Wealthy Indonesian Family Buys Nassim Road Good Class Bungalows For S$206.7 Million
Singapore’s soaring property prices clearly aren’t a problem for the ultra-rich, who’ve been snapping up real estate like one collects coins or stamps.
Recently, a family from Indonesia reportedly purchased not one, not two, but three mansions along the exclusive Nassim Road stretch.
Source: Google Maps
They forked out S$206.7 million for the houses, setting a new record high for a Good Class Bungalow (GCB) area.
Nassim Road Bungalows have 5 bedrooms & swimming pool
According to Mingtiandi, the three bungalows are located at 42, 42A, and 42B Nassim Road.
Source: Google Maps
Cuscaden Peak Investments sold the houses for a total of S$206.7 million — about S$68.9 million each — to whom market sources identified as a wealthy Indonesian family.
The Business Times reported that the two-storey mansions, each of which has five bedrooms and a pool, were sold individually to three family members.
Construction was completed around 24 years ago and the houses underwent extensive renovation in 2015.
GCBs are the most exclusive type of landed housing in Singapore. They’re extremely rare too, with only around 2,700 of them in the country.
Source: Google Maps
Mintgtiandi reported that the final sale price is lower than the initial asking rate of S$239 million.
However, the transaction is still a record price for bungalow redevelopment land in a GCB Area.
Near Orchard Road & notable neighbours
Besides the prime address, the Nassim Road GCBs are close to Botanic Gardens and Orchard Road.
According to Mingtiandi, the mansions’ inhabitants will have a number of notable neighbours as well — the Japanese, Philippine, and Russian embassies sit on the same street, while Facebook co-founder Eduardo Saverin also reportedly owns property there.
This is the second time that Cuscaden Peak Investments, formerly known as Singapore Press Holdings Private Limited, has sold a GCB in the last five months.
In November last year, the company sold a two-storey house on Yarwood Avenue — opposite King Albert Park — to a Singaporean buyer for S$29.7 million.
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Featured image adapted from Google Maps.
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