Is this S’pore’s most expensive house?

Is this S’pore’s most expensive house? 

 

Worth at least $120 million

 

The size of 92 five-room HDB flats

 

Owned by a prince

 

The mansion mired in a legal battle between the Brunei Sultan’s brother and the country’s national investment agency could well be Singapore’s most expensive residence.

Owned by Prince Jefri Bolkiah, the younger brother of Sultan Hassanal Bolkiah, Arwaa Mansion at 46B and 48 Nassim Road is said to be worth at least a jaw-dropping $120 million.

 

That figure for a home, even in land-scarce Singapore, is not something you hear about every day. Even property pundits that The Sunday Times spoke to were hard-pressed to think of a residential address that could fetch that kind of value.

 

There are only between 2,500 and 3,000 good-class bungalows with at least 15,070 sq ft of land area here.

 

Based on the Urban Redevelopment Authority’s numbers, the average cost of a good-class bungalow was $13.8 million last year.

 

What could possibly make the Brunei royal’s Nassim address worth that princely sum? Size, location, possibly even its pedigree ownership.

 

Industry observers believe that the palatial property, which stands on top of a hill, has such a staggering value because of its sheer size.

 

The mansion sits on a land area of about 110,000 sq ft. The area was the result of merging two pieces of property with different addresses. Imagine 92 five-room HDB flats combined.

 

‘It is part of Singapore’s most desirable and prestigious residential area,’ said Savills Singapore’s director of prestige homes Steven Ming.

 

‘But each property value is unique,’ he said.

 

And this none-too-humble villa is special because, well, it belongs to a prince.

 

‘You would assume that only good-quality stuff went in there, so there is a premium attached to it,’ said one industry pundit.

 

The mansion made news last Friday after it was reported that the Brunei Investment Agency, which manages the Brunei government’s General Reserve Fund and external assets, wants Singapore’s courts to get the 53-year-old prince to hand over the property.

 

Homes in the $100 million club are few and far between.

 

Said Credo Real Estate managing director Karamjit Singh: ‘Over the years, governments and corporations that have owned large properties have been selling them and they get re-developed and sub-divided. So such big properties are very rare.’

 

Property pundits say that large parcels still exist, owned mostly by the old rich or foreign governments to house their embassies.

 

‘Some are sitting on land that has been passed down for generations and it goes into the $100 million category because you can build 20 storeys on it,’ said Mr Ku Swee Yong, the director of business development and marketing for Savills.

 

He singled one out: Mitre Hotel in Killiney Road, which some have estimated could fetch $200 million for its nearly 40,000 sq ft of land. Its prime location and plot ratio mean it has good redevelopment potential.

 

Size isn’t the only thing that matters when it comes to how many zeroes go into a property’s value. In areas like Katong, property can fetch a premium since plot ratios there are higher than those in town, like in Nassim. That means more units can be built.

 

Dr Della Suantio Lee, the wife of Mr Lee Seng Gee, the eldest son of late philanthropist Lee Kong Chian, was said to have sold a 115,300 sq ft piece of property in Meyer Road to the Hong Leong Group for about $200 million last year.

 

Even fengshui plays a part, albeit a much smaller one.

 

‘Some wealthy Chinese businessmen will consider how wide the gate at a bungalow is, whether it’s sloping up or down or whether it faces a good house,’ said Mr Ku.

 

The palatial residence of Arwaa Mansion is certainly fit for a prince and comes with a suitably intimidating value. It was built by merging two pieces of property with different addresses. This photo shows the part of the mansion at 46B Nassim Road.

 

Source: Straits Times

Developers to unveil more modestly-priced condos

Developers to unveil more modestly-priced condos

Dakota slated for preview this month at under $1,000 psf average, lower than earlier indicated

 

(SINGAPORE) Developers are getting ready to release mass- to mid-market condos, encouraged by the response to modestly-priced developments recently.

 

City Developments Ltd (CDL) previewed Shelford Suites about a week ago at an average price believed to be around $1,550 psf, although CDL’s spokeswoman said the average price for the five-storey freehold project in the Shelford/Adam roads vicinity is in the $1,500 to $1,700 psf range.

 

The property giant is also aiming to preview by the end of this month or early July the first phase of Livia, a 724-unit condo at Pasir Ris Drive 1.

 

The 99-year leasehold condo, near Pasir Ris MRT Station, is being developed by a joint venture involving CDL, Hong Realty and Hong Leong Holdings.

 

‘The average price will be revealed closer to the preview,’ CDL’s spokeswoman said.

 

However, market expectation is that CDL will price the project attractively, at below $700 psf for the initial phase.

 

Those taken in by the charms of riverfront-living close to the city can look forward to Ho Bee’s and NTUC Choice Homes’ preview of The Dakota later this month.

 

The average price of the 99-year leasehold condo is expected to be ‘under $1,000 psf’, BT understands. This is lower than than the $1,000-1,100 psf average price expectation Ho Bee had indicated in June last year when the developers emerged as the top bidder for the plot at a state tender.

 

The 348-unit project is expected to be 20 storeys high and will front Geylang River. It will also be close to Dakota MRT Station, which opens on the Circle Line next year. The Dakota will comprise six blocks with a mix of two-, three- and four-bedroom apartments, and penthouses.

 

Over in Pasir Ris, CDL’s spokeswoman said that the company is in ‘in the final stage’ of preparing a phased soft launch of Livia. The condo is targeted at the mass market and will comprise several blocks of 15 to 16 storeys with two-, three- and four-bedroom apartments, and penthouses.

 

Elsewhere on the island, freehold projects with tiny studio units dubbed ‘shoebox apartments’ (ranging from under 400 sq ft to about 500 sq ft in size) in places like Sophia Road and Race Course Road, have been selling fairly quickly at around $1,100 to $1,400 psf in the past couple of months.

 

Over in the Botanic Gardens vicinity, UOL Group, Kheng Leong and Orix Corporation will officially launch today Nassim Park Residences condo.

 

Nearly 50 units have been sold at an average $3,000-3,200 psf since the preview began the week of Vesak Day, although this is expected to go up slightly from today.

 

 

Testing the market: CDL previewed Shelford Suites about a week ago at $1,500-$1,700 psf. The group is also aiming to preview the first phase of Livia, a condo in Pasir Ris, by month’s end or early July.

 

Source: Business Times

New Project Launch by Developer: Nassim Park Residences

New Project Launch by Developer

 

Address: 15 to 21 Nassim Road

 

Tenure: Freehold

 

Type of Development: 2 blocks of 5-storey & 2 blocks of 5-storey with Attic residential units with a basement car park, swimming pool and communal facilities

 

Unit Mix: 4 bedroom (3,175 – 7,901sqft),  Duplex penthouses (6,803 – 8,008sqft)

 

Special Features: Private Lift Lobby for all residences;

Private Lift for all penthouses, direct to front door;

Ground floor units and penthouses feature private garden and pool;

Swimming pool;

Clubhouse with gym;

Spa, yoga room, steam room;

Private function and dining room;

Concierge service at your beck and call

 

Project Description: Nestled in the heart of Singapore’s most desirable neighbourhood, comes Singapore’s most coveted address – Nassim Park Residences. The development is an unique collaboration between three internationally acclaimed creative minds: Singapore-based architect Chan Soo Khian, Japanese landscape architect Shunmyo Masuno, and French interior designer Christian Liaigre. The result in nothing less than extraordinary – the culmination of superlatives on every level designed to offer a phenomenal quality of life.

 

 

 

 

 

 

 

 

 

 

 

 

Please contact me if you need further details on the above-mentioned projects or any other projects’ details. I would be more than happy to be of assistance.