Local property tycoon Mr. Cheng Wai Keung, Chairman of listed developer Wing Tai Holdings has put up his Nassim Road bungalow for sale.
The two-storey home sits on a plum 84,839 sq ft freehold elevated site and is asking for up to $300 million – an astonishing amount that could easily make a record sale in Singapore. Well-situated in a prime location just off Orchard Road, there is an in-ground swimming pool and a full-sized tennis court. The vacant ground around it could potentially accommodate a par-3 golf hole.
According to Jones Lang LaSalle, the sole marketing agent appointed to handle the sale of the property by tender, the owners whom it did not identify are expecting to receive offers within the range of $250-300 million. This would work out to be $2,947-3,536 psf on the land area.
In terms of absolute quantums, the highest transaction in a Good Class Bungalow (GCB) area was a $87.5 million sale of a 291,000 sq ft parcel at Swettenham Road. It was made in an asset swop deal between Singapore Press Holdings and construction firm Lum Chang back in 2001. On Nassim Road itself, the most expensive GCB sale made in terms of psf price was a $47.8 million bungalow that sat on a 23,922 sq ft site for $2,000 psf which was sold in February last year. If the tender goes through, it could easily break the record of the most expensive bungalow sold in Singapore.
Experts said that bunglows along Nassim Road has a remarkable history of leading the entire GCB market in Singapore by constantly setting new benchmarks and outperforming the market. Moving ahead, the trend would continue as Singapore’s population and affluence grows while the number of Nassim Road GCBs remains virtually unchanged.
Most large plots on Nassim road have been sub-divided and the Cheng family’s bungalow could potentially be headed for subdivision. The bungalow in question has a frontage of almost 100m and is rectangular-shaped, making it easier to slice into up to 5 smaller GCB plots if the buyer opts to redevelop. GCBs typically occupy at least 15,000 sq ft, making the option of subdivision commercially viable.
The tender for 33 Nassim Road closes on 16th May 2013.
