SINGAPORE, Oct 11 — A luxury mansion at Nassim Road, one of Singapore’s most exclusive neighbourhoods, has been put on sale for a record S$308 million (RM1.08 billion), potentially marking the highest-ever asking price for a Good Class Bungalow (GCB) in the country.
According to a Bloomberg report, spanning over 58,000 sq ft, the conservation bungalow sits near the Orchard Road shopping belt.
It features a large front garden that can be split into two additional plots for more mansions.
However, despite its appeal, the property failed to sell during previous attempts in 2019 and 2022 when it was listed for S$175 million (RM611.75 million).
Owned by Cheong Pin Chuan, joint CEO of Singapore’s Hong Fok Corporation, and his wife, the mansion is being marketed by Realstar Premier Group.
The report stated that It sits diagonally opposite another GCB sold by Wing Tai chairman Cheng Wai Keung for S$230 million (RM817 million) in 2019 — a deal believed to be Singapore’s largest GCB transaction to date. The buyer of that mansion was reportedly linked to Facebook co-founder Eduardo Saverin.
Though Singapore’s mansion market is seeing renewed interest, some buyers remain cautious about such high-ticket transactions. In August, a GCB in Tanglin Hill owned by convicted Hin Leong founder O.K. Lim sold for S$39.2 million (RM141.8 million), nearly S$4 million (RM14.4 million) below its original asking price.
Under Singapore law, only Singapore citizens are eligible to purchase GCBs or landed properties, limiting the pool of potential buyers.
Bloomberg also notes that selling such high-end properties is challenging in the current economic climate, but the property’s prime location and land size make it an exceptional offering in the market.