Fangiono family of First Resources racks up four Nassim bungalow buys this year

THE family that is said to be buying three Nassim Road bungalows from Cuscaden Peak Investments at a record land rate, had earlier this year picked up another bungalow on the same street for S$88 million.

The price for the earlier deal worked out to S$3,917 per square foot (psf) on land area, less than the S$4,500 psf it cost the Indonesian family to buy the trio of bungalows.

The Business Times (BT) understands that the earlier sale, to a Singaporean member of the Fangiono family behind Singapore-listed palm oil producer First Resources, took place in the first half of March 2023. The transaction was completed last month.