Fangiono family of First Resources racks up four Nassim bungalow buys this year

Even before it enters into a deal to buy a trio of GCBs from Cuscaden Peak, it has picked up a unit on the same street for S$88 million

Jun 07, 2023



THE family that is said to be buying three Nassim Road bungalows from Cuscaden Peak Investments at a record land rate, had earlier this year picked up another bungalow on the same street for S$88 million.

The price for the earlier deal worked out to S$3,917 per square foot (psf) on land area, less than the S$4,500 psf it cost the Indonesian family to buy the trio of bungalows.

The Business Times (BT) understands that the earlier sale, to a Singaporean member of the Fangiono family behind Singapore-listed palm oil producer First Resources, took place in the first half of March 2023. The transaction was completed last month.

Built about a decade ago, the property is on almost 22,470 sq ft of freehold land. It has two storeys and a basement car park, a swimming pool and garden.

The property was sold by a low-profile property investor.

BT understands that some other Singaporean members of the family are the ones buying the trio of Nassim Road bungalows owned by Cuscaden Peak Investments for a total of S$206.7 million. That deal was initiated in late March.

The freehold properties have site areas of 15,131 sq ft, 15,542 sq ft and 15,264 sq ft – adding up to 45,937 sq ft of freehold land. The resulting S$4,500 psf is the highest land rate for a Good Class Bungalow (GCB) Area.

Each bungalow has five bedrooms and a swimming pool. The properties have built-up areas of around 6,950 sq ft to 7,400 sq ft. Two of the three bungalows are listed on PropertyGuru as being available for rental from Jul 30.

Cuscaden Peak Investments, which is selling the bungalows, was formerly known as Singapore Press Holdings before it was privatised in May 2022.

The company is a wholly-owned subsidiary of Cuscaden Peak, a consortium comprising Hotel Properties, Mapletree Investments and CLA Real Estate Holdings.

First Resources was set up by Martias Fangiono in 1992 and listed on the Singapore Exchange in 2007. Fangiono’s eldest son, Ciliandra, is the chief executive officer of First Resources. Another son, Fang Zhixiang (also known as Sigih), is the deputy CEO.

Bungalows in the 39 gazetted GCB Areas are the most prestigious form of landed housing in Singapore – with Nassim being the ultimate GCB address. One generally has to be a Singapore citizen to be allowed to buy a landed property in a GCB Area. (At least five of Fangiono’s children are Singapore citizens.)

Separately, a freehold bungalow along Jalan Asuhan, in the Chee Hoon Avenue GCB Area, is being sold for S$42 million or S$2,562 psf on land area of 16,396 sq ft.

The Urban Redevelopment Authority has imposed strict planning conditions for GCB Areas to preserve their exclusivity and low-rise character. Among other things, a minimum plot size of 1,400 square metres (about 15,070 sq ft) is stipulated as the planning norm for newly created bungalows in GCB Areas.

Another restriction is a two-storey height limit (though an attic and a basement are allowed).

GCB Areas stand out with their large plot sizes and location in lush, green surroundings. GCBs have rarity value as there are only about 2,700 of them in Singapore.

https://www.businesstimes.com.sg/pro...alow-buys-year