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SG Wing Tai chief selling home for $300m

Property Here - Wednesday, April 10, 2013

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By Romesh Navaratnarajah:

A massive property (pictured) in the posh Nassim Road enclave is set to become Singapore's largest bungalow sale if transacted for the record price of S$300 million.

"The sale would set a new price benchmark and result in the largest deal for a single Good Class Bungalow in Singapore," said Karamjit Singh, Head of Investments & Residential at Jones Lang LaSalle, which is marketing the property.

Owned by Wing Tai Holdings Chairman Cheng Wai Keung, the 85,000 sq ft site is nestled on an elevated plot at 33 Nassim Road and comprises a two-storey house, tennis court and swimming pool.

Singh estimates the property could attract offers of between S$250 million and S$300 million, which translates to a psf price range of S$2,947 and S$3,536.

He explained that the site could be divided into three lots, with the seller prepared to receive bids for the smaller plots.

Commenting on the sale, Alan Cheong, Research Head at Savills Singapore, said: "This is beyond economics, it's mind boggling and probably one of the highest in the world.

"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 tender for the site closes on 16 May.




Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@allproperty.com.sg