A two-storey freehold conservation bungalow on Singapore’s prestigious Nassim Road, owned by Hong Fok Corporation joint chief executive Cheong Pin Chuan and his wife, is back on the market. This property, which spans a total land area of 58,784 sq ft, is listed at an asking price of S$308 million. This is a significant increase from its previous asking price of S$175 million in 2019. If achieved, this price will set a new record for the highest transaction in absolute price quantum in a Good Class Bungalow (GCB) Area.
The asking price translates to approximately S$5,240 per square foot (psf). The site consists of three land lots, with the conservation bungalow situated on the largest plot, which measures 28,138 sq ft and is set back from the main road. This remarkable property is expected to attract significant interest due to its prime location and historical value.
Historical Significance and Architectural Charm
Nassim Road is renowned for its collection of Good Class Bungalows, which are the most exclusive and sought-after residential properties in Singapore. These bungalows are often characterized by their large land areas, lush greenery, and architectural grandeur. The conservation bungalow at 40 Nassim Road is no exception. It embodies the charm and elegance of colonial-era architecture, with its two-storey structure, expansive verandas, and intricate detailing.
The bungalow's historical significance adds to its allure. Properties on Nassim Road have long been associated with Singapore’s elite, including prominent business figures, diplomats, and expatriates. The area’s rich history and exclusivity make it a prime location for those seeking a prestigious address.
Prime Location and Accessibility
One of the key selling points of the Nassim Road bungalow is its prime location. Nassim Road is situated in District 10, one of Singapore’s most coveted residential districts. The area is known for its tranquility, privacy, and proximity to key amenities. Residents of Nassim Road enjoy easy access to the Singapore Botanic Gardens, a UNESCO World Heritage Site, which offers a serene escape from the hustle and bustle of city life.
Additionally, the property is conveniently located near Orchard Road, Singapore’s premier shopping and entertainment district. This means that residents can enjoy a wide range of dining, shopping, and entertainment options just a short drive away. The area is also well-connected by major roads and public transportation, making it easy to travel to other parts of the city.
Market Trends and Investment Potential
The listing of the Nassim Road bungalow at S$308 million comes at a time when the luxury property market in Singapore is experiencing robust demand. Good Class Bungalows, in particular, have seen a surge in interest from both local and foreign buyers. These properties are considered a symbol of wealth and status, and their limited supply makes them highly desirable.
The increase in the asking price from S$175 million in 2019 to S$308 million in 2024 reflects the strong appreciation in property values in the GCB market. This trend is driven by several factors, including Singapore’s stable political and economic environment, its reputation as a global financial hub, and the growing demand for luxury real estate.
Investing in a Good Class Bungalow on Nassim Road is not only a statement of prestige but also a sound financial decision. These properties have consistently shown strong capital appreciation over the years, making them a valuable asset for investors. The scarcity of GCBs, coupled with their historical and architectural significance, ensures that they remain highly sought after.
The Appeal of Conservation Properties
Conservation properties, like the bungalow on Nassim Road, hold a special appeal for buyers who appreciate heritage and architectural beauty. These properties are often meticulously preserved to maintain their original charm and character. In Singapore, conservation efforts are overseen by the Urban Redevelopment Authority (URA), which ensures that the architectural integrity of these buildings is maintained.
Owning a conservation property comes with a sense of pride and responsibility. It allows homeowners to be part of Singapore’s rich architectural heritage and contribute to the preservation of its historical landscape. The Nassim Road bungalow, with its colonial-era design and lush surroundings, offers a unique living experience that combines modern luxury with historical charm.
Future Prospects and Potential Buyers
The Nassim Road bungalow is expected to attract a diverse range of potential buyers, including high-net-worth individuals, expatriates, and investors. The property’s prime location, historical significance, and architectural beauty make it an attractive option for those seeking a prestigious address in Singapore.
Given the current market trends and the limited supply of Good Class Bungalows, the property is likely to generate significant interest. Potential buyers will appreciate the opportunity to own a piece of Singapore’s architectural heritage while enjoying the modern amenities and conveniences that the area has to offer.
In conclusion, the listing of the Nassim Road bungalow at a record S$308 million marks a significant milestone in Singapore’s luxury property market. The property’s prime location, historical significance, and architectural charm make it a highly desirable asset. As the demand for Good Class Bungalows continues to rise, this iconic property is poised to attract discerning buyers who value exclusivity, prestige, and heritage.