Still no confirmed buyer for $300m bungalow

The tender for the S$300 million bungalow at 33 Nassim Road closed yesterday with no confirmation on a buyer, reported The Straits Times.

Karamjit Singh, Head of Investments and Residential at Jones Lang LaSalle, said that bids were received but declined to give details.

According to market watchers, a negotiation is likely to take place before the final offer is confirmed due to the high price.

With a land area of 85,000 sq ft, the site houses a two-storey bungalow, tennis court and swimming pool. Cheng Wai Keung, the seller and chairman of Wing Tai Holdings, was expecting bids of between S$250 million and S$300 million, or S$2,947 to S$3,536 psf.

This price would surpass the earlier records set by a Leedon Park property sold for S$2,110 psf and a home sold at Nassim Road for S$2,000 psf.

With its eye-popping price tag, some experts are doubtful whether the property will find a buyer.

“Potential buyers could afford large mansions in many other cosmopolitan and global cities like London or New York. Why would they choose to pay such a premium here?” said one analyst who declined to be named.

Source : PropGuru – 18 May 2013