Singapore bungalow goes on the market for S$250M

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In what could possibly be Singapore’s largest bungalow sale and purchase transactions ever, an 85,000 sq ft bungalow located at Nassim Road is being offered for sale by tender by sole marketing agent Jones Lang LaSalle.

“The bungalow, which sits majestically on elevated grounds and comes equipped with an in-ground swimming pool and a full-sized tennis court, is expected to attract offers in the region of S$250 million to S$300 million,” says Karamjit Singh, Head of Investment & Residential, Jones Lang LaSalle Singapore.

33 Nassim Road.33 Nassim Road.

“The sale would set a new price benchmark and result in the largest deal for a single ‘Good Class Bungalow’ in Singapore,” said Singh.  The largest Good Class Bungalow (GCB) deal in Singapore to date is believed to be S$87.5 million for a 291,000 sq ft parcel at Swettenham Road in an asset swap deal between Singapore Press Holdings and Lum Chang in 2001.

“Nassim Road is, undoubtedly, the most coveted bungalow address in Singapore.  It’s the home of Singapore’s “who’s who”, including high commissioners and ambassadors.  It’s in the same league as Severn Road in Hong Kong or Kensington Palace Gardens in London, where the homes command record-breaking prices.” added Singh.

Such large bungalow plots in Nassim Road are extremely rare.  Based on Jones Lang LaSalle’s survey, there appears to be only five other freehold parcels left in Nassim Road with land areas of at least 80,000 sq ft, most of which have been sub-divided over the years.  Out of these five, three are understood to be owned by foreign governments – that of Great Britain, Russia and Brunei’s royal family.

“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 and 53,192 sq ft.  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 could be sub-divided into three houses,” said Singh.  The tender for the property closes at 2.30 pm on 16 May 2013.