According to company representatives, Temasek Holdings-backed Cuscaden Peak Investments has sold three mansions on Singapore’s Nassim Road for S$206.7 million ($155 million), with market sources telling Anjia SG that the buyer is a wealthy Indonesian family.
A spokesperson for Cuscaden Peak told Anjia SG on Wednesday that the two-storey Good Class Bungalows (GCBs) at 42, 42A, and 42B Nassim Road in District 10 changed hands for S$4,500 per square foot. The deal gives the family a set of adjoining plots of at least 15,131 square feet (1,406 square metres) each, with a consideration of around S$69 million per house.
While the total consideration is about 14 percent lower than Cuscaden Peak’s initial asking price of S$239 million last September, sources said the final price sets a new high-water mark for the city’s billionaire’s row, confirming an earlier report by the Business Times. The Indonesian family is understood to be planning to redevelop the bungalows for their own use.
After hitting an all-time high of S$3 billion in 2021, the market for Singapore’s most exclusive luxury villas saw transaction value plummet by 54 percent last year to S$1.37 billion, according to an industry report by CBRE.
Neighbours with Facebook Founder, Embassies
According to the Business Times, the three houses are currently occupied by unidentified tenants, while Cuscaden Peak declined to reveal the buyer’s identity. Each mansion features five bedrooms and a swimming pool and is located on a street that stretches from the Singapore Botanic Gardens to the Orchard Road luxury shopping district.
The Orchard Road end of the street is less than 100 metres from Tanglin Shopping Centre, which the family of Indonesian timber tycoon Sukanto Tanoto purchased for S$868 million last February.
This latest deal surpasses the S$4,291 per square foot that local tech entrepreneur Tommy Ong paid for a house on nearby Cluny Hill in May 2021. Jin Xiao Qun, the wife of Nanofilm Technologies International founder Shi Xu, purchased a villa on Nassim Road in March 2021 for S$4,005 per square foot.
In Singapore, there are only about 2,800 GCBs with land plots of at least 15,000 square feet, which are considered the city’s most luxurious housing, and an address on Nassim Road is top-tier.
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Facebook co-founder Eduardo Saverin reportedly bought an 84,500 square foot mansion on Nassim Road for S$230 million in 2019, and the embassies of Japan, Russia, and the Philippines are also located on the street.
Selling Off Singapore Luxury Homes
This luxury home recycling is Cuscaden Peak’s second transaction after acquiring Singapore Press Holdings’ real estate last year, following the sale of a two-storey house on Yarwood Avenue for S$29.7 million five months ago.
Cuscaden Peak was formed by a consortium consisting of hotel tycoon Ong Beng Seng’s Singapore-listed Hotel Properties, Mapletree Investments, and CLA Real Estate Holdings (the largest shareholder of CapitaLand), and it privatised SPH REIT last June.
The company also serves as the manager and sponsor of the Singapore-listed PARAGON REIT, and owns and operates a portfolio of student accommodation properties in the UK and Germany, as well as nursing homes in Singapore and Japan.
Singapore GCB Prices Rise
Cuscaden Peak’s Nassim Road assets are part of a series of high-end residential sales in Singapore in recent months. The transaction follows the sale of three freehold bungalows on Chancery Hill Road to local property developer Sustained Land for just over S$61 million at the end of March.
Local media revealed in a report last September that Sean Shi, a co-founder of the hot pot chain Haidilao and a Singaporean billionaire of Chinese descent, purchased a villa on Cluny Hill for S$50 million.
In its latest luxury residential sales report released last month, CBRE stated that the transaction volume of Good Class Bungalows (GCBs) fell to just 18 units in the second half of 2022, with a total value of S$613 million, compared to 39 units transacted in the first half of the year for a total investment of S$1.2 billion. Although full-year sales declined last year, the report noted that investment remains above pre-pandemic levels.
The average price of GCBs across Singapore still rose by 10 percent last year, from S$1,773 per square foot in 2021 to S$1,952 per square foot. This data indicates that despite a decrease in transaction volume in the second half of 2022, prices in the GCB market are still rising. This could mean that there is still high demand from buyers for this type of luxury residence, and investors are seeking stable, high-quality real estate investment opportunities.
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