LMG Realty, now part of BRC Asia, has put on the market a soon-to-be completed freehold bungalow on Nassim Road.
The asking price is in excess of S$41 million or S$3,084 per square foot based on the land area of 13,293 sq ft, says Savills Singapore’s deputy managing director of capital markets, Galven Tan. Savills has been appointed as the exclusive marketing agent for the property.
Designed by RT+Q Architects, the bungalow, which is on a regular-shaped elevated site, has a car porch in the basement for six cars. The two-storey property has six ensuite bedrooms, two study rooms, an entertainment room, living and dining areas, and a 14.5-metre lap pool.
LMG Realty has developed the property on a site it acquired in 2017 for nearly S$23.7 million or S$1,782 psf. At the time, there was a more than 30-year-old bungalow on the site. It was torn down to make way for the new bungalow that has been almost completed and put up for sale. LMG Realty is fully owned by Lee Metal Group, which has since been acquired by BRC Asia.
The temporary occupation permit (TOP) for the new bungalow is expected to be obtained in the second half of this year.
The property is being offered without loose furniture and furnishings. The brands for the bathroom fittings include Villeroy & Boch and Hansgrohe. Kitchen appliance and equipment brands include Sub-Zero and Miele.
Market watchers generally describe the nearly S$3,100 psf asking price for the Nassim Road bungalow as a fair price.
A new bungalow along Cluny Road, a stone’s throw from the Singapore Botanic Gardens, was sold last year for S$50 million or S$3,311 psf on land area of nearly 15,100 sq ft; this set a newrecord price in terms of psf of land area for a bungalow in a Good Class Bungalow Area (GCB Area).
Last year, OUE sold a newly built bungalow in Nassim Road to its executive chairman and controlling shareholder Stephen Riady for S$95 million or S$2,774 psf on the land area of about 34,251 sq ft.
Savills is marketing the bungalow developed by LMG Realty by private treaty. “We have received many requests for an inspection of the property, which will be possible only after the circuit breaker measures are lifted,” said Mr Tan.
“Nassim Road is indeed the crème de la crème among GCB addresses – the high-profile names associated with the neighbourhood being testament to it.
“Moreover, houses on Nassim Road are rarely available for sale. This property provides an opportunity for, say, a new Singapore citizen, to move into a well-designed brand new house almost immediately.”
Bungalows in the 39 gazetted GCB Areas are the most prestigious form of landed housing in Singapore, with strict planning conditions stipulated by the Urban Redevelopment Authority to preserve their exclusivity and low-rise character.