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Potential record-breaking Nassim Road bungalow comes onto market in Singapore


SINGAPORE, 9 APRIL 2013 – In what could possibly be Singapore’s largest bungalow sale and purchase transactions ever, an 85,000 sq ft bungalow located at Nassim Road is being offered for sale by tender by sole marketing agent Jones Lang LaSalle.

“The bungalow, which sits majestically on elevated grounds and comes equipped with an inground swimming pool and a full-sized tennis court, is expected to attract offers in the region of S$250 million to S$300 milllion,” said Karamjit Singh, Head of Investment & Residential, Jones Lang LaSalle Singapore.

“The sale would set a new price benchmark and result in the largest deal for a single ‘Good Class Bungalow’ in Singapore,” said Mr Singh. The largest Good Class Bungalow (GCB) deal in Singapore to date is believed to be S$87.5 milllion for a 291,000 sq ft parcel at Swettenham Road in an asset swop deal between Singapore Press Holdings and Lum Chang in 2001.

“Nassim Road is, undoubtedly, the most coveted bungalow address in Singapore. It’s the home of Singapore’s who’s who, including high commissioners and ambassadors. It’s in the same league as Severn Road in Hong Kong or Kensington Palace Gardens in London, where the homes command record-breaking prices.” added Mr Singh.

Nassim Road has a remarkable history of leading the entire GCB market in Singapore by constantly setting new benchmarks and outperforming the whole market. When the general GCB market hovered around $300 to $400 psf, a bungalow at Nassim Road changed hands for $650 psf,  and when the average GCB used to trade for $700 psf, two Nassim Road plots were sold for $1,500 to $1,900 psf.

“We believe this trend will continue as Singapore’s population and affluence grows and the number of Nassim Road GCBs remains virtually the same in the coming years. This actually points to the strong prospects of capital growth akin to a limited edition luxury collectors’ item,” said Mr Singh.

Such large bungalow plots in Nassim Road are extremely rare. Based on Jones Lang LaSalle’s survey, there appears to be only five other freehold parcels left in Nassim Road with land areas of at least 80,000 sq ft, most of which have been sub-divided over the years. Out of these five, three are understood to be owned by foreign governments – that of Great Britain, Russia and Brunei’s royal family.

“The seller of this property, an investment company, is prepared to receive offers for the whole plot, or for either of two smaller parcels measuring 31,647 sq ft and 53,192 sq ft. The buyer of the 31,647 sq ft parcel may further subdivide the land into two Good Class Bungalow plots, while the larger 53,192 sq ft could be  sub-divided into three houses,” said Mr Singh.
 
The tender for the property closes at 2.30 pm on 16 May 2013. For further details regarding the property please contact Karamjit Singh on +65 9681 0111.
 
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About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management.
 
Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 25,100 employees operating in 78 offices in 14 countries across the region. The firm was named ‘Best Property Consultancy’ in nine Asia Pacific countries at the International Property Awards Asia Pacific 2012, in association with HSBC, and was named the number one real estate advisory firm in Asia Pacific in the Euromoney Real Estate Awards 2012. www.ap.joneslanglasalle.com 
 
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