http://www.straitstimes.com/archive/...perty-20130517
No confirmed buyer for $300m Nassim property
Published on May 17, 2013
By Melissa Tan
SPECULATION swirled for a month as to who would stump up the staggering price of up to $300 million for a bungalow on Nassim Road.
But there was no confirmed buyer when the tender closed yesterday.
However, “we have bids”, said Mr Karamjit Singh, head of investments and residential at Jones Lang LaSalle (JLL), yesterday. He did not give further details. JLL is the site’s sole marketing agent.
Industry observers said that given the large sum involved in this tender process, a period of negotiations is likely before a matching offer is given.
Mr Singh had earlier said the owner, Wing Tai Holdings chairman Cheng Wai Keung, had received unsolicited offers for the plot at 33 Nassim Road.
Mr Cheng wanted $250 million to $300 million for the 85,000 sq ft plot, which works out to $2,947 psf to $3,536 per square foot (psf).
This psf price dwarfs the most expensive good-class bungalow sold to date – a 15,640 sq ft Leedon Park property sold for $2,110 psf.
It would also easily eclipse the priciest house sold on Nassim Road – a $47.8 million sale of a 23,922 sq ft site that worked out to $2,000 psf.
Industry experts had earlier raised doubts as to whether a buyer could be easily found for the site, on which sits a two-storey house with a tennis court and swimming pool.
“Potential buyers could afford large mansions in many other cosmopolitan and global cities like London or New York. Why would they choose to pay such a premium here?” said a market watcher, who declined to be named.
Earn a world-class Master Business Degree in Singapore now!
The asking figure, if secured, is about 50 per cent above the record per sq ft price in the area.
The record for the most expensive home is held by a 41,852 sq ft house in Leedon Park that sold in December 2010 for $61.4 million.
[email protected]
Reply With Quote
