Wing Tai boss puts home on market for record S$300m

Wing Tai Holdings Chairman Cheng Wai Keung is selling a good class bungalow near the Botanic Gardens for as much as S$300 million, which would make it a record price for a single residential property in Singapore.

The 85,000-square-foot site at 33 Nassim Road includes a two-storey home, swimming pool and tennis court, according to Jones Lang LaSalle, the sole marketing agent.

Mr Cheng, 62, is also Managing Director of Wing Tai, a property developer and retailer listed on the Singapore Exchange with a market capitalisation of about S$1.5 billion.

Mr Karamjit Singh, head of Investments and Residential at Jones Lang LaSalle, estimated that the property, which is located in an area that includes the residence of the British High Commissioner and the embassies of Japan and Russia, could fetch between S$250 million and S$300 million.

“Nassim Road is, undoubtedly, the most coveted of bungalow addresses in Singapore … It may be likened to Severn Road in Hong Kong or Kensington Palace Gardens in London, where the homes command record-breaking prices and every resident represents the respective society’s top brass,” he said.

The highest price paid for a home in Singapore was S$87.5 million in 2001 for a bungalow on Swettenham Road, also close to the Botanic Gardens, a 154-year-old park that is eyeing UNESCO World Heritage status.

The tender for the property closes on May 16.

Source : Today – 10 Apr 2013

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