A sprawling Good Class Bungalow (GCB) at 33 Nassim Road has been sold for $230 million, marking a new record in absolute price terms, reported The Business Times.
A privately-owned firm controlled by Cheng Wai Keung, chairman of Wing Tai Holdings, and his wife, Helen, sold the 84,543 sq ft property to custody services firm SG Casa Pte Ltd.
The price works out to a land rate of $2,721 per sq ft.
Property searches indicated that the contract for the acquisition of the freehold property was executed on 10 May, with the transfer of the property registered on 4 July.
The $230 million sale surpassed the $105.3 million paid by Winson Group chairman Tony Tung for a bungalow along Nassim Road also last year.
And while the psf price achieved for the property failed to smash the $2,729.52 psf record set by George Lim last year when he sold his bungalow in Jervois Hill, the $2,721 psf price is still among the highest in a GCB area.
Property agents, however, believe that the record may have been broken by British billionaire, James Dyson, who recently acquired a bungalow along Cluny Road. The bungalow faces the Singapore Botanic Gardens and has a land area of around 15,100 sq ft.
Enjoying a 100m road frontage, the existing bungalow at 33 Nassim Road features a full-sized tennis court and an in-ground swimming pool. The freehold site could be redeveloped into five bungalows.
In 2013, the Chengs had put the property for sale by tender, carrying an asking price of $250 million to $300 million.
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Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email firstname.lastname@example.org