3 Good-Class Bungalows in Singapore sold to Indonesian family for S$206.7 million

SINGAPORE: Three bungalows located at 42, 42A, and 42B Nassim Road in District 10 were recently sold by Cuscaden Peak Investments, backed by Temasek Holdings. The homes fetched a price tag of S$206.7 million, with the buyer reportedly being a rich Indonesian family who has remained unnamed in reports.

A representative from Cuscaden Peak Investments told Mingtiandi, an Asia real estate intelligence website, that the three good-class bungalows found on adjoining plots of land were sold for $4,500 per square foot.

Each bungalow was sold for approximately $69 million for the 1,406 square meter plots with a swimming pool and five bedrooms.

“While the total consideration is roughly 14 per cent less than Cuscaden’s initial asking price of S$239 million last September, the source said the final price tag has set a new record high for the city’s billionaires’ row, confirming an earlier account by the Business Times,” Mingtiandi wrote on Apr 19 (Wednesday), adding that it understands that the buyers intend to redevelop the bungalows for family’s use.

Good-class bungalows are the most exclusive landed homes in Singapore.

The family will reside in the same neighbourhood as Eduardo Saverin, who co-founded Facebook with Mark Zuckerberg and the embassies of Japan, Russia, and the Philippines.

The article on the sale of the bungalows was shared on r/Singapore early Friday morning (Apr 21).

“Looks like Singapore Forward is a fairy tale about how foreign rich from poor broken countries fulfill their life-long dream of taking up Singapore Citizenship to acquire prime elite properties while the govt monitors and Singaporeans get the trickles (or so they say?),” wrote the post author in a comment.

“This is the bitter truth for us Singaporeans, our forefathers and future generations will be working all for the gain of the rich, foreigners and PAP while we slog it out our entire lives,” wrote another Reddit user.

One chimed in, “NS, HDB and etc for locals while rich foreigners gets to enjoy our past and current labours that made Singapore.”

/TISG

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