A Good Class Bungalow located off Orchard Road in the exclusive Nassim Hill area has just been sold for a record S$230 million, reportedly to Facebook co-founder Eduardo Saverin.
A property owned by a privately held investment vehicle controlled by Wing Tai chairman Cheng Wai Keung and his wife Helen has just been sold for a record S$230 million ($168 million), «The Business Times» reported (behind paywall) on Wednesday.
According to a property search the buyer is listed as SG Casa, a trustee company Business Times sources say is controlled by Facebook co-founder Eduardo Saverin, who became a Singapore citizen in 2012.
The 84,839-square-foot freehold plot, which has a two-storey bungalow with a tennis court and swimming pool, was put up for sale as far back as 2013. The site has a 100-meter road frontage and can be redeveloped into five bungalows. The Cheungs are said to have owned the property since the 1980s.
Luxury Property Still Hot
Despite property cooling measures introduced in mid-2018 to curb climbing property prices, big-ticket property deals have not slowed down. According to the Urban Redevelopment Authority, the private residential property index increased 1.5 percent to 150.8 points in the second quarter of 2019, reversing two quarters of declines.
In absolute price terms, this sale beats the S$105.3 million purchase of a property, also located on Nassim Road, by Tony Tung, chairman of Hong Kong-based Winson Group, in 2018.
Earlier this month, billionaire inventor James Dyson splashed out on a S$73.8 million penthouse and a S$41 million hilltop bungalow with views of the Singapore Botanic Gardens. Alibaba co-founder Jack Ma is also said to have purchased a 30,000 square foot site at Victoria Park, where a two-storey bungalow with a basement and swimming pool is being built.
