SINGAPORE - A local property tycoon is asking for up to $300 million for his Nassim Road bungalow - an astonishing amount that would easily make a record sale in Singapore.
Owned by Mr Cheng Wai Keung, the chairman of listed developer Wing Tai Holdings, the two-storey home sits on a plum 85,000 sq ft elevated site in one of Singapore's most exclusive enclaves.
As well as its prime location just off Orchard Road, there is also a swimming pool and tennis court to woo potential buyers, who will need very deep pockets.
Offers of between $250 million and $300 million are expected - or between $2,947 and $3,536 per sq ft (psf) of land area - said Mr Karamjit Singh, head of investments and residential at Jones Lang LaSalle (JLL), the sole marketing agent.
If it goes through, it would clearly be the biggest residential sale ever made here.
Singapore's largest bungalow transaction so far is believed to be a $87.5 million sale of a 291,000 sq ft parcel at Swettenham Road off Holland Road. It was made in an asset swop deal between Singapore Press Holdings and construction firm Lum Chang in 2001.
A sale price of $250 million to $300 million for the Cheng house would also eclipse what is believed to be the most expensive good-class bungalow sale made in the Nassim Road area in terms of psf price - a $47.8 million sale of a 23,922 sq ft site that worked out to $2,000 psf.
Price records do have a tendency to go when Nassim Road homes hit the market, JLL said.
"(The road) has a remarkable history of leading the entire good- class bungalow market in Singapore by constantly setting new benchmarks and outperforming the whole market," noted Mr Singh.
"We believe this trend will continue as Singapore's population and affluence grows while the number of Nassim Road good- class bungalows remains virtually the same in the years ahead."