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News Release

Singapore

Large Nassim Road Bungalow Up for Sale by Tender

Could Result in Singapore’s Largest Bungalow Deal Ever


​SINGAPORE, 9 APRIL 2013 – In what could possibly be Singapore’s largest bungalow sale and purchase deal ever, a plum 85,000 sq ft bungalow located at Nassim Road has just been offered for sale by tender by sole marketing agent Jones Lang LaSalle.
“The bungalow, which sits majestically on elevated grounds and comes equipped with an inground swimming pool and a full-sized tennis court, is expected to attract offers in the region of S$250 million to S$300 milllion,” says Mr Karamjit Singh, Head of Investments & Residential, Jones Lang LaSalle. “The vacant grounds around it could even well accommodate a par-3 golf hole!”
“The sale would set a new price benchmark and result in the largest deal for a single Good Class Bungalow in Singapore,” says Mr Singh. The largest Good Class Bungalow deal in Singapore to date seems to stand at S$87.5 milllion for a 291,000 sq ft parcel at Swettenham Road in an asset swop deal between Singapore Press Holdings and Lum Chang in 2001.
“Nassim Road is, undoubtedly, the most coveted of bungalow addresses in Singapore. It’s the home of Singapore’s who’s who, besides high commissioners and ambassadors. It may be likened to Severn Road in Hong Kong or Kensington Palace Gardens in London, where the homes command record-breaking prices and every resident represents the respective society’s top brass,” adds Mr Singh.
“Nassim Road has a remarkable history of leading the entire GCB market in Singapore by constantly setting new benchmarks and outperforming the whole market. Looking back in history, when the general GCB market hovered around $300 to $400 psf, a bungalow at Nassim Road changed hands for $650 psf. And when the average GCB used to trade for $700 psf, two Nassim Road plots were sold for $1,500 to $1,900 psf.”
“We believe this trend will continue as Singapore’s population and affluence grows while the number of Nassim Road GCBs remains virtually the same in the years ahead. This actually points to the strong prospects of capital growth akin to a limited edition luxury collectors’ item,” adds Mr Singh.
“This site we are marketing befits a royalty’s mansion! It ticks all the right boxes in terms of physical attributes. It has got the best road name for bungalows in Singapore. Its generous land area is just over the size of a football field. It is a good 2 storeys above the road level, with privacy and views of greenery. It boasts lush and mature trees that take decades to cultivate. It has an almost 100 meters broad frontage and rectangular shaped land, which makes it easy to slice the land efficiently into up to 5 smaller plots.”
Such large bungalow plots in Nassim Road are also extremely rare. Based on Jones Lang LaSalle’s survey, there seems to be only five other freehold parcels left in Nassim Road with land areas of at least 80,000 sf. Most of them have been sub-divided over the years. Out of these five, three of them are understood to be owned by foreign governments – that of Great Britain, Russia and Brunei’s royal family.
“The seller of this property, an investment company, is prepared to receive offers for the whole plot, or for either of two smaller parcels measuring 31,647 sf and 53,192 sf. The buyer of the 31,647 sf parcel may further subdivide the land into two Good Class Bungalow plots, while the larger 53,192 sq ft is capable of sub-division into three houses,” says Mr Singh.
The tender for the property closes at 2.30 pm on 16 May 2013. For further details regarding the property please contact Karamjit Singh on +65 96810111.

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Notes to editors
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management.
Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 25,100 employees operating in 78 offices in 14 countries across the region. The firm was named ‘Best Property Consultancy’ in nine Asia Pacific countries at the International Property Awards Asia Pacific 2012, in association with HSBC, and was named the number one real estate advisory firm in Asia Pacific in the Euromoney Real Estate Awards 2012. www.ap.joneslanglasalle.com  , www. Joneslanglasalle.com.sg
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