Nassim Road GCB on sale for some S$175m

Nassim Road GCB on sale for some S$175m

Thu, Oct 17, 2019

VIVIENNE TAY


A TWO-STOREY conservation good class bungalow (GCB) located at 40 Nassim Road is up for sale via public tender with an indicative price in the region of S$175 million.

The property, once occupied by the Royal Embassy of Saudi Arabia, has a total land area of around 58,784 square feet (sq ft).

The buyer can redevelop the land to accommodate three GCBs, given that the site has a wide frontage of around 70 metres and is made up of three adjoining plots with areas of 14,867 sq ft, 15,779 sq ft and 28,138 sq ft, marketing agent CBRE said on Wednesday.

The built property, which cannot be torn down, has a total floor area of around 13,839 sq ft, features an entrance hall, living room, dining room, four en-suite bedrooms, and an internal landscaped courtyard with a pond and a helper's room. It also has a garden, a car porch and a garage which can accommodate seven cars.

CBRE senior manager of capital markets Angela Lim said: "Investors are well cognisant of the premium that Nassim Road commands in the GCB market in Singapore. In fact, the GCBs at Nassim Road continue to set new benchmarks, evidenced by the two recent GCB transactions in the immediate vicinity."

In July, a GCB at 33 Nassim Road was sold for S$230 million or S$2,721 psf by Wing Tai chairman Cheng Wai Keung and his wife, Helen.

Meanwhile, 50 Cluny Road was sold for S$45 million or S$2,980 psf.

"This is an exceptional opportunity to acquire a massive GCB land plot within the esteemed Nassim Road area, as such ownerships are typically tightly held," Ms Lim added.

The public tender will close on Nov 14 at 3pm.