Nassim Rd condo up for collective sale at $223m reserve price

A prime District 10 freehold condominium, Beaufort On Nassim, has been launched for collective sale by tender at a minimum expected price of $222.68 million, real estate services firm Savills Singapore said yesterday.

The price tag translates to a unit land rate of $3,508 per sq ft per plot ratio (psf ppr).

Completed in 2008, the four-storey development in Nassim Road occupies a site of about 4,212.6 sq m, or 45,344 sq ft.

The 30-unit condominium comprises two-and three-bedroom apartments, as well as penthouses spanning between 115 sq m and 343 sq m.

Of the 30 owners, 26 have agreed to the collective sale, with their properties representing 86 per cent of the development’s total share value and strata area. This satisfies the requisite majority consent of at least 80 per cent for developments 10 years and older.

This will be the first collective-sale site in Nassim Road in 13 years since the sale of Nassim Park Residences in 2006, said Ms Suzie Mok, senior director of investment sales at Savills Singapore.

“Beaufort On Nassim offers developers an extremely rare opportunity to secure a plum (piece of) land in Nassim Road. Low-density residential plots in this short stretch are far and few between, further limited by single-stakeholders’ plots, which are tightly held and unavailable for sale,” she said.

The latest registered deal in the vicinity was the sale of a freehold site of 66,452 sq ft at 14/14A Nassim Road via private treaty at $218 million, she added. That translates to about $2,744 psf ppr including development charge.

The Beaufort On Nassim site is zoned for residential use with a gross plot ratio of 1.4, under the Urban Redevelopment Authority’s Master Plan 2014.

Subject to approvals from the authorities, it may be developed into a luxury condominium of up to the four-storey height limit, with an approved gross floor area of 5,890.82 sq m.

The site boasts a wide visible frontage of nearly 65m. Nearby are embassies, black-and-white colonial bungalows, Good Class Bungalows (GCBs), as well as condominiums such as Nassim Park Residences, Sage and The Nassim.

It is also within walking distance of the Orchard Road shopping belt and a few minutes’ drive to the Central Business District, the Botanic Gardens, restaurants at Dempsey Hill and international schools.

“With the recent resurgence of property purchases in the luxury home segment by a growing stream of wealthy foreign buyers, and multiple GCB transactions at benchmark price tags in the vicinity, this premier neighbourhood is poised to benefit from a land value boost,” Ms Mok said.

The tender for Beaufort On Nassim will close at 3pm on Sept 30.

This version of article first appeared at The Straits Times, Business.