Nassim Road GCB listed for record S$308 million, previously listed for S$175 million in 2019

A two-storey Good-Class Bungalow (GCB) in Nassim Road has been listed for a record S$308 million, after at least two failed attempts to sell it.

The last attempt was in 2019, when it was listed at a considerably lower price tag of S$175 million.

If the owners succeed in their attempt, it would be the most expensive GCB in Singapore history in absolute price terms.

The most expensive GCB sold to date is believed to have been another Nassim Road property, sold by Wing Tai chairman Cheng Wai Keung and his wife, in 2019.

It went for S$230 million.

A lotta bungalow

The mansion is owned by Hong Kok Corporation joint chief executive Cheong Pin Chuan, reported The Business Times.

It comprises of three land lots, which add up to a total land area of 58,784 sq ft.

Currently, the conservation bungalow sits on the biggest of the three plots with a land area of 28,138 sq ft.

The two other plots — at 15,779 sq ft and 14,867 sq ft — serve as the gardens.

Technically, each of these plots could be developed into a bungalow.

This means that the entire property could potentially hold three bungalows, if the new owners would so desire.

And while the owners would prefer to sell the property as a whole, they're also open to selling just the rear plot with the conservation bungalow, the property agent told BT.

Which, in itself, is pretty fancy.

The bungalow comprises an entrance hall, a living room, four en suite bedrooms, and parking space for up to 10 cars, with a total built-up area of about 13,800 sq ft.

There are also two ponds, a garden, and a swimming pool.

Third time's the charm?

This attempt marks the third time the property is being put on the market.

It was listed for S$175 million in 2019, and marketed again by property consultancy CBRE Group in 2022.

But it failed to sell in both instances.

According to Bloomberg, Singapore's mansion market is seeing a recovery in interest, with some high-profile transactions.

However, many buyers remain wary of big-ticket transactions.

Some assets — like a GCB in Tanglin Hill that was sold for S$39.2 million in August, around S$4 million lower than its asking price — have seen their asking prices slashed.

Top image from Realstar Premier Group