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S$128.8m sale of Nassim Road bungalow sets record transaction price of S$4,005 psf

Analysts see this leading to upward revision in asking prices by GCB owners

Singapore

A RECORD price of S$4,005 per square foot on land area has been set in the Good Class Bungalow market for a transaction in Nassim Road. Already, some market watchers are predicting that the next bungalow to be sold in the prized location is likely to surpass this price.

The benchmark psf price achieved is for a S$128.8 million transaction last month. The buyer is Jin Xiao Qun, the wife of Nanofilm Technologies International founder and executive chairman Shi Xu. The Singapore citizens became a billionaire couple following the company's successful listing on the mainboard of the Singapore Exchange in October last year.

On the 32,159 sq ft freehold site is an old bungalow. It is being sold...

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