If the sale goes through, the most expensive home in Singapore could be 33 Nassim Road, being sold by the Wing Tai Holdings Ltd (WINGT). This prime property is located near Orchard Road, Singapore’s shopping hub. The company’s chairman, Cheng Wai Keung is asking S$300 million or $242 million for it. The property has an expanse of 85,000-square-feet and includes a two-story house, a swimming pool and tennis court. The value of the property is not due to the house itself but because of its prime location. Apart from being close to the prime shopping belt, it is near the Botanic Gardens, the British high commission and the embassies of Russia and Japan. Since the huge size of the plot, it could be sold as two separate lots, which could accommodate five homes.
Alan Cheong of Savills (Singapore) Pte stated that this is a very high price even for potential buyers with ultra high net worth. He predicts that the property may go to an Indian or Russian tycoon. In comparison, the most expensive property up for sale in the US, the Crespi-Hicks Estate in Dallas, owned by the former owner of Texas Rangers Tom Hicks is listed for just $135 million. Singapore happens to be the second most expensive market for real estate after Hong Kong. The growing number of millionaires has added to the demand for luxury real estate. According to BCG’s data, Singapore’s millionaire households went up by 14% in 2011.
The proportion of millionaire homes in the island state is the highest in the world at 17%, followed closely by Qatar and Kuwait. The most expensive home in Singapore till date is the S$87.5 million property on Swettenham Road, also close to the Botanic Gardens. 33 Nassim Road is currently owned by Winright Investment Pte. Cheng and his wife happen to be shareholders of this company, which was established in 1995 to hold properties for long term investment purposes. Jones Lang LaSalle Inc., are the sole marketing agent for this property.
[Source: Most-Expensive Journal]