The Nassim Road bungalow has returned to the market, with a record price tag of S$308 million

Part of the 58,784-square-foot property owned by Hong Fok joint chief executive officer Cheong Pin Chuan and his spouse has a conservation bungalow.

October 9, 2024

CONDOsingapore.com

Cheong Pin Chuan, joint chief executive of Hong Fok Corporation, will relist a two-story freehold conservation bungalow on Nassim Road in Singapore.

This time around, the asking price is S$308 million, which is higher than the S$175 million in 2019, making it the largest transaction in terms of absolute price quantum in a Good Class Bungalow (GCB) Area.

With a total land area of 58,784 square feet, the most recent price comes to roughly S$5,240 per square foot (psf). There are three land lots on the property. The conservation bungalow occupies the largest of the three plots, measuring 28,138 square feet, and is situated away from the main road.

The other two plots, measuring 15,779 square feet and 14,867 square feet, are in front of the bungalow and currently make up the property's gardens. There could be up to three bungalows on the property since each of these two plots could be turned into a bungalow.

Cheong and his spouse are the property's owners.

"A potential buyer could look to build two new bungalows, or just one large bungalow, on the two front plots and perhaps use the conservation bungalow in the rear as a clubhouse/entertainment area," stated Julian Yip, managing director of Realstar Premier, the property's exclusive marketing agent.

He went on to say that the site is regular in shape and has a broad 70-meter frontage along Nassim Road. "In Singapore, particularly in the upscale Nassim Road GCB Area, bungalows on land areas of this size are rarely for sale."

Selling the entire property is the owners' preferred course of action. However, the owners are willing to sell only the back plot with the conservation bungalow if a serious buyer does not want to purchase all three plots. This is being offered for S$120.89 million, which is equivalent to S$4,296 per square foot on land.

Yip stated that buyers might contact us if they are interested in different combinations.

The conservation bungalow features a living room, a swimming pool, two ponds, a garden, and four bedrooms with private bathrooms. Additionally, parking is available for up to ten vehicles. There are roughly 13,800 square feet of built-up space overall.

In 2019, Wing Tai chairman Cheng Wai Keung and his wife sold the Cheongs' 84,543-square-foot property on Nassim Road, diagonally across from the bungalow, for S$230 million. This is thought to be the largest transaction in a Singaporean GCB area to date.

According to reports, the buyer was a company connected to Eduardo Saverin, a co-founder of Facebook.

The three bungalows that Cuscaden Peak Investments sold last year for S$4,500 per square foot on land are adjacent to the Nassim Road property that the Cheongs are trying to sell.

They were sold separately to Singaporean members of the Fangiono family, who own First Resources, a palm oil company that is listed on the Singapore Stock Exchange. S$206.7 million was the total cost. In that transaction, Cuscaden Peak was represented by Realstar.

The two-story homes were roughly 24 years old at the time, but in 2015 they underwent significant renovations. With built-up areas varying from 6,950 to 7,400 square feet, each bungalow features five bedrooms and a swimming pool. The bungalows total 45,937 square feet in land area, with site areas of 15,131, 15,542, and 15,264 square feet.

At the time, the S$4,500 psf pricing in that transaction set a record land rate for a GCB Area. This year, though, it was eclipsed by the $6,197 per square foot that was paid for a bungalow that was being built in Tanglin Hill.

The Soh family, who are behind Meir Homes, is developing the house, and it will be delivered fully furnished and in a condition that is ready for occupancy. The total built-up area is close to 30,000 square feet. The bungalow will occupy 15,150 square feet of land.

To purchase a landed property in a GCB Area, one must typically be a citizen of Singapore.

The most prestigious type of landed housing in Singapore are bungalows in the 39 gazetted GCB Areas, which are subject to stringent planning requirements to maintain their low-rise character and exclusivity. Among other things, the planning standard for newly constructed bungalows in GCB Areas is a minimum plot size of 1,400 square meters, or 15,070 square feet.

In these areas, there are only about 2,700 bungalows.