Super Rich in Nassim

Summary:

The Ultra Rich Are Flocking To Singapore

A record breaking transaction in the ultra-luxury property sector has recently been cemented. 33 Nassim Road, an address of upmost prestige had sold for $230 million, a record in both absolute price and psf ($2720 psf). Spanning across 84,544sqft, the Good Class Bungalow (GCB) was owned by property magnate Cheng Wai Keung, chairman of Singapore-listed Wing Tai Holdings, and his wife Helen Chow.

Speculations have listed several potential buyers , one of which is co-founder of Facebook, Eduardo Saverin who has a net worth of US$9.7 billion ($13.3 billion) and a Singapore resident. With his purchase of the Penthouse unit at Sculptura Ardmore in 2017 for over $60 million, 33 Nassim Road is looking to be a probable upgrade for the billionaire. Another potential buyer is Pantsy Ho, group executive chairman and managing director of Hong Kong-listed Shun Tak Holdings. Their investment in Singapore started 3 years ago, with the purchase of a bungalow on Cuscaden Road for $145 million in 2016; a record purchase of Park House for $375.5 million ($2,910 psf per plot ratio) in 2019 and lastly, a bungalow at 14 and 14A Nassim Road for $218 million.

This transaction followed quickly after the recent purchase of the Wallich Residence Penthouse, the biggest penthouse in Singapore by UK’s richest man, James Dyson who then proceeded with another huge purchase of a bungalow at Cluny Road for $45 million. When asked why is this occurrence seen in Singapore,a senior partner of corporate real estate group at law firm Dentons Rodyk quotes “Singapore’s appeal to ultra-high-net-worth individuals has been fortified by its safety and security, political stability, and strong and stable currency.”

Meanwhile, Meyer House coined as the Nassim in the East, will surely garner attention of luxurious buyers with its way more palatable price tag.

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Source:https://www.edgeprop.sg/property-news/super-rich-nassim

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