Singapore GCB on Nassim Road listed for record S$308 million after two failed sale attempts

SINGAPORE: A good class bungalow (GCB) on Nassim Road, Singapore’s most exclusive neighbourhood, is on the market for S$308 million after two failed attempts to sell it in the past. The GCB is located near the bustling Orchard Road shopping area and spans over 58,000 square feet. Classified as a conservation bungalow, it must be preserved and features a front garden that can be divided into two plots for constructing additional homes.

The mansion belongs to Cheong Pin Chuan, joint chief executive of Hong Fok Corporation, and his wife. It is currently listed by Realstar Premier Group. If sold at this price, the sale would set a record for the highest price ever paid for such properties, according to The Business Times. However, finding a buyer willing to pay such a steep price might be a tough challenge.

According to Bloomberg, the property first went up for sale in 2019 for S$175 million but did not sell. In 2022, it was listed again, this time with the property consultancy CBRE Group, but again failed to attract buyers.

Although Singapore’s luxury property market is showing signs of recovery, many local buyers remain cautious about making large investments. Despite the challenges, there have been notable sales in the high-end property market.

For instance, a GCB in Tanglin Hill, once owned by the convicted Hin Leong founder O.K. Lim, sold for S$39.2 million in August, about $4 million less than its initial asking price.

The Cheongs’ mansion is diagonally opposite another GCB on Nassim Road that was sold for S$230 million in 2019 by Cheng Wai Keung, chairman of Wing Tai, and his wife. This was believed to be the largest GCB sale recorded, with the buyer linked to Facebook co-founder Eduardo Saverin, who is now a Singapore citizen.

Generally, only Singapore citizens can buy GCBs or any landed property in the country. /TISG

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