3 Good Class Bungalows at Nassim Road on sale for record S$239 million

On sale at a record S$5,200 per square foot.

Alfie Kwa | September 27, 2022, 04:28 PM

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Three bungalows along Nassim Road are on sale at a record S$5,200 per square foot (psf) on land area, which totals about S$239 million, according to The Bussiness Times (BT).

Freehold bungalows

The 2-storey freehold properties were completed 23 years ago. They were extensively renovated in 2015.

Each bungalow has five bedrooms and a swimming pool with a land area of 15,131, 15,542 and 15,264 square feet respectively, with built-up areas of about 6,950 to 7,400 square feet.

At S$5,200 psf on land area, each property is priced from S$78.6 million to S$80.8 million.

It is currently tenanted with the earliest lease ending in late July 2023.

Record asking price

Previously, Edge Prop announced that the wife of the founder and executive chairman of Nanofilm Technologies International, Shi Xu, paid a record S$4,005 psf for Nassim Road's good-class bungalow (GCB).

Also, the sale of another GCB at 2 Cluny Hill was another record price at S$4,291 psf, bought by the founder of the Shopify review app, Stamped.io, Tommy Ong at S$145.86 million.

The asking price for the Nassim Road properties are about S$1000 more psf, compared to the two properties stated above.

Another property along Nassim Road is the 84,543 square feet GCB at 33 Nassim Road, which was sold for S$230 million on May 10, 2019. It was sold at $2,720 psf, which Edge Prop said was one of the highest, in terms of psf price, back in 2019.

Owned by Cuscaden Peak Investments

The properties are owned by Cuscaden Peak Investments, previously known as Singapore Press Holdings Private Limited before it was privatised, stated BT.

The company is made up of three shareholders, Hotel Properties Limited, Mapletree Investments Pte. Ltd. and CLA Real Estate Holdings Pte. Ltd.

BT reported that the company's "wholly-owned subsidiary" Times Properties appointed Realstar Premier as the exclusive marketing agent for the bungalows.

Realstar Premier's founder, William Wong told BT: 

"Some local families residing in prime GCB locations such as Cluny, Dalvey, Tanglin and Chatsworth are considering taking the opportunity to sell their existing homes and upgrade to the more prestigious Nassim area. We also have viewings lined up for family offices and ultra-high-net-worth newly-minted Singapore citizens hailing from China."

https://mothership.sg/2022/09/singapore-5th-richest-city/

The deadline for potential bidders to submit their offers is Nov. 3.

Cuscaden Peak Investments offered a few options for potential buyers.

It can either sell the entire site of 45,937 square feet to the buyer, sell an amalgamation of two of the sites and sell the remaining bungalow to another party or sell the three properties individually.

Wong added that the properties are currently habitable and are suitable for multi-generational families as the houses are right next to each other.

Or, the new owners could also make use of the "buoyant GCB market" and rent out their properties.

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Top image via Google Maps.