Nassim Road bungalow back on the market, this time with record S$308 million price tag

A TWO-STOREY freehold conservation bungalow in Singapore’s Nassim Road owned by Hong Fok Corporation joint chief executive Cheong Pin Chuan will be put on the market again.

If met, the S$308 million asking price this time around – up from S$175 million in 2019 – will make it the biggest transaction in absolute price quantum in a Good Class Bungalow (GCB) Area.

The latest price works out to about S$5,240 per square foot (psf), based on the total land area of 58,784 sq ft. The site comprises three land lots. The conservation bungalow, which is set back from the main road, is on the biggest of the three plots; it has a land area of 28,138 sq ft.

In front of the bungalow are the other two plots – of 15,779 sq ft and 14,867 sq ft – which currently form the gardens of the property. Each of these two plots can be developed into a bungalow, so there could potentially be up to three bungalows on the site.

Cheong owns the property with his wife.

Julian Yip, managing director of Realstar Premier, the exclusive marketing agent for the property, said: “A potential buyer could look to build two new bungalows, or just one large bungalow, on the two front plots, and perhaps use the conservation bungalow in the rear as a clubhouse/entertainment area.”

He added that the site has a regular shape with a wide frontage of 70 metres along Nassim Road. “Bungalows on land areas of this size are rarely available for sale in Singapore, and especially in the prestigious Nassim Road GCB Area.”

The owners’ preference is to sell the entire property. But if there is a serious buyer who does not wish to buy all three plots, the owners are willing to sell just the rear plot with the conservation bungalow. The asking price for this is S$120.89 million, translating to S$4,296 psf on land area.

“If buyers are keen on other permutations, they may reach out to us,” said Yip.

The conservation bungalow has an entrance hall, a living room, four en suite bedrooms, a swimming pool, two ponds and a garden. There is also parking space for up to 10 cars. The total built-up area is about 13,800 sq ft.

The Cheongs’ property is diagonally opposite the bungalow on a 84,543 sq ft site, also on Nassim Road, which Wing Tai chairman Cheng Wai Keung and his wife sold for S$230 million in 2019. This is, to date, believed to be the biggest deal in a GCB Area in Singapore.

The buyer was reported to be an entity linked to Facebook co-founder Eduardo Saverin.

The Nassim Road property that the Cheongs are looking to sell is next to the three bungalows sold last year by Cuscaden Peak Investments at S$4,500 psf on land area.

They were sold individually, to Singaporean members of the Fangiono family behind Singapore-listed palm oil producer First Resources. The total price was S$206.7 million. Realstar acted for Cuscaden Peak in that transaction.

At the time, the two-storey houses were about 24 years old, though they were renovated extensively in 2015. Each bungalow has five bedrooms and a swimming pool, with built-up areas ranging from 6,950 sq ft to 7,400 sq ft. The bungalows have site areas of 15,131 sq ft, 15,542 sq ft and 15,264 sq ft, or a total land area of 45,937 sq ft.

The S$4,500 psf pricing in that deal set a record land rate for a GCB Area, at the time. However, it was surpassed this year by the $6,197 psf fetched for a bungalow under construction in Tanglin Hill.

The house, which is being developed by the Soh family behind Meir Homes, will be delivered fully furnished, in ready-to-move-in condition. The built-up area is nearly 30,000 sq ft. The bungalow will sit on a land area of 15,150 sq ft.

One generally has to be a Singapore citizen to be allowed to buy a landed property in a GCB Area.

Bungalows in the 39 gazetted GCB Areas are the most prestigious form of landed housing in Singapore, with strict planning conditions to preserve their exclusivity and low-rise character. Among other things, a minimum plot size of 1,400 square metres or 15,070 sq ft is stipulated as the planning norm for newly created bungalows in GCB Areas.

There are only around 2,700 bungalows in these areas.

What is a good class bungalow?