A two-storey conservation good class bungalow (GCB) in Nassim Road, where the Royal Embassy of Saudi Arabia was once located, is up for sale by tender at a guide price of $175 million. The site at 40 Nassim Road, which features a wide frontage of 70m, is a composite of three adjoining plots, giving the buyer the flexibility to redevelop the land to accommodate three GCBs. The guide price translates to around $2,977 per square foot (psf) based on a total area of 58,784 sq ft, exclusive marketing agent CBRE told The Straits Times yesterday.
"If the property sells for above the last record of $2,721 psf, it will set a new record land price per square foot for GCBs in Nassim Road and in Singapore," said Mr Samuel Eyo, managing director of Lighthouse Property Consultants. According to land title documents, the sprawling site is owned by Mr Cheong Pin Chuan and his wife. Mr Cheong is joint chief executive of property developer Hong Fok."
GCBs at the ultra-posh locales of Nassim Road and Cluny Road have been making headlines lately. The biggest sale to date in a GCB area, on an absolute quantum price basis, is an 84,543 sq ft property in Nassim Road that was recently sold for a record $230 million, or a land price of $2,721 psf.
It was reportedly sold by a private company owned by Wing Tai Holdings chairman Cheng Wai Keung and his wife, to an entity linked to Facebook co-founder Eduardo Saverin. In July, a 15,099 sq ft GCB in the Cluny area was sold for $50 million.
Mr Eyo said: "What this signals is that this may be the right time to sell. There isn't much of such property in Singapore... The buyer (of 40 Nassim Road) may potentially be an ultra-high-net-worth new Singapore citizen who doesn't already own land in Singapore and wants to own a trophy asset here."
There are currently 2,800 plots across 39 clusters in Singapore gazetted for GCBs, according to the Urban Redevelopment Authority. According to CBRE, the Royal Embassy of Saudi Arabia vacated the Nassim Road property about 10 years ago. The embassy is now located at 163 Penang Road. Ms Angela Lim, senior manager of capital markets at CBRE, said: "This is an exceptional opportunity to acquire a massive GCB land plot within the esteemed Nassim Road area, as such ownerships are typically tightly held.
"This asset class has also proven to be resilient through market cycles. Hence, we anticipate keen interest from both owner-occupiers and investors." With a total floor area of 13,839 sq ft, the two-storey GCB features four en-suite bedrooms and a manicured garden, as well as a large car porch and a garage that can accommodate seven cars.
The tender will close on Nov 14 at 3pm.
Adapted From The Straits Times, Oct 17 2019