it.