Good Class Bungalow on Nassim Road sold for $206.7 mil

Demand for GCBs in the Tier 1 locations of Singapore is far outstripping supply, and this record purchase of a portfolio of three of them at Nassim Road is a testament to that. The price paid, $206.7 million, equates to a record $4,500 psf, and was brokered by PropNex Realty and RealStar Premier Group. The buyers are said to be Indonesian-turned-Singapore citizens and members of the same family, and are super-high net worth and savvy purchasers, looking for legacy planning and wealth protection.

Furthermore, new records have been set in other segments too. At the Chancery Lane-Mount Rosie neighbourhood in prime District 11, an intermediate terraced house was sold for $7.358 million or $4,456 psf, according to a caveat lodged in March. In the same area, one of two corner houses at 1C Chancery Lane was sold for $8.45 million ($3,237 psf).

At Mount Rosie Signature Collection, an intermediate terraced house was sold for $9.578 million ($3,849 psf). Furthermore, a detached house on Wilkinson Road changed hands for $55.5 million ($2,161 psf).

Interest in landed property has been particularly high in prime District 15. When SRI launched a freehold residential site for sale at 5 Meyer Place on April 12, there was much interest, notes SRI’s Lye. Most of the interest has been from families looking to purchase the site at Meyer Place for their use, and to redevelop the property.

After a decade, JCUBE will be closed in August to make way for JCube Condo JCube Residence Residence, a 40-storey residential and commercial development, estimated to launch for sale in 2023. It is set to include 1,760 private homes, 150,000 sq m of office space and more.

These record deals are a sign of the times, and it is only likely that more such transactions will occur in the near future as demand continues to outstrip supply. In particular, the GCB areas of Singapore remain highly coveted, and are increasingly seen as ideal for legacy planning and wealth protection.