SINGAPORE (EDGEPROP) - A two-storey conservation Good Class Bungalow (GCB) at 40 Nassim Road is on the market for more than $175 million, or $2,977 psf on the land area. The property is in the exclusive Nassim Road GCB Area and is home to embassies and ultra-high net worth families.
The total land area of 58,784 sq ft is a composite of three adjoining plots of 14,867 sq ft, 15,779 sq ft, and 28,138 sq ft. This means the buyer has the flexibility to redevelop the land to accommodate three new GCBs, according to CBRE, the sole marketing agent for the property.
The Nassim Road Good Class Bungalow Area is one of the most exclusive landed residential enclaves in Singapore (Pictures: CBRE)
The sprawling grounds feature a lush manicured garden, a car porch and a garage for seven cars. The house has a total floor area of 13,839 sq ft and comprises four en suite bedrooms, an entrance hall, a spacious living room, a dining room, an internal landscape courtyard, and a helper’s room.
“Investors are well cognizant of the premium that Nassim Road commands in the GCB market in Singapore,” says Angela Lim, senior manager of capital markets at CBRE, adding that the sale of 40 Nassim Road is an “exceptional opportunity” to acquire a large GCB land plot in the exclusive GCB area, especially since ownerships are tightly held.
Other transactions in the Nassim Road GCB area include the sale of 33 Nassim Road, which went for $230 million ($2,721 psf) and 50 Cluny Road which was sold for $45 million ($2,980 psf).
The GCB at 40 Nassim Road sits on a 58,784 sq ft plot
“GCBs in Singapore have always been a unique asset class that is consistently well sought after by ultra-high-net-worth individuals and prominent families who are always on the lookout for wealth preservation. This asset class has also proven to be resilient through market cycles and hence we anticipate keen interest from both owner-occupiers and investors,” Lim says.
The public tender will close on Nov 14.
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