CEO Morning Brief

Author: edgeinvest   |   Latest post: Fri, 25 Nov 2022, 9:11 AM


Rare Singapore Mansions Go on Sale for Record Asking Price

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(Sept 26): Three mansions along Singapore’s most expensive and prestigious street, Nassim Road, are on sale for a record asking price, totalling about S$239 million (US$167 million), according to the Business Times.

The so-called good class bungalows are being offered for S$5,200 per square foot of land, above the S$4,291 per square foot all-time-high sale price set in 2021 by Stamped.io startup founder Tommy Ong, the report said. They are being sold by Cuscaden Peak Investments.

Good class bungalows are the pinnacle of residential property in the city-state, often out of reach for all but the wealthiest Singaporeans and valued in part for their rarity. The three for sale were renovated in 2015, the report said.

Family offices and ultra-rich, newly minted Singapore citizens have already scheduled viewings for the properties, said William Wong, founder of the appointed agent Realstar Premier. The deadline for potential bidders to submit offers is Nov 3.

Cuscaden Peak Investments is a wholly owned subsidiary of Cuscaden Peak Pte, a consortium led by billionaire hotelier Ong Beng Seng that owns property assets from student accommodation to nursing homes. A Cuscaden spokesperson didn’t immediately reply to requests for comment from Bloomberg News.

Each of the two-storey bungalows sits on a 15,000 square-foot (1,400 square-metre) plot of land, with built-up areas of around 7,000 square feet including five bedrooms and a swimming pool.

Source: TheEdge - 27 Sep 2022

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