An elevated 7,900 sq m plot, located on Singapore’s coveted Nassim Road, was recently put on the market for a record US$242 million.
Situated close to the island-state’s prime shopping district Orchard Road, the plot comprises a two-storey property, tennis court and swimming, according to sole marketing agent Jones Lang LaSalle.
“The sale would set a new price benchmark and result in the largest deal for a single Good Class Bungalow in Singapore,” Karamjit Singh, Head of Investments & Residential, Jones Lang LaSalle said. The largest Good Class Bungalow deal in Singapore to date seems to stand at S$87.5 million for a 291,000 sq ft (27,034 sq m) parcel at Swettenham Road in an asset swop deal between Singapore Press Holdings and Lum Chang in 2001.”
Single property plots of this size are extremely rare in this area of the city, and there has been talk of splitting the land into two lots.
“The seller of this property, an investment company, is prepared to receive offers for the whole plot, or for either of two smaller parcels measuring 31,647 sq ft (2,940 sq m) and 53,192 sq ft (4,941 sq m),” Singh said. “The buyer of the 31,647 sq ft parcel may further subdivide the land into two Good Class Bungalow plots, while the larger 53,192 sq ft is capable of sub-division into three houses.”
Bloomberg Businessweek reported that the property is owned by Cheng Wai Keung, chairman and managing director of one of the region’s leading real estate companies Wing Tai Properties.
“This is beyond economics, it’s mind boggling and probably one of the highest in the world,” Alan Cheong, senior director of research and consultancy at Savills (Singapore) told Bloomberg Businessweek. “It’s no small change even for the ultra high net worth. It could be an Indian tycoon or a Russian oligarch that might bid for it.”
The world’s most expensive private residence is believed to be the 27-storey Mumbai-based Antilla building, owned by Indian businessman Mukesh Ambani, with an estimated value of US$1 billion.
The tender for the property closes at 2.30 pm on May 16, 2013.