SINGAPORE – A huge two-storey conservation good class bungalow (GCB) at 40 Nassim Road, where the Royal Embassy of Saudi Arabia was formerly located, is up for sale by tender with an asking price of over $175 million.
This translates to around $2,977 per sq ft (psf) based on a total area of 58,784 sq ft, exclusive marketing agent CBRE said on Wednesday (Oct 16)
GCBs at the ultra-posh locale in Nassim Road have been setting new benchmarks in recent months, CBRE noted. A sprawling 84,543 sq ft GCB at Nassim Road was sold for a record $230 million or $2,721 per sq ft, reportedly to Facebook co-founder Eduardo Saverin. It was sold by a private company owned by Wing Tai Holdings chairman Cheng Wai Keung and his wife Helen.
According to CBRE, the Royal Embassy of Saudi Arabia vacated the Nassim Road property 10 years ago, and the property’s owner is an ultra-high net worth individual.
The buyer will be able to redevelop the land to accommodate three GCBs, given that the property has a wide frontage of about 70m and is a composite of three adjoining plots with areas of 14,867 sq ft, 15,779 sq ft and 28,138 sq ft.
There are currently 2,800 plots across 39 clusters in Singapore gazetted for GCBs, according to the Urban Redevelopment Authority.
40 Nassim Road is located in the most prestigious GCB enclaves, where many mansions are occupied by embassies, high commissions, business tycoons and ultra-high net worth families.
Said CBRE senior manager of capital markets Angela Lim: “Given its ultra-prime location and superior physical attributes, we are expecting this trophy asset to attract offers in excess of $175 million.”
The public tender will close on Nov 14 at 3pm.
This version of article first appeared at The Straits Times, Business.